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WorksheetsIntroduction to Business and Technology Part 2
Total questions: 72
Worksheet time: 36mins
All but which of the following is considered to be a myth associated with entrepreneurship?
Successful entrepreneurs are born not made
First ventures are always successful
All entrepreneurs must willingly invest significant sums of money
Successful entrepreneurs must have a break-through invention
An entrepreneur faces extraordinary business risks
A/An ___ is best described by stating it is any business that is independently owned and operated and is not dominate in its market.
strategic alliance
coporation
entrepreneurship
proprietorship
small business
Which of the following is not considered a common characteristic of an entrepreneur?
Internal focus of control
High need for achievement
Self-confidence
External focus of control
Willingness to take risks
The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an ____.
inventor
opportunist
hacker
craftsman
crafts person
Common reasons for entrepreneurial failure include all but which one of the following?
Poor implementation
lack of capital
adequate financial support
faulty product design
ineffective human resources
A/An ___ is defined as the blueprint describing the business strategy for entering the marketplace and explains the business to potential investors.
business alliance
spin-off
intrapreneuship
competitor analysis
business plan
Of the following, which one is not considered a key component of a business plan?
sources of funding
market trend analysis
methods for dissolution of the organization
description of products or services
expansion plans
A(n) ___ is defined as a form of business that is an association of two or more people acting as co-owners of a business.
proprietorship
partnership
INC
corporation
conglomerate
Which one of the following would not be considered an advantage to a partnership formation?
potential for double taxation
less governmental control
ease of formation
direct share of profits
division of labor and management responsibilities
Which one of the following would not be considered a disadvantage of a corporation?
limited continuality of life of enterprise
extensive government regulations of activities
high incorporation fees
corporate capital, profits, dividends, and salaries are double taxed
activities limited to those stated in charter
The cover page of a business plan should contain
key financial highlights
contact information
the funding request
The ___ section of the business plan should be written last.
financial statements
executive summary
appendices
A business plan should be ___ to convey critical information to potential investors.
long and detailed
crisp and concise
complex and technical
An obligation that a corporation owes to an outside person or agency is call a(n):
asset
liability
stockholders' equity
revenue
A promise to pay from customers for goods and services that they received from a company represent:
accounts receivable
accounts payable
revenues
expenses
Accounting is the information system that provides information to various users. This process includes:
compiling the data into reports
measuring business activity
communicating the results to decision makers
all of the above
Cash is collected from a customer who was previously put on account. How does the collection of the cash affect the accounting equation?
Assets increase; stockholders' equity increases
Assets increase; liabilities increase
Assets increase; assets decrease
Assets decrease; stockholders' equity decreases
A bill is received for services rendered this month. It will be paid next month.How does receiving this bill affect the accounting equation?
Assets decrease; stockholders' equity decreases
Liabilities increase; stockholders' equity decreases
Assets increase; liabilities increase
Liabilities increase; stockholders' equity increases
A $5,000 account payable is paid. How is the accounting equation affected?
Assets decrease $5,000; stockholders' equity increases $5,000
Assets decrease $5,000; liabilities decrease $5,000
Assets increase $5,000; stockholders' equity decreases $5,000
Assets increase $5,000; liabilities increase $5,000
Cash is collected from a customer who was previously put on account. How does the collection of the cash affect the accounting equation?
Assets increase: stockholders' equity increases
Assets increase: liabilities increase
Assets increase: assets decrease
Assets decrease: stockholders' equity decreases
A bill is received for services rendered this month. It will be paid next month. How does receiving this bill affect the accounting equation?
Assets decrease; stockholders' equity decreases
Liabilities increase; stockholders' equity decreases
Assets increase; liabilities increase
Liabilities increase; stockholders' equity increases
Banks:
evolved from vaults storing valuables to places where an assortment of financial products can be purchased
are financial markets
provide only savings accounts and checkable deposits
make only mortgage loans
Which of the following is not the function of the commercial bank
issue of paper notes
acceptance of deposits
advancing loans
credit control
Economists group commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaries. Financial intermediaries
act as middlemen, borrowing funds from those who have saved and lending these funds to others
produce nothing of value and are therefore a drain on society's resources
help promote a more efficient and dynamic economy
do each of the above
do only (a) and (c) of the above
Which is not a financial institution?
bank
grocery store
savings and loan
credit union
don't know
What financial institution focuses on business accounts?
savings and loan
bank
credit union
payday loan company
don't know
What financial institution has a board of directors chosen by its members
savings and loan
bank
credit union
payday loan company
don't know
What does a credit union do with its earnings?
offer it as stock share
put it in a bank
give it to the voard of directors
give it to their members as dividends
don't know
Where can I go for a loan?
savings and loan
bank
credit union
all of the above
Which financial institution focuses on real estate financing?
savings and loan
bank
credit union
payday loan company
Which institution do you have to be a member at?
savings and loan
bank
credit union
payday loan company
Which financial institution offers stock shares?
bank
credit union
payday loan company
none of the above
Credit reports contain which of the following items?
name of lender and the account number
payment history
credit limit and high balance
comments regarding an account closing
all of the items in the other answers
Which one of the following has the greatest effect on your FICO score?
length of credit history
types of credit used
amount owed relative to available credit
new credit
history of timely payments
Which one of the following is most apt to increase your credit score?
closing an old credit card account you never use
opening a new credit card account with a lower interest rate than your old credit card account
missing one payment then making a double payment the next month
controlling your credit card spending so you never owe more than 30 percent of your limit
opening several department store accounts within the same week
Various types of insurance include
Fire insurance
Life insurance
Sickness and accident insurance
Title insurance
All of these
Life insurance
Is payable upon the death of an insured person
May be either term or special purpose
Incorporates the application for insurance into the policy of insurance
All of these
None of these
Liability and negligence insurance
Aims to protect against another's negligence
Provides indemnity from loss occasioned by the negligence of an unknown party
Is designed to indemnify a person for liability for loss due to negligence in the performance of their work, profession or use of their premises
Does not cover losses which result from motor vehicle accidents
Covers losses which result from the fault of another person
The likelihood of something happening
claim
policy
probability
premium
The person whose name is on the policy
deductible
policyholder
coverage
policy
The possibility of a loss or something bad happening
policy
premium
risk
claim
The total amount to be paid on a policy
coverage
risk
premium
claim
A document detailing the terms and condition of the insurance contract
policy
claim
premium
risk
The amount the insured/policyholder must pay before the insurance company pays the claim
deductible
coverage
claim
premium
Request for payment of a loss
policy
claim
premium
risk
Amount to be paid for insurance
claim
premium
policy
risk
Three major categories of risks are
business risks, personnel risks, budget risks
project risks, technical risks, business risks
planning risks, technical risks, personnel risks
management risks, technical risks, design risks
One guideline to determine that a risk is generally insurable is:
the loss is measurable
the loss is due to a price change
the loss is speculative
it is due to operational issues such as a strike
Risk management now means the evaluation of
worldwide risks such as global warming
worldwide issues such as disease
European issues such as the value of the euro
political risks in South America
Violations of laws designed to protect trade and commerce form abusive practice
insider trading
anti-trust violation
counterfeiting
Tax Evasion
An act, often a crime, involving unjustified threats to make a gain or cause loss to another unless demand is met
Bank Fraud
Forgery
Blackmail
Bribery
To imitate something; fake replicas of the real products
Forgery
Tax Evasion
Counterfeiting
Insider Trading
Criminal non-payment of tax liabilities
Forgery
Blackmail
Tax Evasion
Bank Fraud
Act of giving money or gift that alters the behavior of the recipient
Bribery
Blackmail
Bank Fraud
Forgery
Use of illegal means to gain money
Bribery
Blackmail
Bank Fraud
Forgery
Act of dishonestly withholding assets for the purpose if theft of such assets; misuse of trust
Bank Fraud
Embezzlement
Blackmail
Bribery
Making, adapting, or imitating objects, stats, or documents with the intent to decieve
Forgery
Bank Fraud
Bribery
Blackmail
Process of concealing the source of large amounts of money that have been gained through illegitimate means
Bank Fraud
Money Laundering
Forgery
Blackmail
A trademark is
The ornamentation or shape of a functional object, such as a chair
The right to prevent others from copying or modifying certain works
A monopoly to make, use, or sell an invention
A mark used to distinguish the source of goods or services
Under the Patent Act, the person entitled to receive a patent on a new invention is
The one who invented it first
The one who applied for a patent first
The one who commercialized it first
The one who first thought of it
Recruiting and selecting salespeople is important because:
Competition for talented salespeople is fierce.
The direct costs of poor recruiting are high.
The indirect costs of poor recruiting are high.
All of the above
In most organizations ___ are primarily responsible for hiring new salespeople.
Experienced salespeople
Vice-presidents for recruitment
Corporate executives
Field sales managers
During the recruiting and selection stage of finding and attracting a pool of applicants, the goal is
To find as many applicants as possible
To find as many qualified applicants as possible
To attract a few good applicants
Hiring only relatives of current employees
After establishing policies and determining who will be responsible for recruitment and selection:
A thorough job analysis should be conducted
A job description needs to be written
A statement of job qualifications needs to be written
All of the above
During the evaluation stage of recruitment and selection:
Application forms need to be created and evaluated
Interview conducted and references must be checked
Tests administered and evaluated
All of the above
A sales manager can use a job description to:
Guide recruiting efforst
Determine training needs
Serve as standards for evaluating performance
All of the above
Which of the following is typically included as part of a sales job description?
The nature of the product(s) to be sold.
The mental and physical demands.
The types of customers to be called on.
All of the above.
Writing the job qualification statment that clearly states the educational and experience requirements for the sales position hopefully will:
Satisfy everyone on the hiring committee.
Discourage unqualified people from applying.
Avoid internal company conflicts.
Attract graduates from her college.
What type of association is FBLA?
non-profit education
charity organization
profitable organization
state only school club
FBLA is made up of students preparing for careers in what related field?
teaching
businsess
medical
art
How many divisions of FBLA are there?
3
2
4
1
What is the mission of FBLA?
to being education and business together
to bring students and industry together
to build relationships among students
to build relationships
