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Final Exam Practice 12-6

Total questions: 12

Worksheet time: 6mins

Name
Class
Date
1.

If a company owes $100,000, what section of the balance sheet would this debt be placed on?

a)

Liabilities

b)

Equity

c)

Revenue

d)

Assets

2.

Which term describes rivalry among businesses?

a)

Scarcity

b)

Monopoly

c)

Competition

d)

Struggle

3.

When a new business is formed, money is spent on inventory, operational expenses, and marketing. What term describes these activities?

a)

Funding rounds

b)

Sales budget

c)

Factoring

d)

Start-up costs

4.

What is the time and place where a retail transaction is completed?

a)

Property management system

b)

Point of sale

c)

Account payable

d)

Customer exchange

5.

What formal declaration contains the values and goals of a company?

a)

Mission statement

b)

Income analysis

c)

Executive summary

d)

Competitor analysis

6.

What document includes qualifications, duties, responsibilities, title, and pay range for a position?

a)

Job description

b)

Portfolio

c)

Job application

d)

Resumé

7.

What term describes the type of funding used when an entrepreneur starts a company using profits and personal finances without external help or capital?

a)

Bootstrapping

b)

Merger acquisition

c)

Angel investment

d)

Crowdfunding

8.

1. Marci has owned a successful infant girls boutique for five years. This year she has decided to add a new clothing line for infant boys. Which product concept does this change represent?

a.

b.

a)

Niche

b)

Pivoting

c)

Minimal viable product

d)

Contract manufacturing

9.

What is needed for tax purposes when starting a business and hiring employees?

a)

EIN

b)

NSA

c)

PTO

d)

DBA

10.

What brief presentation is a quick overview of a business that would be used during a face-to-face or online meeting with potential investors, customers, and partners?

a)

Accelerator

b)

Incubator

c)

Boom start-up

d)

Pitching

11.

Jody wants to invest money into a business. She likes to be completely independent and make her own decisions. What would be Jody’s best option?

a)

Work for the family business

b)

Create a new business

c)

Purchase a franchise

d)

Takeover an existing business

12.

Which pricing strategy dictates that you consider your business costs and your profit objectives?

a)

Basic Based Pricing

b)

Cost Based Pricing

c)

Competition Based Pricing

d)

Demand Based Pricing