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PBMF Chapter 5 Review

Total questions: 15

Worksheet time: 5mins

Name
Class
Date
1.

The form of ownership most common among U.S. businesses is a

a)

nonprofit

b)

partnership

c)

proprietorship

d)

corporation

2.

The direction for a business comes from its

a)

policy manual

b)

mission statement

c)

code of ethics

d)

corporate by laws

3.

Which of the following is not shown on an organizational chart?

a)

classifications of jobs

b)

work relationships

c)

job descriptions

d)

the structure of an organization

4.

A partnership

a)

is the most common form of business owernship

b)

is funded through the sale of stock

c)

does not require a business name

d)

requires at least two owners

5.

A retailer is an example of a(n)

a)

intermediary

b)

producer

c)

extractor

d)

service business

6.

Which of the following is not one of the common activities of all businesses?

a)

producing goods and services

b)

employing and training personnel

c)

marketing goods and services

d)

maintaining business records

7.

The most important role in business is to provide employment for people

a)

TRUE

b)

FALSE

8.

Managed by a board of directors

a)

partnership

b)

corporation

c)

sole proprietorship

d)

partnership & corporation

9.

There is no difference between policies and procedures

a)

TRUE

b)

FALSE

10.

Service businesses represent the fastest-growing segment of the economy.

a)

TRUE

b)

FALSE

11.

Nonprofit corporations do not pay corporate income taxes

a)

TRUE

b)

FALSE

12.

a written contract granting permission to operate a business

a)

intermediary

b)

procedures

c)

franchise

d)

cooperative

13.

An internet service provider is this type of business

a)

intermediary

b)

franchise

c)

service business

d)

partnership

14.

A goal is a precise statement of results the business expects to achieve

a)

TRUE

b)

FALSE

15.

Mrs. Ware wants to have three rooms in her home painted. She buys Glidden brand Paint from Home Depot. She then pays painters to paint the rooms. What type of business is the Glidden the paint brand?

a)

intermediary

b)

cooperative

c)

producer

d)

service business