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WorksheetsIntro to Business Final Exam Review
Total questions: 19
Worksheet time: 9mins
When developing a product or service, a business must do all of the following except
create a need for the product or service
evaluate the demand for the product or service.
obtain start-up and operating capital.
keep records to satisfy government requirements.
One of the biggest obstacles in starting a business is
having a good idea.
being good at something.
accepting responsibility.
obtaining financing.
A written description of a business venture that describes all aspects of the business is called
a company charter.
a company policy.
a business plan.
an executive summary.
SBA stands for
Start-Up business
Small Business Agency
Small Business Administration
Small Business of America
Challenges an entrepreneur might face include all of the following except
risk of losing their investment.
profit.
getting start-up funds.
being fully responsible for the business
The description of the business's media plan is included in the
marketing plan
product and service plan.
executive summary
There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations.
True
False
All of the following are disadvantages of forming a corporation except
increased government regulation.
limited liability.
double taxation.
difficult to start.
A business may stop manufacturing because
of government taxes.
it can't keep up with demand.
there's a decrease in demand.
The main reason people become entrepreneurs is so they can be creative.
True
False
A brief account of the key points contained in a business plan is the
financial plan
vision statement
executive summary
company description
All of the following are disadvantages of forming a corporation except
double taxation
limited liability
government regulation
difficult to start
Five main functions involved in the operations of a business include all of these except
marketing.
advertising.
management.
finance/accounting.
Creating goals and objectives as well as strategies to meet them
organizing
planning.
leading.
controlling.
Most important skill needed by managers
give orders.
be creative.
predict the future.
multi-task
Demographics do not include
gender
behavior characteristics.
income levels
location
Dividing the market for a certain product into groups of customers who have the same needs
market concept
market segmentation
marketing plan
The debts of a company are called
assets.
liabilities.
credits.
capital.
Main types of financial statements include all of these except
statement of cash flows
balance sheet
petty cash vouchers
income statement
