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BATTLE OF THE BRAINS

Total questions: 20

Worksheet time: 7mins

Name
Class
Date
1.

A tangible item that is put on the market for acquisition, attention, or consumption.

a)

Product

b)

Rent

c)

Service

d)

Equipment

2.

A framework that serves as a useful tool in business that looks at the strengths, weaknesses, opportunities, and threats.

(a)  

3.

The function of management that involves identifying, subdividing, assigning and coordinating activities and providing the necessary authority to carry out the activities.

a)

Controlling

b)

Directing

c)

Organizing

d)

Staffing

e)

Planning

4.

The function of management that involves recruitment, selection, assignment and development of the various kinds of human resources required by the organization.

a)

Organizing

b)

Directing

c)

Controlling

d)

Staffing

e)

Planning

5.

The function of management that involves setting the objectives to be accomplished during a feature time period and deciding on the methods of reaching them.

a)

Directing

b)

Leading

c)

Controlling

d)

Organizing

e)

Planning

6.

The function of management that involves communicating with and influencing subordinate towards the achievement of organizational goals.

a)

Organizing

b)

Planning

c)

Directing

d)

Controlling

e)

Staffing

7.

The function of management that involves monitoring performance and undertaking corrective actions to ensure the attainment of predetermined goals and objectives of the organization.

a)

Controlling

b)

Organizing

c)

Directing

d)

Staffing

e)

Planning

8.

Debts or other obligations in which your business owes.

a)

Owner's Equity

b)

Liabilities

c)

Assets

d)

Mortgage

9.

A business structure that is owned exclusively by one person.

a)

Partnership

b)

Limited Liability Company

c)

Sole Proprietorship

d)

Corporation

10.

What information should be included in a business plan? (Choose three.)

a)

Your financing needs

b)

Your assets and liabilities

c)

Your basic business concept

d)

Your marketing plan

11.

A group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service.

a)

Target Market

b)

Consumer Group

c)

Potential Customers

d)

Market Segment

12.

What are the two main branches of Economics? (Choose two.)

a)

Macroeconomics

b)

Positive Economics

c)

Normative Economics

d)

Microeconomics

13.

A business structure owned by two or more people.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Limited Liability Company

14.

A general Leger/T has a ______ and _______ side.

a)

Debit

b)

Asset

c)

Credit

d)

Liability

15.

A management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market.

(a)  

16.

An intangible item, which arises from the output of one or more individuals.

a)

Equipment

b)

Product

c)

Rent

d)

Service

17.

A business structure owned by stockholders, who own the rights to the company's profits but face limited liability for the company's debts and losses

a)

Limited Liability Company

b)

Corporation

c)

Sole Proprietorship

d)

Partnership

18.

Property and other items of value owned by a business.

a)

Equipments

b)

Liabilities

c)

Assets

d)

Mortgage

19.

Which is not a factor of Production?

a)

Capital

b)

Land

c)

Money

d)

Labor

20.

A written document that describes all the steps necessary for opening and operating a successful business. It also describes a company's core business activity, its objectives, and how it plans to achieve its goals.

a)

Financial Plan

b)

Business Plan

c)

Operational Plan

d)

Marketing Plan