NEW
Font size
WorksheetsBUSINESS FINAL
Total questions: 60
Worksheet time: 35mins
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
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
Main types of financial statements include all of these except
statement of cash flows
balance sheet
petty cash vouchers
income statement
The value of the next best option that was not selected:
Opportunity Cost
Trade Off
Need
Want
A customer of a service business is a:
Customer
Consumer
Client
Creditor
What type economy is in place when the Government makes all the decisions?
Market
Command
Mixed
Traditional
What happens in an economy when the nation can't produce enough goods for the overall demand of the nation?
Scarcity
Productivity
Marketability
Resource Management
What is the total market value of all final products produced in a country during a specific time period?
Product Value
Annual Sales
Gross Domestic Product
Standard of Living
Something a person must have to survive.
iPhone X
Need
Service
Want
Work in the 21st century requires most workers to
limit their use of technology
meet the demands of physically challenging work
think critically, solve problems, and make decisions
work on specialized tasks in isolation
A good example of ____ would be a hairdresser, plumber, or a person that cuts down trees for a living
a service business
a producer
a retailer
a wholesaler
A ___ is an association of two or more persons who co-own a business with the objective of earning a profit. Examples: Apple-Steve Jobs and Steve Wozniak.
corporation
company
partnership
These can be physically weighed or measured
Services
Resources
Consumer
Goods
Anything that people can use to make or obtain what they need or want
Resource
Services
Goods
Product
Select which below is NOT part of the decision-making process.
Evaluate your decision.
List the alternatives.
Make a purchase
Determine the pros and cons.
The procedure for carefully considering alternatives and their consequences before you make the final decision
Competitive analysis
Market research
Buying
Decision-making process
Select which below is NOT part of the decision-making process.
Evaluate your decision.
List the alternatives.
Make a purchase
Determine the pros and cons.
Your needs and wants never end.
True
False
What a person owns of value such as jewelry, savings, art, a home, and a car
Salary
Assets
Budget
Goods
business with one owner
partnership
LLC
sole proprietorship
corporation
a spending plan people make in order to make sure there is enough income to cover all expenses
Salary
Investing
Credit Union
Budget
business with two or more owners
partnership
sole proprietorship
LLC
corporation
legal entity that can be structured as a partnership or corporation
LLC
partnership
corporation
sole proprietorship
legal entity that is similar to an individual in the eyes of the law
sole proprietorship
partnership
corporation
LLC
a person who organizes and operates a business, taking on financial risk to do so
executive summary
entrepreneur
business plan
net worth
a formal statement of a set of business goals
LLC
corporation
entrepreneur
business plan
portion of the business plan that summarizes the rest of the document; appears first but is written last
business plan
executive summary
short-term goal
long-term goal
Why are public corporations state funded?
Because mulitnational companies own them.
Because private individuals run them
Because the government provides the capital needed by public corporations
Which of the following is a reason against the public ownership of businesses?
Public corporations are inefficient
Public corporations are able to save jobs
Public corporations are able to serve unprofitable regions
the cost required for something; the money spent on something
budget
savings
investing
expenses
a symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc.
business card
slogan
logo
credit
a short and striking or memorable phrase used in advertising
slogan
logo
business card
copyright
The value of the next best option that was not selected:
Opportunity Cost
Trade Off
Need
Want
