Business Concepts and Skills Quiz

What is the term for a business owned and operated by one individual?

• Corporation

• Sole Proprietorship

• Franchise

• LLC

Which document is typically sent with a resume to introduce yourself to a potential employer?

• Follow-up letter

• Reference Letter

• Cover Letter

• Exit Interview

What does LLC stand for?

• Limited Liability Company

• Limited Liability Corporation

• Legal Liability Company

• Local Limited Corporation

Which term refers to the process of bringing new employees into an organization and helping them adjust?

• On-boarding

• Recruiting

• Staffing

• Turnover

What is the main purpose of an exit interview?

• To hire new employees

• To provide a bonus

• To understand why an employee is leaving

• To review job descriptions

Which of the following is a benefit of successful teamwork?

• Improved productivity

• Increased turnover

• Higher commission

• More job descriptions

What is a franchise?

• A business model where individuals can operate a branch of an established company

• A type of bonus

• A type of resume

• A form of compensation

Which department is responsible for managing employee relations and benefits?

• Human Resources

• Marketing

• Sales

• Finance

What is a commission?

• A payment based on sales performance

• A fixed salary

• A type of business structure

• A job description

Which document outlines the basic information about a corporation, such as its name and purpose?

• Resume

• Cover Letter

• Articles of Incorporation

• Job Description