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WorksheetsBusiness Structure Unit Review
Total questions: 34
Worksheet time: 17mins
Which of the following is a need?
Newer car
Food
Dinner at a fancy restaurant
Goods are...
activities provided for others that are consumed at the same time they are provided.
things that you can see and touch (products). Purchased at any time.
Services are...
activities provided for others that are consumed at the same time they are provided.
things that you can see and touch (products). Purchased at any time.
Goods and Services can be purchased by businesses too.
True
False
Capital Resources are...
Trees
Accountant
Parts to make cars
Natural Resources are...
Trees
Accountant
Parts to make cars
A Human Resource would be...
Trees
Accountant
Parts to make cars
One of the roles of a business is to provide jobs.
True
False
The 6 basic business activities are:
Generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, maintaining business records
Making something at a high cost to customers to make as much of a profit as possible before going out of business.
Making something at a low cost to customers to make as little profit as possible before going out of business.
Which one of the following is a business activity?
Maintaining Business Records
Cleaning up the environment
Buying land
Service businesses complete activities that are consumed by customers rather than offering products for sale.
True
False
Definition for businesses that are producers is:
Businesses involved in selling the goods and services of producers to consumers and other businesses.
The final business organization in an indirect (not a straight line) channel of distribution for consumer products.
Individuals and organizations that determine what products and services will be available for sale.
Definition for businesses that are intermediaries is:
Businesses involved in selling the goods and services of producers to consumers and other businesses.
The final business organization in an indirect (not a straight line) channel of distribution for consumer products.
Individuals and organizations that determine what products and services will be available for sale.
The form of ownership that gives one person sole control over all business decisions is the
Corporation
Partnership
Sole Proprietor
All investors in a partnership have full liability for the debts of the business.
True
False
The people who make the major policy and financial decisions in a corporation are the
investors
board of directors
managers
A business owned and controlled by two or more people who have entered into a written agreement.
Sole Proprietorship
Corporation
Partnership
A written legal document that identifies ownership and operating procedures and conditions for a corporation.
Service Business
Contract
Articles of Incorporation
A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors.
Sole Proprietor
Partnership
Corporation
A diagram that shows the structure of an organization, classifications of jobs, and the relationships among those classifications.
Articles of incorporation
Mission statement
Organization chart
Which of the following is not an advantage of owning a franchise?
Help with marketing
Help with training
Have to pay royalty fees
Help finding suppliers
Company that owns the product or service and grants the rights to another business
Franchisor
Franchisee
Company purchasing the rights to run the business
Franchisor
Franchisee
Franchisee's can be completely creative and run their franchise however they would like.
True
False
S-Corp chooses to pass corporate income through to their shareholders for federal tax purposes.
True
False
LLC-Limited Liability Corporation does not have double taxation.
True
False
Both a Cooperative and a Non-Profit organizations have a mission beyond profits.
True
False
All businesses (no matter how they are organized) should fulfill a need or a want of a individual and/or a community.
True
False
Businesses have Mission Statements because...
it communicates the reason they exist as a business.
it communicates what they sell.
A mission statement is a short, specific written statement of reason(s) a business exists and what it wants to achieve.
True
False
The sequence of processes involved in the production and distribution of a good.
Retailer
Wholesaler
Distributor
Supply Chain
An agent who supplies goods to stores and other businesses that sell to consumers.
Retailer
Wholesaler
Distributor
Supply Chain
A person or business that sells goods to the public for use or consumption rather than for resale.
Retailer
Wholesaler
Distributor
Supply Chain
The selling of goods in large quantities to be retailed by others.
Retailer
Wholesaler
Distributor
Supply Chain
