Business Essentials

Which of the following is a recession, or contraction?

• A

• B

• C

• D

Which of the following is a trough?

• A

• B

• C

• D

Which of the following is an expansion, or recovery?

• A

• B

• C

• D

What is a form of business ownership in which 2 or more people jointly owns a business

• Sole Proprietorship

• Company

• Partnerships

-Owned by a single owner
-No separation between owner and business
-Unlimited personal liability

• Corporation

• Limited Liability Company

• Partnership

• Sole Proprietorship

What is the primary purpose of a business plan?

• To secure funding

• To hire employees

• To pay taxes

• To advertise products

Which of the following is a key characteristic of a corporation?

• Unlimited liability

• Owned by one person

• Separate legal entity

• Informal structure

What is the term for the money invested in a business by its owners?

• Debt

• Equity

• Revenue

• Expense

Which economic system is characterized by private ownership and free markets?

• Socialism

• Communism

• Capitalism

• Feudalism

What is the role of a Human Resources department in a business?

• Managing financial accounts

• Developing marketing strategies

• Recruiting and training employees

• Designing products