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WorksheetsBusiness Final Review
Total questions: 71
Worksheet time: 36mins
Name
Class
Date
1.
Which is not a type of business ownership?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Cooperative
2.
All of the following describe a small business, EXCEPT
a)
The owner is usually a manager
b)
It operates in many locations around the world
c)
It typically serves a small market
d)
It is not dominant in its field
3.
New businesses are often discontinued for all of these reason except
a)
low sales
b)
competitive pressure
c)
higher than expected expenses
d)
cheaper than expected supplies
4.
A trademark is a
a)
brand that has exclusive legal protection for both its brand name and its design
b)
non-branded product that usually sells at a sizable discount
c)
marketing intermediary employed by the firm to create a supply value chain
d)
sales promotion used to reach a target market
5.
Which reason does not describe why someone would choose to start their own business
a)
profit
b)
independence
c)
challenge
d)
they want to work for someone
6.
One of the major risks of operating a sole proprietorship is the fact that the owner has
a)
unlimited liability
b)
easily acquired credit
c)
limited liability
d)
too many cash paying customers
7.
The major factor that determines whether the US dollar is weak or strong is the
a)
Federal Trade Commission
b)
Council of Economic Advisors
c)
World Bank
d)
Position of the US economy relative to the other economies of the world.
8.
Every business performs all of the following activities EXCEPT
a)
maintaining business records
b)
manufacturing products
c)
raising capital
d)
buying goods and services
9.
Every business performs all of the following activities EXCEPT
a)
generating ideas
b)
employing and training personnel
c)
marketing goods and services
d)
has a functional organizational chart
10.
A business plan should include all of the following except
a)
A mission statement
b)
A target market
c)
Code of ethics
d)
Building Blueprints
11.
The infrastructure of a country
a)
is a sign of economic development
b)
is what type of materials are used to build structures
c)
is how many human resources a country has
d)
is how much agriculture dependency a country has
12.
Which word best describes an embargo?
a)
Stop
b)
Limit
c)
Quota
d)
Trade
13.
Which word best describes a tariff?
a)
Stop
b)
Limit
c)
Tax
d)
Quota
14.
Which word best describes a quota?
a)
Limit
b)
Stop
c)
Trade
d)
Tax
15.
The single largest employer in the US is
a)
Google
b)
general motors
c)
state, local, and federal government
d)
McDonald's
16.
Which part of a contract refers to the fact you need to be 18 and mentally stable to have a valid contract?
a)
Consideration
b)
Competent Parties
c)
Legality
d)
Agreement
17.
Which part of a valid contract refers to you not being able to break the law?
a)
Consideration
b)
Competent Parties
c)
Legality
d)
Agreement
18.
Which part of a valid contract refers to the fact that you need to trade something of measurable value?
a)
Consideration
b)
Competent Parties
c)
Legality
d)
Agreement
19.
Government attempts to prevent monopolies with
a)
free trade zones
b)
antitrust laws
c)
right-to-work laws
d)
enterprise zones
20.
This exists when a business has control of the market for a product or service.
a)
oligopoly
b)
monopoly
c)
corporation
d)
partnership
21.
Which of the following is not a necessary part of a business plan?
a)
company summary
b)
contingent worker contract
c)
organizational chart
d)
product/service summary
22.
Which of the following is not considered a capital resource?
a)
machine
b)
building
c)
land
d)
cashier
23.
Which major category of business is fastest-growing in the US?
a)
Services
b)
Sole Proprietorships
c)
Corporations
d)
Partnerships
24.
People born between 1946 and 1964 are generally referred to as
a)
millenials
b)
generation x
c)
generation y
d)
baby boomers
25.
The tax levied on the money you earn at your job is called
a)
luxury tax
b)
income tax
c)
sales tax
d)
inheritance tax
26.
Which statement about contracts is true?
a)
Contracts must be written to be valid
b)
Anyone can enter into a valid a contract, no matter the age
c)
Contracts do not need to be accepted to be valid
d)
Contracts must be for a legal product or service
27.
Which of the following is a trade agreement signed by US, Canada, and Mexico?
a)
CM
b)
NAC
c)
NAFTA
d)
GATT
28.
Which of the following does not explain mild inflation?
a)
Demand increases
b)
More people get jobs
c)
Businesses expand production
d)
People are emotionally down
29.
Which of the following is NOT another name for the US economy?
a)
Capitalism
b)
Free Enterprise System
c)
Competitive System
d)
Private Enterprise System
30.
The person whose job it is to check out purchases at the supermarket is part of
a)
natural resources
b)
capital resources
c)
human resources
d)
none of the above
31.
Which of the following is not a good?
a)
haircut
b)
jeans
c)
computer
d)
soup
32.
What interacts to determine what price is charged for a good or service?
a)
quantity and quality
b)
supply and demand
c)
imports and exports
d)
surplus and deficit
33.
What helps keep prices at reasonable levels?
a)
Competition
b)
Inflation
c)
Deflation
d)
Stock Market
34.
To become part-owner of a corporation, you have to purchase that company's ___________.
a)
Stock
b)
Bonds
c)
Buildings
d)
Land
35.
Which type of organization exists solely to benefit others?
a)
Non-Profit Corporations
b)
For-Profit Corporations
c)
Sole Proprietorship
d)
Partnership
36.
Which of the following is NOT a way to be socially responsible?
a)
Environmental Protection
b)
Job Safety
c)
Employee Wellness
d)
Technologically Advanced
37.
Who is chosen by the board of directors?
a)
Stockholders
b)
Shareholders
c)
Executives
d)
Board of Directors
38.
The American private enterprise system discourages/prevents ________________.
a)
risk-taking
b)
Innovation
c)
competition
d)
monopolies
39.
How many years does a patent last for?
a)
10
b)
17
c)
100
d)
1
40.
The first step in developing a business plan is to
a)
Gather and Review Information
b)
Plan your advertising
c)
Plan your target market
d)
Design your organizational chart
41.
Money needed to pay for current operating activities, such as the water and electric bill is what?
a)
Short-term Financing
b)
Start-Up Financing
c)
Long-term financing
d)
Initial Financing
42.
Money needed to open a business for things such as a building down payment, building renovations, grand opening event, etc
a)
Short-term financing
b)
Start-up financing
c)
long-term financing
d)
initial financing
43.
Money needed to pay for the land and buildings over the lifetime of the loan.
a)
Short-term Financing
b)
Start-Up Financing
c)
Long-term financing
d)
Initial Financing
44.
A government agency that helps entrepreneurs develop business plans and obtain financing.
a)
EPA
b)
SCORE
c)
SBA
d)
OSHA
45.
A written description of the business idea and how it will be carried out, including all major business activities.
a)
Mission Statement
b)
Code of Ethics
c)
Vision and Values
d)
Business Plan
46.
A design change that increases the usefulness of a product or service.
a)
Improvement
b)
Invention
c)
Business plan
d)
Advertising
47.
Money provided by large investors to finance new products and new businesses.
a)
Short-term financing
b)
Long-term financing
c)
Venture Capital
d)
Innovation Capital
48.
A group of retired business owners that mentor new business owners.
a)
SCORE
b)
SBA
c)
EPA
d)
OSHA
49.
A company that is owned by its' shareholders and managed by a board of directors.
a)
Corporation
b)
Sole Proprietorship
c)
Partnership
d)
Cooperative
50.
A business owned by 2 or more people that is easy to start
a)
corporation
b)
sole proprietorship
c)
partnership
d)
cooperative
51.
This means that your personal assets can be taken due to the debts of the business
a)
unlimited liability
b)
limited liability
c)
patent
d)
trademark
52.
This occurs when a parent company signs a contract granting permission to another business to sell its products/services in a set way.
a)
Franchise
b)
Cooperative
c)
Corporation
d)
Partnership
53.
A word, letter, or symbol linked with a specific company or product
a)
Trademark
b)
Copyright
c)
Patent
d)
Corporation
54.
Protects creative work of authors, composers or artists
a)
copyright
b)
patent
c)
trademart
d)
innovation
55.
Business dealings involving companies in more than one state
a)
interstate commerce
b)
intrastate commerce
c)
GDP
d)
GDP per capita
56.
Gives the inventor sole right to make, sell or use an item for 17 years
a)
copyright
b)
trademark
c)
patent
d)
cooperative
57.
Business dealings involving companies in only one state.
a)
intrastate commerce
b)
interstate commerce
c)
exports
d)
imports
58.
A tax on imports
a)
tariff
b)
quota
c)
embargo
d)
exchange rate
59.
An unfavorable balance of trade
a)
trade deficit
b)
trade surplus
c)
import
d)
export
60.
The cost of money
a)
interest
b)
bond
c)
stock
d)
tariff
61.
A favorable balance of trade
a)
Trade surplus
b)
trade deficit
c)
trade balance
d)
budget deficit
62.
The value of one country's currency compared with another country's currency
a)
exchange rate
b)
trade deficit
c)
trade surplus
d)
creditor
63.
When a government spends more money than it takes in
a)
trade deficit
b)
trade surplus
c)
budget deficit
d)
budget surplus
64.
Items bought from other countries
a)
Exports
b)
Imports
c)
Exchange Rate
d)
Creditor
65.
Most countries have this type of economic system.
a)
Market
b)
Mixed
c)
Command
d)
Traditional
66.
A person that gives you a haircut is providing this
a)
service
b)
product
c)
supply
d)
demand
67.
The quantity of a product or service that consumers are willing and able to buy at a particular price.
a)
Demand
b)
Supply
c)
Product
d)
Service
68.
The quantity of a product or service that businesses are willing and able to provide at a particular price
a)
demand
b)
supply
c)
product
d)
service
69.
The total dollar value of all final goods and services produced in a country in 1 year.
a)
GDP
b)
GDP per Capita
c)
stock market
d)
interest
70.
This number only includes those that are not working, but seeking a job.
a)
Unemployment Rate
b)
Employment Rate
c)
Interest Rate
d)
Mixed economy
71.
An increase in the general price level.
a)
inflation
b)
deflation
c)
exchange rate
d)
interest
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