Topic #1 Quiz- Business Management

True or False: A merchandising business is a business that purchases finished products and resells them to consumers

• True
• False

True or False: Human Resources is the division of a business responsible for finding, recruiting, screening, and training job applicants.

• True
• False

True or False: Management is the coordination and organization of business activities.

• False
• True

True or False: Manufacturing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services

• True
• False

True or False: Marketing is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.

• True
• False

True or False: Corporation is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity

• True
• False

True or False: Manufacturing is the process of transforming raw materials into finished goods through the use of tools, machines, and labor.

• True
• False

A processes that involve different activities that lead to the extraction of raw materials from the earth (such as oil, metals, mineral and aggregates), processing and utilization by consumers.

• Extracting Industry
• Merchandising Industry
• Manufacturing
• Service Industry

An organization or enterprising entity engaged in commercial, industrial, or professional activities

• Corporation
• Marketing
• Management
• Business

Members are not personally liable for the company's debts. _____ are taxed on a "pass-through" basis, all profits and losses are filed through the member's personal tax return

• LLC
• PARTNERSHIP
• CORPORATION
• SOLE PROPRIETORSHIP