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WorksheetsExploring Business and Entrepreneurship Unit 1
Total questions: 42
Worksheet time: 21mins
What is a difference between consumers and customers?
Consumers make goods and services.
Consumers purchase goods and services.
Customers make goods and services.
Customers purchase goods and services.
What do wants and needs have in common?
Both needs and wants are goods.
Both needs and wants are services.
Both needs and wants are things people must have.
Both needs and wants are things people use.
What is a difference between wants and needs?
Needs are goods and wants are services.
Needs are necessary for survival, wants are nice to have.
Needs are nice to have, wants are necessary for survival.
Needs are services and wants are goods.
Plumbing, heating/air conditioning repair, accounting services, and lawn care are all considered what type of businesses?
Combination product and service
Product type
Service provider
Sole proprietorship
Most car dealerships, beauty salons, and home improvement stores are classified as which type of business?
Combination product and service
Non-profit
Product type
Service provider
Clothing stores, CD stores, and electronics stores are all classified as which type of business?
Combination product and service
Non-profit
Product type
Service provider
Barber shops, dry cleaners, and car repair shops are all classified as which type of business?
Combination product and service
Non-profit
Product type
Service provider
Norman and Jones Septic Tank Cleaners are the best septic tank cleaners in Mount Airy. How is Norman and Jones Septic Tank Cleaners classified?
Combination product and service
Non-profit
Product type
Service provider
Feather Duster Maids Company employs seven maids to clean people's houses. How is this business classified?
Combination product and service
Non-profit
Product type
Service provider
The Starving Artists Society uses its gallery to sell paintings of local artists. The funds raised by The Starving Artists Society are used to help local artists continue in their chosen profession. The Starving Artists Society is classified as a:
combination product and service.
for-profit.
non-profit.
service business.
The Gap, Dell, and IBM are all classified as which type of business?
Combination product and service
For-profit
Non-profit
Service provider
Homeless shelters, the March of Dimes, and the Salvation Army are all classified as which type of business?
Combination product and service
For-profit
Non-profit
Product type
Tom and Clare met in college and started a website maintenance business to earn money for their college expenses. How is their website maintenance business classified?
Combination product and service
For-profit
Non-profit
Product
Goodwill Industries helps poor and homeless people with the money raised by selling donated products in their stores. Goodwill is classified as what kind of business?
Combination product and service
For-profit
Non-profit
Service provider
What is an advantage of a franchise over a sole proprietorship?
Franchisees can sell stock to start up the business.
Franchisees do not have to work in the business.
Parent company provides training and support to franchisee.
Parent company will pay all of the franchisee's start up costs.
How are a franchise and a sole proprietorship alike?
Can sell stock to raise money
Easy to start the business
Owner keeps all profits
Require a contract to start
How is a corporation different from a sole proprietorship and a partnership?
Corporations are easier to start.
Corporations do not require a charter.
Corporations provide limited owner liability.
Corporations provide lower owner taxes.
When comparing the four main business types, which has the most risk and rewards for an individual?
Corporation
Franchise
Partnership
Sole proprietorship
When comparing the four main business types, which allows the owner to start selling products most quickly?
Corporation
Franchise
Partnership
Sole proprietorship
When comparing the four main types of businesses, which has the BIGGEST DISADVANTAGE when it comes to paying taxes?
Corporation
Franchises
Partnership
Sole proprietorship
When comparing the four main types of business organization, which type protects owners the MOST from personal financial liability due to being sued by a customer?
Corporation
Franchise
Partnership
Sole proprietorship
Steven and his brothers want to start a plumbing business together. What is an advantage of organizing the business as a partnership rather than a corporation?
Partnerships can be started up quickly.
Partnerships can issue stock to raise money.
Partnerships have limited legal liability.
Partnerships need a legal charter to begin.
How is a corporation different from a sole proprietorship?
Corporations are owned by only one person.
Corporations can sell stock to raise money for the business.
Sole proprietorships have limited liability for the owners.
Sole proprietorships require a legal charter to start the business.
How is a corporation different from a sole proprietorship or partnership?
Corporation has only one or two owners.
Corporation is usually owned by one person.
Corporation requires a legal charter to start.
The owners of the corporation control the business.
What is an advantage of a partnership over a sole proprietorship?
Equal owner control
Limited owner profit
No contracts are necessary to start
Unlimited legal liability shared
How are sole proprietorships and partnerships alike?
Contracts are needed to start the businesses.
Owners have complete control of the business.
Owners have limited legal liability.
The businesses are owned by one person.
Collecting money from customers, paying taxes, and processing payroll checks are all classified as which type of function?
Accounting
Human Resources
Information Technology
Operations
Promoting, distributing, and pricing products are all classified as which type of function?
Accounting
Human Resources
Management
Marketing
Ensuring that the organization meets goals, and working with employees to accomplish organizational goals are both classified as which type of function?
Accounting
Human Resources
Management
Marketing
Hiring, firing, and managing the company benefits and educational opportunities for employees are all classified as which type of function?
Accounting
Human Resources
Information Technology
Operations
Maintaining email accounts, installing software applications, and maintaining hardware are all classified as which type of function?
Accounting
Human resources
Information technology
Operations
Which is an example of an information technology function for a business?
Emailing customers to ensure satisfaction
Processing paperwork for new employees
Producing income statements
Testing new computer software
Which is an example of an information technology function for a business?
Determining product pricing
Hiring new employees
Monitoring computer networks
Paying employees
Which is an example of a human resources function for a business?
Calling customers to ensure satisfaction
Obtaining new products to replace sold stock
Processing new employees' payroll paperwork
Producing the annual company balance sheet
Which is an example of a marketing function for a business?
Creating a banner ad for the company website
Interviewing potential sales employees
Obtaining new products to replace sold stock
Preparing income statements for the business
Which is an example of an accounting function for a business?
Handling the payments made by customers
Obtaining new products to replace sold stock
Re-stocking items in the warehouse
Scheduling delivery of purchased stock
Which is an example of a marketing function for a business?
Interviewing potential employees
Preparing a new TV advertising campaign
Preparing income statements for the business
Processing the employee payroll a business?
Which is an example of a marketing function for a business?
Hiring new employees to fill vacancies in the business
Placing products in strategic locations in the stores
Producing financial statements for the company
Producing payroll checks for all employees
Which is an example of an accounting function for a business?
Calling customers about new products
Creating a new advertising campaign
Maintaining computer equipment
Preparing a cash flow statement
Which is an example of an accounting function for a business?
Designing print advertisements
Hiring employees
Preparing a balance sheet
Testing computer software
Which is an example of an information technology function for a business?
Determining pricing
Hiring new employees
Maintaining computers
Paying employees
Which is an example of a marketing function for a business?
Preparing a loading dock schedule
Preparing an advertisement for TV
Preparing an income statement
Preparing an organizational chart
