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Intro - Ch. 5 Review

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

A large portion of our population that was responsible for dominating our workforce. This group is retiring in the next few years thus creating many new jobs.

a)

Baby Boomers

b)

Millenials

c)

Gen X'ers

d)

Gen Y'ers

2.

The largest percentage of businesses in the U.S. are what size?

a)

over 100 employees

b)

1 - 19 employees

c)

20 - 99 employees

d)

owner only

3.

All of the following are roles a business plays EXCEPT

a)

Pay taxes

b)

Use profits to compensate owners & employees

c)

Provide employment

d)

Make a profit

4.

Businesses are responsible for buying goods and services from other businesses.

a)

True

b)

False

5.

One of the most important business activities include generating ideas.

a)

True

b)

False

6.

There are all types of business types. Producers is a large category of this. What is an example of a producing company?

a)

Farmer

b)

Mechanic shop

c)

Ice Cream shop

d)

Amazon

7.

Businesses involved in selling the goods and services of producers to consumers and other businesses are called what?

a)

Consumers

b)

Customers

c)

Intermediaries

d)

Producers

8.

The 3 MAIN forms of business ownership are

a)

Sole proprietorship, partnership, corporation

b)

Sole proprietorship, cooperative, corporation

c)

Sole proprietorship, franchise, corporation

d)

Cooperative, franchise, partnership

9.

This form of business ownership accounts for more than 66% of all U.S. businesses.

a)

Franchise

b)

Partnership

c)

Corporation

d)

Sole proprietorship

10.

A form of ownership where 2 or more people are owners is called..

a)

Sole proprietorship

b)

Corporation

c)

Partnership

11.

If you are a part owner in a corporation (a.k.a. a stockholder) you will receive ____ if your company make a profit.

a)

Dividends

b)

Stock options

c)

Stocks

d)

Bonds

12.

A statement that is a short, specific written statement of the reason a business exists and what it wants to achieve is known as a(n)

a)

Vision statement

b)

Orientation statement

c)

Mission statement

d)

Goal statement

13.

Guidelines used in making consistent decisions are known as

a)

Goals

b)

Procedures

c)

Policies

d)

Missions

14.

Descriptions of the way work is to be done are known as

a)

Goals

b)

Policies

c)

Procedures

d)

Junk