Business Functions
Business Functions Continued
Business Ownerships
Real-Life Examples
Test Questions
100

 What is recruiting, interviewing, hiring and orienting the appropriate people to fill organizational roles?

HR

100

A company’s purpose, reason for being, and problem it is solving is its:

Mission

100

What type of business has one owner, is easy to get started, where the owner has complete control, and where the owner is personally and fully responsible (liable) for any debts and any other damages that might be caused by the business.

Sole Propriertorship 

100

Amazon, FedEx and UPS delivering a product directly to your house is an example of this.


Distribution 

100

Business is about ___________ managing business functions.

People

200

Which business function is about collecting, organizing, storing, and securing relevant data and information in order to make informed decisions?

IM

200

A specific procedure or action used to support strategy, in order to achieve goals and objectives, is called:

Tactic

200

What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn’t limited to the amount of their investment?

General Partnership

200

Semi-trucks haul blank t-shirts and sweatshirts from the port (container ship) to your company for designing and printing.

Transportation

200

A manager’s ability to quickly learn and perform certain methods, sequences, or processes in order to accomplish a task is:

Procedural skills

300

Business is about ___________ managing business functions.

People

300

A route or plan of action designed to achieve certain goals and objectives is known as which of the following?

Strategy 

300

The type of business ownership where one or more partners have decision-making abilities and unlimited liability, and, where one or more partners have no decision-making abilities and have limited liability.

Limited Partnership 

300

The explanations and expectations of duties and responsibilities are known as which of the following?

Job Descriptions

300

McDonalds and Subway are examples of a ____________ business model.

Franchise

400

The making of products from raw materials and other inputs like labor, machinery and tools is:



Manufacturing 

400

The reason why a company exists - its purpose - is best known as which of the following?



The company's mission 

400

This type of business ownership sells shares to the general public and reports its financial information to the public.

C Corp

400

Which of the following is most often a one-time event held by HR for new employees?

Oreintation

400

Pizza Hut and Dominos are examples of:

Direct Competition 

500

What focuses on the management of the assets, liabilities, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth?

Finance

500

Trends affecting the business world most rapidly, relate to:

Technology 

500

A hybrid business structure, where it combines the operational characteristics of a sole proprietorship or partnership, while limiting the liability of the investors, and where the tax liability is passed through directly to each owner, and it can raise money by selling “units” to “members”.

LLC

500

Which business function is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole?

Marketing

500

 If someone were to purchase a ticket for a bus ride from Nashville, TN to Tampa, FL, the bus company would be considered _________________ for airlines.

Indirect Competition 
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