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Virtual Business TEKS Review

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

What type of business structure is owned by one person?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Entrepreneurship

2.

A government funded organization that helps small business owners borrow money as well as manage their business more efficiently is called:

a)

Internal Revenue Service

b)

Workforce Commission

c)

The Small Business Administration

d)

Junior Achievement

3.

The application of principles of right and wrong to issues that come up in the workplaces is a description of:

a)

Social Responsibility

b)

Business Ethics

c)

Moral Values

d)

Accountability

4.

The part of the marketing plan where the business focuses on how you will advertise the products and services offered:

a)

Product

b)

Place

c)

Price

d)

Promotion

5.

An example of an E-Marketplace would be?

a)

Houston Community College Website

b)

Amazon

c)

Houston Chamber of Commerce

d)

Online World Book

6.

In order to establish a business, you need to meet a customer's ______?

a)

Goods and services

b)

Wants and dreams

c)

Desires and education

d)

Needs and wants

7.

Logos for a business are important tools for all the following except?

a)

Creating an image

b)

Cutting costs

c)

Branding your business

d)

Advertising

8.

A niche market is centered on:

a)

Worldwide sales

b)

Business development

c)

Smaller segments of an existing market

d)

High supply and demand

9.

Companies can see just by their customers logging into a website the following information EXCEPT?

a)

Time of day

b)

Length of visit

c)

Visitor number

d)

Ethnicity

10.

When putting together a Business Plans Marketing Plan the 4 P's that need to be kept in mind are?

a)

Purchasing, production, price, promotion

b)

Print, production, purchasing, partnership

c)

Product, place, price, promotion

d)

Purchasing, production, profit, point of sale

11.

What part of the business plan provides a brief overview of the business?

a)

Company description

b)

Marketing plan

c)

Operating plan

d)

Financial plan

12.

This statement shows how much cash a business receives and how the cash is used for a specified period of time?

a)

Cost of goods statement

b)

Income statement

c)

Gross profit

d)

Cash flow statement

13.

The main page of a website should include all the following except______?

a)

Friendly, welcoming layout and design

b)

Color and theme consistent with your logo

c)

Unlimited fonts and typefaces

d)

Graphic images that relate to your type of business

14.

The first section of the business plan, typically written last, that contains key points of from the business is called:

a)

Company description

b)

Marketing plan

c)

Operating plan

d)

Executive summary

15.

This statement reports the revenues, expenses and net income or loss operation for a specified period of time?

a)

Cost of goods statement

b)

Income Statement

c)

Gross profit

d)

Cash flow statement

16.

Revenue minus expenses

a)

Profit

b)

Accounting

c)

Sales

d)

Projections

17.

Finding and analyzing potential consumers for a specific product or service is called?

a)

Entrepreneur

b)

E-tailing

c)

E-commerce

d)

Target market

18.

The distribution, buying, selling, marketing, and servicing products over the internet is called:

a)

Entrepreneur

b)

E-commerce

c)

Global Business

d)

E-tailing

19.

A person who owns, operates, and takes the risk of a business venture and is also directly affected by the outcome is called?

a)

Entrepreneur

b)

Global Business

c)

Limited Liability

d)

Target Market

20.

Businesses where products and services are sold in more than one country are called?

a)

Global business

b)

E-tailing

c)

E-Commerce

d)

Entrepreneur

21.

Advantages to virtual businesses include all the following EXCEPT:

a)

Is open 24/7

b)

Unlimited customer reach

c)

Flexible work schedule

d)

Long commute to work

22.

Benefits of a sole proprietorship include all the following EXCEPT:

a)

One person

b)

Receives all the benefits, profits and income

c)

Shared decision-making

d)

Easy to start

23.

A type of business where the legal entity is held responsible for decisions and ownership is separate and apart from the owner and shareholders.

a)

Partnership

b)

Sole proprietorship

c)

Corporation

d)

Group business

24.

SWOT analysis stands for:

a)

Strengths, Weaknesses, Opportunities, Threats

b)

Strengths, Work, Opportunities, Threats

c)

Successes, Weaknesses, Organization, Threats

d)

Successes, Work, Opportunities, Team

25.

The shared values, traditions, customs, philosophies, and policies of a corporation are called:

a)

Company rules

b)

Corporate culture

c)

Corporate structure

d)

Company data