An employee is a stakeholder in their company.

• True

• False

A CFO is the highest-ranking executive in a company.

• True

• False

A COO handles daily operations among different departments.

• True

• False

• $50.00

• $62.50

• $65.50

• $75.00

Which two steps are part of the sales process? (Choose 2.) Note: You will receive partial credit for each correct answer.

• Implement product feedback

• Adjust the product price

• Prospect

• Present the pitch

You and a friend plan to open a local ice cream store. You want to be able to sell shares of stock to a very small group of friends and family. You need a legal structure that avoids double taxation. Which business legal structure meets your needs?

• Limited Liability Corporation

• C Corporation

• S Corporation

• General Partnership

Which two types of information does an income statement provide?

• An indication of profitability

• An analysis of the shareholder equity

• A classification of assets and liabilities

• A classification of revenues and expenses

You need to create a legal structure for your small business. You do not plan on issuing stock and need to protect your personal property. Which legal structure should you set up for your business?

• S Corporation

• C Corporation

• Sole Proprietorship

• Limited Liability Corporation

Which two items are examples of fixed costs for a business?

• A. Credit card payments

• B. Commissions

• C. Insurance

• D. Rent

Which situation would lead a business to update safety procedures?

• Increased accidents

• Increased financial costs

• Decreased productivity

• Increased employee turnover