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Introduction to Business Exam

Total questions: 46

Worksheet time: 51mins

Name
Class
Date
1.

To start a business you will need to create a business idea.

a)

TRUE

b)

FALSE

2.

Small business owners are those who make business for others.

a)

TRUE

b)

FALSE

3.

To raise capital the business can obtain a credit line through a bank.

a)

TRUE

b)

FALSE

4.

The business idea has to do with the good and service the firm will offer.

a)

TRUE

b)

FALSE

5.

One basic activity is buy goods and services.

a)

TRUE

b)

FALSE

6.

One way to raise capital is by selling shares to other people.

a)

TRUE

b)

FALSE

7.

Marketing refers to all the activities of products and service promotion.

a)

TRUE

b)

FALSE

8.

Resale is the act of buying and then sale a product.

a)

TRUE

b)

FALSE

9.

Employing human resources include recruiting.

a)

TRUE

b)

FALSE

10.

Businesses keep the records to know how they are doing financially.

a)

TRUE

b)

FALSE

11.

Records help in making proper business decisions.

a)

TRUE

b)

FALSE

12.

A business can operate without the working force.

a)

TRUE

b)

FALSE

13.

Goods and services must be produced through economic resources.

a)

TRUE

b)

FALSE

14.

Natural resources are the raw material provided by the nature.

a)

TRUE

b)

FALSE

15.

Ethical behavior of the human resource must follow a code of rules.

a)

TRUE

b)

FALSE

16.

Capital resource is the money raise to start the business.

a)

TRUE

b)

FALSE

17.

Business must be honest and fair in its business operation.

a)

TRUE

b)

FALSE

18.

The first step in starting a business is to register the company.

a)

TRUE

b)

FALSE

19.

Some of the social responsability of a business is to hire people.

a)

TRUE

b)

FALSE

20.

Records help manager in making proper business decisions.

a)

TRUE

b)

FALSE

21.

Cash reccords: list the cash receipts.

4 lines
22.

Inventory merchandise: quantity of products in hand.

4 lines
23.

Accounts receivable: list name and quantity of credit sales.

4 lines
24.

Assets accounts: list the amount of equipment building owned by the business.

4 lines
25.

Payroll: list employees earning, tax, social security, owe to the government.

4 lines
26.

Petty cash: list cash purchase for less than 20.00.

4 lines
27.

Marketers: provide the kind of products and services consumers desire to buy.

4 lines
28.

Basic business activity: market, produce, raise capital.

4 lines
29.

Accounts payable; list credit purchase of the company.

4 lines
30.

Social responsability: moral obligation to contribute tot he well being of the community.

4 lines
31.

Materials from the environment used by humans.

a)

Natural resources

b)

Human resources

c)

Capital resources

d)

Insurance

32.

Oversees the collection of contributions, and health care services.

a)

Social security

b)

Insurance

c)

Capital resources

d)

Natural resources

33.

Financial product designed to provide protection against potential risks.

a)

Insurance

b)

Social security

c)

Natural resources

d)

Capital resources

34.

Money raised to start a business.

a)

Capital resources

b)

Natural resources

c)

Human resources

d)

Insurance

35.

Compensation paid to an employee for their work.

a)

Salary

b)

Wage

c)

Bonus

d)

Commission

36.

Working force.

a)

Human resources

b)

Natural resources

c)

Capital resources

d)

Insurance

37.

Conduct of rules.

a)

Ethics

b)

Law

c)

Regulations

d)

Policies

38.

Period of time away from work.

a)

Vacation

b)

Leave

c)

Break

d)

Holiday

39.

Skills, knowledge, and expertise related to specific tasks.

a)

Technical

b)

Professional

c)

Vocational

d)

Academic

40.

The human resources, the land resource, and the capital.

a)

Economic resources

b)

Natural resources

c)

Human resources

d)

Capital resources

41.

One basic activity:

a)

market

b)

produce

c)

raise capital

42.

In this phase the manager create, develop the idea and research the market:

a)

business idea

b)

business plan

c)

market analysis

d)

feasibility study

43.

"Set up a lemonade stand after school or during events" is a good example of :

a)

business idea

b)

business plan

c)

entrepreneurship

d)

marketing

44.

Air pollution is an example of :

a)

social responsability

b)

environmental issue

c)

ethical concern

d)

business risk

45.

A Panamanian company that actively practices social responsibility.

a)

Banco General

b)

Copa Airlines

c)

Panama Canal Authority

d)

Industrias Lácteas de Panamá

46.

What social responsability is

4 lines