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WorksheetsTopic #1 Quiz- Business Management
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
True or False: A merchandising business is a business that purchases finished products and resells them to consumers
a)
True
b)
False
2.
True or False: Human Resources is the division of a business responsible for finding, recruiting, screening, and training job applicants.
a)
True
b)
False
3.
True or False: Management is the coordination and organization of business
activities.
a)
False
b)
True
4.
True or False: Manufacturing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services
a)
True
b)
False
5.
True or False: Marketing is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.
a)
True
b)
False
6.
True or False: Corporation is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity
a)
True
b)
False
7.
True or False: Manufacturing is the process of transforming raw materials into finished goods through the use of tools, machines, and labor.
a)
True
b)
False
8.
A processes that involve different activities that lead to the extraction of raw materials from the earth (such as oil, metals, mineral and aggregates), processing and utilization by consumers.
a)
Extracting Industry
b)
Merchandising Industry
c)
Manufacturing
d)
Service Industry
9.
An organization or enterprising entity engaged in commercial, industrial, or professional activities
a)
Corporation
b)
Marketing
c)
Management
d)
Business
10.
Members are not personally liable for the company's debts. _____ are taxed on a "pass-through" basis, all profits and losses are filed through the member's personal tax return
a)
LLC
b)
PARTNERSHIP
c)
CORPORATION
d)
SOLE PROPRIETORSHIP
11.
A group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes.
a)
Corporation
b)
Actuary
c)
Partnership
d)
Sole Proprietorship
12.
This career guides businesses and individuals in decisions about expending money to attain profit.
a)
Venture Capitalist
b)
Takeover Specialist
c)
Research Analysis
d)
Financial Analyst
13.
The person who calculates the risks for an insurance company or financial institution
a)
Copay
b)
Actuary
c)
Beneficiary
d)
Underwriter
14.
This provides specific products or services that meet a need or are otherwise useful to customers.
a)
Manufacturing Industry
b)
Service Economy
c)
Service Sector
d)
Service Industry
15.
This manages how others see and feel about a person, brand, or company
a)
Marketing
b)
Public Relations
c)
Human Resources
d)
Management
16.
Special type of corporation allowed by states that is taxed as if it were a sole proprietorship or partnership
a)
Limited Liability Corporation
b)
Partnership
c)
Corporation
d)
Sole Proprietorship
17.
Dentists and Accountants are examples of what kind of business?
a)
Service Businesses
b)
Merchandise/Service Businesses
c)
Manufacturing
d)
Extracting
18.
A business owned and managed by one person.
a)
Corporation
b)
LLC
c)
Sole Proprietorship
d)
Partnership
19.
Business owned and operated by its user-members for the purpose of supplying themselves with goods and services.
a)
Corporation
b)
Joint Venture
c)
Cooperative
d)
Creditor
20.
Business owned by two or more people.
a)
Corporation
b)
Joint Venture
c)
Partnership
d)
Franchise
21.
What % of small businesses fail in 5 years?
a)
50%
b)
90%
c)
30%
d)
80%
22.
Organization that does not pay taxes and does not exist to make a profit
a)
Non-Profit Businesses
b)
Corporations
c)
Personal Businesses
d)
Sole Proprietorships
23.
Which is not one of the 4 types of partnerships?
a)
Limited Partnerships
b)
Boss Partnership
c)
Silent Partnership
d)
General Partnerships
24.
Who governs a corporation?
a)
CEO
b)
Owner
c)
CFO
d)
Board of Directors
25.
What is the difference between a privately owned corporation and a publicly owned corporation?
a)
All the shares are owned by a small number of individuals, often family members or the managers of the company.
b)
Who owns the shares and can purchase shares of stock for the corporation.
c)
a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership
d)
Owned by a relatively large number of shareholders, most of whom have no connection with the company beyond the desire to make a profitable investment from owning shares of it
26.
Which of the following is an example of a franchise?
a)
McDonald's
b)
American Airlines
c)
Green Top Grocery
d)
Rosie's Pub
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