Final Review Quiz

Which term best describes the process of setting up a business with the goal of earning money?

• Entrepreneurship

• Volunteering

• Philanthropy

• Employment

Which type of business sells products and services directly to other businesses?

• B2C

• B2B

• C2B

• C2C

Who can be a shareholder in a company?

• Only companies

• Only individuals

• An individual, a company, or an institution

• Only institutions

What is the main difference between a shareholder and a stakeholder?

• Shareholders only work for the company, while stakeholders own shares.

• Shareholders hold units of shares, while stakeholders have any interest or concern in the company.

• Stakeholders are always individuals, while shareholders are always groups.

• Stakeholders only include suppliers and vendors.

Which type of pay involves receiving a set amount each month without overtime compensation for extra hours worked?

• Salary

• Hourly

• Commission

• Piece Work

Which type of pay is most affected by minimum wage laws?

• Salary

• Hourly

• Commission

• Piece Work

If a jewelry maker is paid $10 for each necklace they make, what type of pay are they receiving?

• Salary

• Hourly

• Piece Work

• Commission

A field laborer is paid based on how much fruit they pick. Which type of pay does this describe, and why might this system be used?

• Salary, because it is a fixed monthly amount

• Hourly, because it depends on hours worked

• Piece Work, because pay is based on the amount produced

• Commission, because it is a percentage of sales

Which of the following is the correct order of the stages in the Business Life Cycle?

• Existence, Survival of the Fittest, Success, Take-off, Maturity

• Startup, Growth, Expansion, Decline, Exit

• Planning, Launch, Growth, Decline, Exit

• Existence, Take-off, Survival of the Fittest, Success, Maturity

During which stage does a business generate consistent income and regularly take on new customers?

• Seed & Development

• Startup

• Growth and Establishment

• Maturity and Exit