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WorksheetsBusiness Essentials Topic 3 Review
Total questions: 38
Worksheet time: 23mins
What is a key advantage of a Sole Proprietorship form of business ownership?
It is easy to form due to low cost and fewer regulations
It has limited liability for the owner
Profits are passed through corporate tax returns
It is the simplest structure for two or more people to own together
Which of the following is a disadvantage of a Partnership?
Complete control of business by one person
Divided authority among partners
Personal assets are at risk if the business goes bankrupt
Profits are passed through personal tax returns
What is a significant advantage of a Limited Liability Company (LLC)?
It is the simplest structure for two or more people to own together
Personal assets are at risk if the LLC goes bankrupt
Personal assets (car, house, etc.) won't be at risk if LLC goes bankrupt or faces lawsuits
It must pay self-employment tax and Medicare, Social Security
What is the main advantage of a corporation in terms of personal liability?
Most expensive form to organize
Strongest protection from personal liability
Easy to transfer ownership
Requires extensive record-keeping
Which statement is true about a Nonprofit Corporation?
It is the most expensive form to organize
It is often called 501(c)(3) corporations
It has no specific main goal
Profits are distributed among members
What is a unique feature of a Cooperative?
Members can become user-owners by buying shares
It is driven by both mission and profit
It is the most expensive form to organize
It requires extensive record-keeping
Which of the following is a disadvantage of a corporation?
Easy to raise capital through the sale of stock
Profits are distributed among members
Most expensive form to organize
Can receive tax exempt status
Match the following
Sole Proprietorship
A business owned by one person
Partnership
two or more people own a business
Corporation
A legal entity separate from its owners
LLC (Limited Liability Company)
A hybrid legal structure that combines the flexibility of a partnership with the limited liability of a corporation
Cooperative
Owned and operated by a group of individuals for their mutual benefit
The process of accomplishing the goals of an organization through he effective use of people and other resources
Management Styles
Management
Leadership
Working
involves analyzing information, setting goals, and making decisions about what needs to be done.
Planning
Organizing
Staffing
Implementing
Controlling
means identifying and arranging the work and resources needed to achieve the goals that have been set
Planning
Organizing
Staffing
Implementing
Controlling
includes all of the activities involved in obtaining, preparing, and compensating the people who work for a business
Planning
Organizing
Staffing
Implementing
Controlling
is the effort to direct and lead people to accomplish the planned work of the organization
Planning
Organizing
Staffing
Implementing
Controlling
determines to what extent the business is accomplishing the goals it set out to reach in the planning stage
Planning
Organizing
Staffing
Implementing
Controlling
Organize these descriptions into the right level of management
Executives have the responsibilities for the direction and success of the entire business
They set the long-term direction and plans
Spend most of their time on the planning and controlling activities
Specialized with responsibilities for specific parts of a company’s operations
Coordinate their work with other managers
Most of their time is devoted to organizing, staffing, and implementing functions
First level of managers
Responsible for day-to-day work of a small group of employees
Make sure that needed resources are available and used wisely
Evaluate the quality of the work of their employees
is the way a manager works with and involves employees
Management
Management Style
Leadership
Being a manager
a style in which the manager is directing and controlling
Tactical Managment
Strategic Management
a style in which managers are less directive and involve employees in decision-making
Tactical Managment
Strategic Management
Behaving ethically means doing
what your friends do.
only what’s legal.
the right thing.
what benefits you the most.
Whiteley’s ethical beliefs are the same whether she’s at work, at school, or hanging out with her friends. Whiteley follows
ethical principles.
situational beliefs.
ethical consequences.
popular beliefs.
What is one benefit of following ethical principles?
They are restrictive.
They simplify your decision-making process.
They eliminate the need for decisions.
They change often.
Which of the following is an ethical issue?
Deciding whether to have french fries or a salad
Choosing between buying a new shirt or a new book
Deciding whether to lie to a friend or not
Choosing which movie to see this weekend
Ethical issues deal with __________ choices.
realistic and unrealistic
beneficial and non-beneficial
enjoyable & unpleasant
Vivian told her parents she was going to the library to study when she was actually going to the movies with friends. Her parents found out, and now they don’t believe Vivian when she tells them where she’s going. Because of her behavior, Vivian is facing a(n)
consequence.
ethical principle.
decision-making process.
legal problem.
After Paul gets away with cheating on his Spanish homework, his friends start cheating on their homework, too. This is an example of which consequence of unethical behavior?
Lost trust
A bad example
Legal problems
A poor reputation
When Layla is caught stealing from a department store, the court orders her to do community service. Which consequence of unethical behavior is Layla facing?
Legal problems
A poor reputation
A bad example
Lost trust
Integrity means acting with
humility.
leadership skills.
a sense of humor.
honesty.
At work, a customer gives Shannon an extra $10. Instead of pocketing the money, Shannon lets the customer know he overpaid. Shannon is acting with
viability.
integrity.
transparency.
rule of law.
Marc keeps his friend’s secret instead of sharing it with the rest of his friends. Which ethical principle is Marc illustrating?
Transparency
Viability
Trust
Accountability
Responsibility is a key part of which ethical principle?
Transparency
Fairness
Accountability
Rule of Law
Holden’s group gets a low grade on a project because he didn’t complete his share of the work. He owns up to his mistake and apologizes. Holden is demonstrating
trust.
rule of law.
viability.
accountability.
When DeShawn’s teacher compliments his work on his group project, he’s sure to give credit to the other group members who helped. DeShawn is showing
transparency.
viability.
rule of law.
trust.
You make sure everyone working on your group project has an equal share of the work because you care about the ethical principle of
rule of law.
fairness.
accountability.
transparency.
If one of your coworkers is treating another coworker unfairly, what is the ethical thing to do?
Speak up.
Ignore it.
Be aggressive.
Look for another job.
Ava doesn’t agree with her classmate’s opinion, but she listens carefully instead of starting an argument or insulting her. Which ethical principle is Ava illustrating?
Integrity
Transparency
Respect
Trust
How can you show respect for a person you’re speaking with?
Avoid listening to their opinions.
Start an argument when you don’t agree.
Interrupt when you have a point.
Be polite and maintain eye contact.
Following your teacher’s guidelines is an example of which ethical principle?
Transparency
Rule of law
Trust
Viability
Which of the following questions do ethical people ask when they’re concerned with viability:
“Am I accepting responsibility for all of my decisions?”
“Am I following the rules?”
“How can I communicate truthfully?”
“What’s the impact of my actions in the long term?”
