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PBMF A Final

Total questions: 129

Worksheet time: 2hrs 9mins

Name
Class
Date
1.

Which of these is NOT an advantage of Sole Proprietorship?

a)

Easy to form

b)

You decide how profits are spent

c)

You don't need to share your trade secrets or financial details

d)

Unlimited liability if the company fails

2.

What do you call the people who own shares of a corporation?

(a)  

3.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
4.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
5.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
6.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
7.
Law firms and doctor's offices are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
8.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
9.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
10.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
11.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
12.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
13.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
14.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
15.
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
16.
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
17.

Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

18.

How is a corporation different from a sole proprietorship or partnership?

a)

A corporation has only one or two owners.

b)

A corporation is usually owned by one person.

c)

A corporation requires a legal charter with the state.

d)

The owners (stockholders) have limited liability.

19.

No paperwork (charter or agreement) is required to start which type of business?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

20.

Which type of business allows the owner to keep all of the profit for him/herself?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

21.

Which business depends on just one person for the skills and talents to run the business?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

22.
When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
23.

The membership of a partnership

a)

2 to 20

b)

2 to 50

c)

minimum of 10

d)

maximum of 50

24.

Name the 4 Types of Business:

a)

franchise, corporation, partnership, sole proprietorship

b)

sole proprietorship, club, non-profit, franchise

c)

accounting, marketing, advertising, corporation

d)

Nike, State Farm, Hobby Lobby, Subway

25.

Walmart is an example of a:

a)

single owner

b)

partnership

c)

corporation

d)

non-profit

26.

A father who wants to take his son into the business with him should form a......

a)

non-profit

b)

franchise

c)

corporation

d)

partnership

27.

Someone who wants to control all aspects of the business should form this type of business.

a)

non-profit

b)

partnership

c)

sole proprietorship

d)

franchise

28.

A disadvantage of a franchise would be....

a)

having to move

b)

not enough employees

c)

too much control

d)

limited control

29.

What type of business does not exist to earn revenue but to help others or serve a need in a community?

a)

partnership

b)

corporation

c)

non-profit

d)

franchise

30.

A company wants to computerize its accounting system. It issues stocks to raise additional funds.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

31.

2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

32.

3. Mary opened a dance studio. She receives all the profits from her students’ lessons.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

33.

Mr. Lewis pays taxes on dividends for stocks he owns in a manufacturing company. The company also pays taxes on its income before distributing it to stockholders.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

34.

Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

35.

Mr. Wells owns a card shop. Because baseball cards have declined in popularity his business is struggling. He decides he has to sell his house to pay off his business debts.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

36.

Unger and Unger is a law firm consisting of two brothers who started their own business. They both are responsible for all profits and risks that their firm will have.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

37.

8. A person who takes a risk to produce goods and services in search of a profit is an entrepreneur. In which kind of business structure may entrepreneurs establish a business?

a)

Partnerships and Corporations

b)

Sole Proprietorships, Partnerships, and Corporations

c)

Only Corporations

d)

Sole Proprietorships and Corporations

38.

9. What type of business is described in the diagram below?

a)

Sole Proprietorships

b)

Partnerships

c)

Corporation

39.

10. What characteristic of a corporation is missing from the diagram on the below?

a)

Owner shares the profits with family members only

b)

Stockholders share the profits

c)

Main owner receives the majority of profits

d)

Board of Supervisors has the final say on new products

40.

Which of the following is an advantage of a partnership?

a)

Which of the following is an advantage of a partnership?

b)

partnerships can usually attract financial capital more easily than proprietorships.

c)

management is hard between two or more people

d)

They are inefficient.

41.

When taking a message, you should always add the ____________ for the call.

a)

reason

b)

tone of voice

42.

What is the first thing you should say when answering a business phone?

a)

What up?

b)

Your name and the name of the business

c)

I'm busy. What do you want?

43.

What is a Good Way to Answer Your Phone?

a)

Hey, whats up

b)

This is Jake Jones, how can I help you?

c)

Hello?

44.

What type of voicemail should you leave?

a)

a lengthy inaudible one

b)

clearly stated, right to the point, always leaving your name and number

c)

Don't even talk about the subject at hand

45.

Which of the following could be considered "good" manners while at work?

a)

using polite language

b)

having respect while others are speaking

c)

respecting rules of the establishment

d)

all of the above

46.

Student workers will demonstrate listening skills by..

a)

having eye contact

b)

playing on electronic devices

c)

Silent mouths and listening ears

d)

walking away

47.

When you pick up the phone, what is the very first things you say?

a)

Ask for a person by name

b)

Your name

c)

Ask the name of the person you called

d)

Hello

48.

Choose the best greeting.

a)

Morning, Hannah speaking. How may I help you?"

b)

Good morning, UUM Bursary, this is Hannah speaking. How may I assist you?"

c)

This is Hannah. What now?"

d)

Good morning. How may I help you?"

49.

Which statement is True? Telephone etiquette includes …….

a)

the way you greet a guest.

b)

the way you see a guest.

c)

the way a guest greets us.

d)

the way a guest greets us.

50.

A good telephone voice...

a)

...is soft and relaxing.

b)

...is the same as your normal speaking voice.

c)

...is confident and clear.

d)

...has no emotion.

51.

Choose the correct order!

a)

Take ownership/ your name / anything else?

b)

thank you/ name of the company/ goodbye

c)

Name of the company/ your name/ offer help

d)

Solve the problema/ thank you / goodbye

52.

Employees are expected to be able to make and answer calls in a way which is?

a)

Considerate

b)

Perceived professional by all stakeholders

c)

Respectful to both customers and other staff members

d)

Always formal

53.

Choose the correct answer:

1. Which is the best definition of effective communication?

a)

Communication means having strong and confident body language

b)

Communication is talking to each other on a regular basis to build rapport.

c)

Communication is the transmission of an idea or feeling so that the sender and receiver share the same understanding

54.

What is important to do while on call with a customer

a)

Be rude

b)

give short answers

c)

Unclear communication

d)

Keeping a positive attitude

55.
An example of active listening is:
a)
Listening close and taking good notes
b)
Skimming the outline carefully
c)
Moving around while others speak
d)
Focusing on main ideas being communicated and responding with full attention
56.

The communication which is spoken, read, heard, and written is

a)

verbal communication

b)

non verbal communication

c)

gestural communication

d)

formal communication

57.

What is communication?

a)

A process of transmitting information from one person to another.

b)

A process of transmitting information one person to a place or another.

c)

A process of transmitting information from one person or place to another.

d)

A process of transmitting information to one person or a place.

58.

Which of the following is an example of nonverbal communications?

a)

Nodding your head

b)

Making eye contact

c)

Crossing your arms

d)

All of the above

59.

When connecting with someone, you should make eye contact and address them by their name if possible.

a)

Maybe

b)

Sometimes

c)

Yes

d)

No

60.

Speaking in the workplace is the only way of communicating in the workplace.

a)

Yes

b)

Sometimes

c)

Maybe

d)

No

61.

When the communication flows high level to lower..

a)

Downward

b)

Horizontal

c)

Upward

62.

Business communication is ___________.

a)

anything written in the form of an email or memorandum.

b)

the process of sharing information between people within and outside a company in order to promote an organization’s goals, objectives, aims, and activities, as well as increase profits.

c)

any verbal communication used in conference calls and meetings.

d)

when the leader of the organization speaks to his/her employees.

63.

What is downward communication?

a)

Communication from managers to employees.

b)

Communication from employees to managers.

c)

Communication between friends.

d)

None of these.

64.

What is upward communication?

a)

Communication from a student to a teacher.

b)

Communication from and employee to a manager.

c)

Communication from a child to their parents.

d)

All of the choices.

65.

What is non-verbal communication?

a)

A type of communication other than words.

b)

Communication that conveys the feeling, emotions, and attitude of a person to another.

c)

Communication that uses gestures, facial expressions, and eye contact.

d)

All of the choices.

66.

How we sit, stand, and use facial expressions all send nonverbal messages.

a)

True

b)

False

67.

Which of the following is NOT an example of written communications?

a)

Tweets

b)

A conversation between co-workers

c)

Blogs

d)

Emails

68.

In verbal communication, when spoken words are heard, receiving is taking place.

a)

True

b)

False

69.

In a communication exchange, the sender is the individual outputting the message and the receiver is the individual ___________ the message.

a)

sending

b)

taking

c)

accepting

70.

When preparing to make a professional telephone call, what are several effective oral communication skills you could apply?

a)

Be Courteous/ Polite

b)

Speak Clearly & use Proper grammar

c)

Be aggressive

d)

All of the above

e)

A & B only

71.

The wholesale price of a t-shirt is $20. The store markup is 25%. What is the profit the store will make?

a)

$5

b)

$50

c)

$500

d)

$0.50

72.

The wholesale price of a t-shirt is $20. The store markup is 25%. What is the profit the store will make?

a)

$5

b)

$50

c)

$500

d)

$0.50

73.

The wholesale price of a t-shirt is $20. The store markup is 25%. What is the retail price of the t-shirt?

a)

$5

b)

$20

c)

$25

d)

$250

74.

The wholesale price of a TV is $650. The store markup is 15%. What is the profit the store will make?

a)

$975

b)

$97

c)

$90

d)

$97.50

75.

The wholesale price of a TV is $650. The store markup is 15%. What is the retail price of the TV?

a)

$850

b)

$747.50

c)

$650

d)

$74.75

76.

The wholesale price of a flatiron is $35. The store markup is 40%. What is the profit the store will make?

a)

$1.40

b)

$140

c)

$14

d)

$35

77.

The wholesale price of a flatiron is $35. The store markup is 40%. What is the retail price of the flatiron?

a)

$14

b)

$49

c)

$50

d)

$75

78.

The wholesale price of a skateboard is $130. The store markup is 65%. What is the profit the store will make?

a)

$8.45

b)

$84.50

c)

$85

d)

$130

79.

The wholesale price of a skateboard is $130. The store markup is 65%. What is the retail price of the skateboard?

a)

$214.50

b)

$350.50

c)

$344.50

d)

$340

80.

The wholesale price of a laptop is $350. The store markup is 80%. What is the profit the store will make?

a)

$280

b)

$28

c)

$350

d)

$2800

81.

The wholesale price of a laptop is $350. The store markup is 80%. What is the retail price of the laptop?

a)

$540.50

b)

$63

c)

$630

d)

$440

82.

He purchases directly from producer

a)

Retailer

b)

Wholesaler

83.

He sells in bulk to buyer.

a)

Retailer

b)

Wholesaler

84.

Which is considered the traditional channel of distribution

a)

Producer Retailer Consumer

b)

Producer Wholesaler Consumer

c)

Producer Wholesaler Retailer Consumer

d)

Producer Consumer

85.

Which of the following terms best describes a grower of potatoes?

a)

Manufacturer

b)

Wholesaler

c)

Distribution center

d)

Retailer

86.

What kinds of things does a manufacturer produce?

a)

Raw materials

b)

Fossil fuels

c)

Services

d)

Finished products

87.

Which of the following is a definition of a Producer?

a)

objects or material things being sold

b)

something someone does for you

c)

individuals or businesses that make and sell goods and services

d)

people or businesses that buy or use goods and services

88.

Is the apple tree a producer, consumer or decomposer?

a)

producer

b)

consumer

c)

decomposer

89.
A business that buys goods or services and sells them to the ultimate consumer is a:
a)
retailer.
b)
wholesaler.
c)
producer.
d)
manufacturer.
90.

A business that sells goods directly to consumers on the internet is a

a)

retailing business

b)

manufacturing business

c)

wholesaling business

d)

service business

91.

When transporting 10,000 laptops from the factory in Thailand to a distribution center in Los Angeles, which of the following types of physical transportation would be BEST?

a)

Truck

b)

Railroad

c)

Pipeline

d)

Boat

92.

The want or willingness a consumer has to purchase a good or a service is called?

a)
shortage
b)
supply
c)
price
d)
demand
93.

The amount of goods or services available for a producer to sell is called?

a)
supply
b)
demand
c)
producer
d)
consumer
94.

An individual who purchases (buy) goods.

a)
producer
b)
consumer
c)
goods
d)
services
95.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

96.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

97.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

98.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

99.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

100.

The want or willingness a consumer has to purchase a good or a service is called?

a)
shortage
b)
supply
c)
price
d)
demand
101.

The amount of goods or services available for a producer to sell is called?

a)
supply
b)
demand
c)
producer
d)
consumer
102.

An individual who purchases (buy) goods.

a)
producer
b)
consumer
c)
goods
d)
services
103.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

104.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

105.

What will happen to the price of new cars if a weak economy causes people to have lower incomes?

a)

The price will increase

b)

The price will decrease

106.

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

a)

The price will increase

b)

The price will decarese

107.

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

a)

The price will increase

b)

The price will decrease

108.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
109.
Lucas fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
110.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
111.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
112.

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

a)

The price will increase

b)

The price will decarese

113.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
114.
The new Star Wars movie is coming out today!  All of the shows are sold out, but your neighbor is selling his tickets because he can't go.  A lot of people in your neighborhood want to buy the tickets.  What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
115.
What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high.  What will happen to the price of the card?
a)
The price will go up.
b)
The price will go down.
116.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
117.
If there is a huge demand for an item and the supply is very low, what will happen to the price?
a)
The price will decrease
b)
The price will increase
c)
The price will stay the same.
d)
They will be free.
118.
Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.
a)
The price will go up.
b)
The price will go down.
119.

A new video game has just been released before the winter holiday season. This is a video game that many children want. Many parents buy this video game system for their children.

The price throughout December is $249. What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?

a)
The price will go up for the new year then fall.
b)
Sellers will lower their prices when the demand for the video game slows.  
c)
The price for the video game will remain at $249.
d)
The price will rise since since the games manufacturer will refuse to produce anymore.
120.

It's December in Michigan and many people need snow boots. There are not many boots available in stores. The supply for boots is ____?____.

a)

Low

b)

High

121.

It's December in Michigan and many people need snow boots. There are not many boots available in stores. The demand for boots is ____?____.

a)

Low

b)

High

122.

Yesterday, a new restaurant opened in town. There was a long line of people waiting to be seated. What was scarce?

a)

People

b)

Food

c)

Seats

123.

What is scarcity?

a)

When there is not enough of something.

b)

what you give up in order to get what you want most.

c)

the amount of a good or service that is available.

d)

How much people want the good or service.

124.

What is Supply?

a)

When there is not enough of something.

b)

what you give up in order to get what you want most.

c)

the amount of a good or service that is available.

d)

How much people want the good or service.

125.

What is Demand?

a)

When there is not enough of something.

b)

what you give up in order to get what you want most.

c)

the amount of a good or service that is available.

d)

How much people want the good or service.

126.

Our school is having a Bake Sale. There are plenty of cookies but the cupcakes are almost gone. What is scarce?

a)

Cookies

b)

Cupcakes

c)

Shoppers

127.

When summer comes it gets much hotter outside. During hot weather, the DEMAND for jackets would be __?__.

a)

High

b)

Low

128.

When you have a lot of an item, the SUPPLY is __?__.

a)

High

b)

Low

129.

When a lot of people want an item, the DEMAND is __?__.

a)

High

b)

Low