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WorksheetsPrinciples of Business Final Exam
Total questions: 25
Worksheet time: 34mins
Which of the following would be indirect competition for a candy store?
Walmart, which sells candy
A hard candies boutique shop
A candy superstore
7-11
An ice cream cone is a
good
service
Offering a better warranty is an example of competing on:
product
service
price
sale
The first step in market research is
Gathering information
Define the question
Take action
Evaluate results
Conducting a survey of your friends to see how many might go to a trampoline park is an example of
Primary research
Secondary research
A lack of research
Which is an example of a trend?
Growing availability of WIFI
Shift to electric vehicles
Shift to organic foods
All of the above
What is a focus group?
A marketing team dedicated to a specific target market
A small group of people asked questions in person
A segment within a large online survey
A business plan is best described as:
A 30-second pitch given to investors
The historical record of what's been done with the business so far
A blueprint for the business
A projection of all possible future scenarios
A target consumer is
someone who will not go to Walmart
A potential investor
Someone likely to purchase your product or service
A consumer agency
What is a call to action?
Emergency call
Call to a small business foundation
Appeal for funding
Proposed next step that requires the listener to respond
When delivering your pitch, you should sound
Unemotional
Practiced but natural
Rehearsed as though you memorized it
Robotic
When buying an existing business, it is important to
Find out why the business is for sale
Review existing financial statements
Both a and b
None of the above
A business with two owners where the profits are taxed as income to the owners is most likely a:
Sole proprietorship
Partnership
Corporation
Snowball stand
In a percentage lease, the landlord receives a percentage of the business's:
Assets
Expenses
Accounts payable
Revenue
Which form of business gives you, the business owner, the most protection from lawsuits targeting your business?
Sole proprietorship
Partnership
Corporation
LLC
Freelancers
Provide services for free
Provide specialty services on an hourly basis or by the job
Are paid by a salary
Are able to obtain goods for free from vendors
How do employment agencies normally make money?
Selling advertising
Charging a fee to the employee or business when a match is made
Receiving a percentage of the hiring companies revenue
None of the above
Which is the correct order for the steps in the hiring process
Interviewing candidates, screening, reviewing and verifying application information, and making an offer
Screening, reviewing and verifying application information, interviewing candidates, and making an offer
Reviewing and verifying application information, screening, interviewing candidates, and making an offer
Screening, interviewing candidates, reviewing and verifying application information, and making an offer
If you decide partway through an interview that the candidate is not right for the job, you should
Ask if they have any friends they can recommend
Stop the interview and ask them to leave
Remain pleasant and positive, and let them know when you'll make a decision
Hire them if there are no other choices
A good job description generally includes
Job title
Duties
Competencies and skills
All of the above
Offering free snacks and drinks to attract employees is called a
Stock option
Draw
Magnet
Perk
What is a sales tax?
A tax that is a percentage of the price of a good or service
An amount of tax taken out of your paycheck
A tax only paid for items that cost more than $100
None of the above
An owner of a business is called
An entrepreneur
A partner
A manager
A boss
Which of the following is not a service?
Car wash
Oil change
Housekeeper
Car salesperson
Which type of payment for working is the same amount every paycheck through out the year?
Commission
$15/hour working at a store
A $60,000 salary
None of the above
