1. Business Management Technical Skills

Which of the following is a characteristic of a corporation?

• Owned by a single individual

• Owners have limited liability

• Cannot issue stock

• Does not pay corporate taxes

Which type of business structure combines the flexibility of a partnership with the liability protection of a corporation?

• Sole proprietorship

• Corporation

• Limited liability company (LLC)

• Cooperative

A sole proprietorship is best described as:

• A business owned by two or more partners.

• A business owned and operated by one individual.

• A publicly traded company.

• A government-owned entity.

Which type of business allows shareholders to elect a board of directors to oversee operations?

• Limited partnership

• Sole proprietorship

• Corporation

• Limited liability company

In a partnership, the profits and losses:

• Are always distributed equally.

• Are shared based on the partnership agreement.

• Are taxed at the corporate level.

• Cannot be distributed to individual partners.

What is the primary purpose of a sales forecast?

• To estimate future sales revenue.

• To set long-term financial goals.

• To calculate past expenses.

• To measure employee productivity.

Quantitative data in business analysis refers to:

• Data expressed in numbers, such as revenue or sales figures.

• Descriptions of customer satisfaction.

• Anecdotal feedback from employees.

• Historical case studies.

Which tool(s) is commonly used to analyze business performance?

• SWOT analysis

• Balance sheet

• Both A and B

• None of the above

What does the “T” in SWOT analysis stand for?

• Transactions

• Threats

• Trends

• Targets

Investigating data trends in business is important because:

• It guarantees increased revenue.

• It helps identify patterns to inform decision-making.

• It eliminates the need for financial forecasting.

• It replaces strategic planning.