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WorksheetsFoundations of Business Chapters 1-4
Total questions: 75
Worksheet time: 19hrs 45mins
What is economy?
A way of managing resources in a country
A large amount of money needed to start a business
An emergency situation
The quantity of something that people are willing to buy
What is an entrepreneur?
A manager
A person who sets up businesses
A founder of companys
An assistant
Trademark is...?
a symbol of company
a financial gain
a budget
a crisis
How do we call customers and an area where something is sold?
A capital
A market
A firm
A measure
What does a stakeholder do?
Cooks
Examines accounts
Makes bags
Grows flowers
What is supply?
A financial plan
The quantity of something that people are willing to sell
Increase in prices
A (a) is anything that can be bought or sold
An organized way in which a state or nation distributes its resources is
A tax
An economic system
Business ethics
True or False
Assets are what a business owes; Liabilities are what a business owns
True
False
Anything that is bought or sold is called a(n)_____.
Item
Service
Business
Product
What is an action or task that can be performed, usually for a fee?
A benefit
A good
A circus
A service
Something that a person needs to survive is a _____________.
Want
Desire
Need
Car
Consider the following sentences regarding Crypto-currency. Which of the above sentence(s) is/ are incorrect?
Crypto-currency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures.
Users must reach a consensus about crypto-currency's value and use it as an exchange medium.
It is tied to a particular country, its value is controlled by a central bank.
A higher GDP generally correlates to a(n) ___________ standard of living.
higher
lower
unrelated
An arrangement in which a parent company, or franchiser, distributes its products or services
Corporation
Business Franchise
Cooperative
Partnership
A business organization that is jointly owned and operated by a group of individuals for their mutual benefit
Corporation
Partnership
Nonprofit organization
Cooperative
The legal responsibility to repay debts and to pay for damages resulting from a lawsuit
Liability
Ownership
Responsibility
Corporation
A business owned by shareholders who have limited liability for the firm’s debt
Cooperative
Corporation
Multinational
Nonprofit
An organization that functions much like a business but does not operate to make a profit
Cooperative
Partnership
Business franchise
Nonprofit organization
A business owned by two or more co-owners who share profits from the business and are legally responsible for debts
Cooperative
Partnership
Nonprofit organization
Liability
A business owned and managed by one person
Business franchis
Dual ownership
Sole proprietorship
Cooperative
Who does the CEO take direction from?
Corporate officers
Middle management
Board of directors
Employess
Which of the following is an advantage of sole proprietorship?
Owner has complete control
Owner gets all the stress
Cannot raise capital
All the above
Partnership requires at least three people
True
False
In partnership, decisions require agreement
True
False
Business owned by shareholders is
Partnership
Sole proprietorship
Corporation
Franchise
A group of people who jointly oversee the activities of a corporation
Employees
Board of Directors
Volunteers
None of the above
A corporation can continue to exist after the death of its owners
True
False
Franchisors usually provide all of the listed items except....
Advertising
Training
Loan
Equipment
The most common form of business organization in the United States is:
Limited Partnership
Sole Proprietorship
Corporation
General Partnership
The owners of a corporation are known as:
Shareholders
Stockholders
Stakeholders
Board of Directors
Which is NOT a disadvantage of a sole proprietorship:
Limited Life
Difficulty raising financial capital
Limited Liability
Long Hours
This means that the owner(s) is/are personally and financially responsible for the losses of a business:
Financial Capital
Repossession
Business Hardships
Unlimited Liability
Law firms and doctors offices are usually categorized under what type of business organization:
Partnership
Corporation
Sole Proprietorship
Franchise
This means that the business no longer exists when the owner dies, quits or sells:
Limited Life
Limited Liability
Limited Contract
Limited Proprietorship
In this type of partnership, one partner is only held liable to the extent of their investment:
General Partnership
Sole Partnership
Equal Partnership
Limited Partnership
Which is NOT a disadvantage of a corporation:
Expensive to start
Regulated by the government
Double taxation
Unlimited life
When strangers learn about business ventures online and then decide whether or not to make an investment.
crowdfunding
investor equity
sweat equity
angel investor
Which of the following is not a macroeconomic goal?
low unemployment
rise in the minimum wage
price level stability
GDP declines during a(an)
peak
contraction
expansion
What follows the "peak" of a business cycle?
recession
a "bust"
the trough
When GDP rises faster than the long-run trend then the economy is experiencing-
a recession
an expansion
a recovery
GDP will begin to decline at-
the peak.
the trough.
the contractionary phase.
Which of the following can lead to a "bust" in the business cycle?
high inflation
scarcity of resources
both a & b
When contraction (recession) begins in a business cycle- the economy will experience
higher unemployment
lower inflation (deflation)
both a & b
What does LLC stand for? (capitalize each letter)
(a)
What does GDP stand for? (capitalize each letter)
What was the purpose of The Sherman Act?
What is the difference between and Monopoly and and Oligopoly?
What is the role of the Federal Reserve System?
What are Fiscal Policies?
What is the Clayton Act?
What is a Primary Sector in a Private Enterprise System?
A (a) is a business that sells in bulk to other businesses.
Which Sector takes the raw materials and creates a product with it?
1st
2nd
3rd
4th
What is the main reason for the tertiary sector?
What is an example of a retailer
What is an example of a subscription model?
Draw one of the three Distribution channels?
(write what does in each box)
What does the NAICS pertain too?
nonprofit classification
Economics
Business Models
Industry
What is the difference between a B2B business and a B2C?
Why is the government market so important?
What are two factors that affect Revenue?
(check all that may apply)
Inflation
Unemployment Rate
Irresponsible Spending
Changes in the Fiscal Policy
What are the three factors of Profit?
(check all that may apply)
Revenue
supply and demand
expense
productivity
Why are business Ethics so important?
Compare and contrast the differences between a Public and Private Enterprise
