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WorksheetsIntro to Business Final Exam Review
Total questions: 63
Worksheet time: 30mins
an organization that produces and distributes goods and services.
Market
Consumer
Business
Items sold by a business that you can see or touch
Goods
Services
Consumers
Activities provided by a business that cannot be touched.
Goods
Services
Consumers
Things that are necessary for survival are
Goods
Wants
Needs
Things that we would like to have, but are not necessary for survival are
Goods
Wants
Needs
Businesses call people that use goods and services every _____
Consumers
Profits
Wants
A type of business that makes money from donations by people.
Online business
Non-profit Organization
Market
A construction worker is an example of which factor of production?
Land
Labor
Capital
Entrepreneurship
A tree is an example of which factor of production?
Land
Labor
Capital
Entrepreneurship
A tractor is an example of which factor of production?
Land
Labor
Capital
Entrepreneurship
A business owner is an example of which factor of production?
Land
Labor
Capital
Entrepreneurship
Which of the items listed here is not a typical function needed to operate a business?
human resources
food service
finance
marketing
Which part of a business plan provides an overview of what the business is about?
sales
market analysis
management and organization
executive summary
If you instantly recognize the name of a business, like Facebook or Amazon, you know the company has strong marketing.
True
False
You are marketing a cheap tablet that is especially geared toward the needs of high school students. What demographic variable would you most likely consider in your marketing campaign?
marital status
gender
religion
age
The actions of your marketing department most directly affect which part of your business?
production
sales
finance
management
Which of the following indicates a period of time in which economic growth is happening?
Contraction
Expansion
Trough
Recession
As a company, I am going through a phase in which orders are coming in at a faster rate and we are hiring new employees to keep up with demand. Which phase is this company in?
Contraction
Peak
Trough
Expansion
As a company, I am going through a phase in which there are too many employees and not enough work. A lot of newer businesses have had to close down due to not being able to keep up with their expenses. I have had to lay off employees and am struggling to create enough business to pay my debts. Hopefully the economy will expand soon...
Contraction
Peak
Trough
Expansion
During an expansion, unemployment rates:
Increase due to businesses having to lay off workers because of lower demand
Decrease due to businesses hiring new employees due to growing demand
Factories are an example of human capital
True
False
A person who starts a new business is called an entrepreneur.
True
False
Entrepreneurs are good for the USA because they provide and create jobs for workers
True
False
Modern factories and computers are important natural resources to the USA's economy
True
False
Dave starts a lawn care company. He is the only owner. His business is a:
General Partnership
Limited Liability Corporation
Sole Proprietorship
Corporation
When developing a product or service, a business must do all of the following except
create a need for the product or service
evaluate the demand for the product or service.
obtain start-up and operating capital.
keep records to satisfy government requirements.
One of the biggest obstacles in starting a business is
having a good idea.
being good at something.
accepting responsibility.
obtaining financing.
A written description of a business venture that describes all aspects of the business is called
a company charter.
a company policy.
a business plan.
an executive summary.
SBA stands for
Start-Up business
Small Business Agency
Small Business Administration
Small Business of America
Challenges an entrepreneur might face include all of the following except
risk of losing their investment.
profit.
getting start-up funds.
being fully responsible for the business
There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations.
True
False
All of the following are disadvantages of forming a corporation except
increased government regulation.
limited liability.
double taxation.
difficult to start.
A business may stop manufacturing because
of government taxes.
it can't keep up with demand.
there's a decrease in demand.
The main reason people become entrepreneurs is so they can be creative.
True
False
All of the following are disadvantages of forming a corporation except
double taxation
limited liability
government regulation
difficult to start
Five main functions involved in the operations of a business include all of these except
marketing.
advertising.
management.
finance/accounting.
Creating goals and objectives as well as strategies to meet them
organizing
planning.
leading.
controlling.
Most important skill needed by managers
give orders.
be creative.
predict the future.
multi-task
The debts of a company are called
assets.
liabilities.
credits.
capital.
Money that remains after a business has paid for the expenses of running the business.
Competition
Marketing
Franchise
Profit
Contest between businesses to win customers' business and loyalty
Needs
Competition
Marketing
Partnership
Items necessary for existence, such as clothing, food, and shelter.
Needs
Wants
Items that would be nice to have, but are not necessary.
Needs
Wants
A person who uses goods or services. Many times they are also the customer (AKA: purchaser).
Competition
Accounting
Consumer
Sole Proprietorship
Items businesses sell that can be physically weighed or measured, such as clothing and candy.
Goods
Services
Tasks that businesses perform or provide for customers, such as haircuts and car washes.
Goods
Services
The process of recording and reporting the financial data for a business.
Human Resources
Non-profit organization
Operations
Accounting
Management is...
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
The process of leading and directing all or part of an organization.
The process of creating, promoting, and presenting a product to the consumers.
The process of creating, promoting, and presenting a product to the consumers.
Competition
Partnership
Information Technology
Marketing
The process of developing, installing, and implementing computer information systems and applications. IT includes the support and maintenance of computer hardware and software.
Information Technology
Computers
Internet
Human Resources
The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
Management
Consumer
Operations
Multinational Corporation
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
Management
Marketing
Franchise
Human Resources
A Sole Proprietorship is...
A business owned by two or more people
A business owned by only one person.
A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
A company that does business and has business facilities in many countries, such as Coca Cola.
A Partnership is...
A business considered separate from the owners of the business by law. The owners are the stockholders.
A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.
A business owned by only one person.
A business owned by two or more people.
A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.
Franchise
Corporation
Multinational Corporation
Non-profit organization
A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
Franchise
Sole Proprietorship
Non-profit organization
Multinational Corporation
A business considered separate from the owners of the business by law. The owners are the stockholders.
Partnership
Sole Proprietorship
Corporation
Non-profit organization
A Multinational Corporation is...
A company that does business and has business facilities in many countries, such as Coca Cola.
A business owned by only one person.
A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.
someone who takes a risk in starting a business to earn a profit.
entrepreneur
engineer
innovator
entrepreneurship
an independent business with fewer than 500 employees.
innovation
small business
venture capital
small business association
money needed for the main resources of a business (such as land, buildings, and equipment) that will last for many years.
business plan
start up financing
long term financing
short term financing
True or False...everyone who owns or manages a business is an entrepreneur.
true
false
The Small Business Administration considers a business small if it employs fewer than _____ employees.
a. 5
b. 20
c. 100
d. 500
500
100
20
5
