WorksheetsIntro to Business - Q2 Exam Review
Total questions: 48
Worksheet time: 39mins
Social responsibility is the duty of a business to contribute to the well being of a community.
True
False
A public utility is a company owned by the government.
True
False
According to the IRS, in 2018 sole proprietors accounted for 1.5 trillion in sales.
True
False
A patent gives an inventor of a new product the sole right to make, use or sell the item for 70 years.
True
False
All businesses make products.
True
False
In a partnership, each partner is liable for all the debts of the business.
True
False
An advantage of being a corporation is double taxation.
True
False
A sole proprietorship is a business owned and run by just one person.
True
False
Nonprofits work in areas such as education, health care, charity and the arts.
True
False
Only very large businesses can become corporations.
True
False
Successful entrepreneurs tend to have all of the following characteristics EXCEPT
hesitant
creative
goal oriented
energetic
Most of the money needed to start a new business comes from:
the sale of stock
Personal savings and credit
Venture capital
Family and friends
Scrubbles laundry detergent has been on the market for years. The manufacturer of Scrubbles recently added a new ingredient to give the detergent extra cleaning power. This is an example of an:
improvement
Innovation
Invention
Opportunity cost
Why do most people choose to work for someone else rather than themself?
Because it’s easier to do so
Because there is less risk
The need for a steady paycheck
All of the above
Of the major forms of business ownership in the US, the most difficult to form is
partnership
franchise
corporation
proprietorship
What is the fastest growing group of people choosing to become entrepreneurs?
Men
Women
older people
students
Proprietorships
are owned and controlled by two or more people
account for the largest percentage of business revenues in the US
are the easiest form of business to start
Protect the liability of the business owners to only the amount of money they have invested in the business
The type of business that is owned by members, services their needs, and is managed in their interest.
sole proprietorship
corporation
partnership
cooperation
What is a key advantage of a sole proprietorship?
Access to more capital
Easy to start and manage
Shared decision-making
Limited liability
Which of the following is a characteristic of a corporation?
Easy to dissolve
Separate legal entity
Owned by one person
Unlimited liability
Which type of business organization is most likely to have shareholders?
Cooperative
Corporation
Partnership
Sole proprietorship
Which of the following is a disadvantage of a sole proprietorship?
Limited decision-making power
Shared profits
Complex to start
Unlimited liability
What is a primary benefit of forming a partnership?
Easy transfer of ownership
Tax benefits
Shared financial commitment
Limited liability
Which of the following is a characteristic of a franchise?
Owned by shareholders
Operates under a parent company's brand
Unlimited liability
Managed by a board of directors
What does this symbol mean?
means your trademark has been registered
means your trademark has not been registered
means your copyright has been registered
means your copyright has a creative commons license
What does this symbol mean?
means your trademark has been registered
means your trademark has not been registered
means your copyright has been registered
means your copyright has a creative commons license
What does this symbol indicate?
Trademark
Copyright
Service mark
patent
Coca-Cola and Coke are trademarked names for a certain drink made by the Coca-Cola Company, which means
no other business can make a cola drink.
no other business can use the name Pepsi.
no other business can use the name Coca-Cola or Coke.
no other business can use the name Coca-Cola or Coke or any name that is similar.
Patents are good for _____ years for inventions.
10
15
20
25
Patents are good for ____ years for designs.
7
14
21
28
Which of the following is NOT a form of intellectual property protection?
Patent
Trademark
Copyright
Merger
What is a common disadvantage of a partnership?
Double taxation
Easy to transfer ownership
Separate legal entity
Unlimited liability
Which business structure is most likely to have its profits taxed twice?
Sole proprietorship
Cooperative
Partnership
Corporation
Which of the following is a benefit of forming a corporation?
Unlimited liability
Simple to dissolve
Owned by one person
Separate legal entity
Which business structure is easiest to start?
Cooperative
Corporation
Sole proprietorship
Partnership
Which of the following is protected by copyright law?
A company logo
An original song
A business name
A patented invention
Which of the following is a feature of a partnership?
Owned by shareholders
Profits are taxed twice
Shared management responsibilities
Limited to one owner
Which type of business is most likely to have unlimited liability?
Cooperative
Sole proprietorship
Corporation
Nonprofit
Which of the following best describes a nonprofit organization?
Owned by shareholders
Has unlimited liability
Focuses on serving the public good
Operates to earn profits for owners
Which of the following is an example of a business acting in a socially responsible way?
Focusing only on shareholder returns
Ignoring environmental regulations
Maximizing profits at all costs
Donating a portion of profits to local charities
Which type of intellectual property protects original works of authorship such as books and music?
Trade secret
Patent
Trademark
Copyright
Which of the following is a characteristic of a partnership?
Unlimited life
Owned and managed by two or more people
Owned by shareholders
Limited to one owner
Which type of intellectual property protects a company's logo?
Trade secret
Copyright
Trademark
Patent
Which of the following is a disadvantage of a sole proprietorship?
Unlimited liability
Complex to start
Double taxation
Owned by shareholders
Which business structure is owned by shareholders and has limited liability?
Corporation
Cooperative
Partnership
Sole proprietorship
Which type of intellectual property protects inventions and new processes?
Copyright
Patent
Trademark
Trade secret
Which of the following is a disadvantage of forming a partnership?
Separate legal entity
Easy to start
Unlimited liability
Shared decision-making
What is a key feature of a cooperative business structure?
Owned by one person
Profits are shared among members
Managed by a board of directors
Liability is always limited
