BF - 1.11 Quiz - Semester 1

What are physical objects for purchase referred to as?

• goods

• shares

• risks

• services

When Jeff Bezos started Amazon, he actually wanted to name the online giant Cadabra, but his lawyer convinced him not to. What was his lawyer's reason for convincing Bezos not to go with the name Cadabra?

• It was too difficult to pronounce and could have multiple pronunciations.

• It sounded too much like 'cadaver' and people would think it was a morgue.

• The word Cadabra actually means candlestick and he thought it would confuse consumers.

• There was already another online company called Cabrada and it was too similar.

What is the largest market for minivans based on the definition of market that has to do with the total number of buyers for a specific product?

• active families with children

• newlyweds

• business professionals

• single individuals who like to travel

What kind of business structure is often used by the owners of homes within a large residential building in order to help manage the business affairs of the building?

• sole proprietorship

• co-op

• corporation

• LLC

The process of buying and selling products or services that benefits everyone in the community is referred to as:

• commerce.

• service.

• market.

• goods.

While one definition of the term 'market' involves a physical location where buyers and sellers exchange goods, what is the second definition that can be used for the term 'market'?

• the equal parts into which ownership is divided

• the total number of buyers for a specific product or service

• the desire to make money or generate profit

• the process of buying and selling products or services

Approximately 95 percent of Americans carry a mobile phone with them—about how many of these mobile phones are smartphones?

• less than 1/2

• only 1/3

• more than 98 percent

• more than 3/4

Sally is considering becoming a member of the local food co-op near her home. What would be the benefit of this?

• She could get all of the food she wants for free from that food co-op.

• She could purchase goods at a lower price than anyone just walking in off the street.

• She gets the majority of the shares of the food co-op.

• She gets 50 percent of the profits that the food co-op makes every week.

Frequently, when a corporation is first formed, each of the owners receives how many shares?

• only 5 percent

• an unequal number

• an equal number

• none

Like an LLC, what type of business structure separates the owners' personal assets from those of the business and maintains an independent identity offering the most protection from liability?

• partnership

• corporation

• sole proprietorship

• co-op