1
two types of business partnerships are general and?
A. Contractual
B. fiduciary
C. limited
D. cooperative
C. limited
If expenses are greater than revenue, it is a:
A. Profit
B. Gain
C. Break-even
D. Loss
D. Loss
What is the main goal of most businesses?
A. Increase employees
B. Provide entertainment
C. Earn a profit
D. Reduce competition
C. Earn a profit
Production is part of:
A. Marketing
B. HR
C. Operations
D. Finance
C. Operations
Entrepreneurs aim to:
A. Lose money
B. Avoid work
C. Earn profit
D. Reduce growth
C. Earn profit
Which is part of the 4 P’s?
A. People
B. Product
C. Profit
D. Process
B. Product
Hiring employees is part of:
A. Marketing
B. Finance
C. Human resources
D. Operations
C. Human resources
What is profit?
A. Revenue + Expenses
B. Revenue – Expenses
C. Expenses – Revenue
D. Assets – Liabilities
B. Revenue – Expenses
Ethics means:
A. Following trends
B. Doing what is right
C. Making money
D. Hiring workers
B. Doing what is right
Buying and selling online is:
A. Retail
B. E-commerce
C. Wholesale
D. Trade
B. E-commerce
The group a business wants to reach is the:
A. Competition
B. Supplier
C. Target market
D. Audience cost
C. Target market
A strong soft skill is:
A. Typing speed
B. Communication
C. Accounting
D. Coding
B. Communication
A business owned by one person is called:
A. Corporation
B. Partnership
C. Sole proprietorship
D. Franchise
C. Sole proprietorship
False advertising is:
A. Ethical
B. Legal
C. Unethical
D. Required
C. Unethical
Email is used for:
A. Production
B. Communication
C. Shipping
D. Hiring
B. Communication
Promotion includes:
A. Pricing
B. Advertising
C. Manufacturing
D. Hiring
B. Advertising
Training employees helps:
A. Reduce profits
B. Increase productivity
C. Eliminate jobs
D. Lower quality
B. Increase productivity
What type of business has limited liability for its owners?
A. Sole proprietorship
B. Partnership
C. Corporation
D. Nonprofit
C. Corporation
Laws ensure:
A. Profits
B. Fair practices
C. Sales
D. Advertising
C. Sales
Good customer service leads to:
A. Complaints
B. Repeat business
C. Losses
D. Fewer customers
B. Repeat business
Supply and demand mainly affect:
A. Employees
B. Pricing
C. Buildings
D. Packaging
B. Pricing
Bonuses are a form of:
A. Punishment
B. Motivation
C. Advertising
D. Control
B. Motivation
Two or more people sharing ownership is called:
A. Corporation
B. Partnership
C. LLC
D. Franchise
B. Partnership
Safe working conditions are:
A. Optional
B. Ethical and legal
C. Expensive
D. Rare
C. Expensive
Handling complaints should be:
A. Ignored
B. Rude
C. Professional
D. Delayed
C. Professional
“Place” in marketing refers to:
A. Store location/distribution
B. Advertising
C. Cost
D. Employees
A. Store location/distribution
Evaluating performance is part of:
A. HR
B. Marketing
C. Finance
D. Sales
A. HR
Setting goals is part of:
A. Organizing
B. Leading
C. Planning
D. Controlling
C. Planning
Honesty in business builds:
A. Debt
B. Trust
C. Loss
D. Competition
B. Trust
Technology helps businesses:
A. Slow down
B. Communicate and manage data
C. Lose money
D. Avoid customers
B. Communicate and manage data
Money coming into a business is:
A. Expense
B. Revenue
C. Loss
D. Debt
B. Revenue
Operations focuses on:
A. Hiring
B. Production
C. Advertising
D. Accounting
B. Production
Assigning tasks to employees is:
A. Planning
B. Organizing
C. Leading
D. Controlling
B. Organizing
An entrepreneur:
A. Works for others
B. Starts a business
C. Avoids risk
D. Only invests
B. Starts a business
Which function involves assigning resources?
A. Planning
B. Organizing
C. Leading
D. Controlling
A. Planning
Money going out is:
A. Revenue
B. Profit
C. Expense
D. Asset
C. Expense
Productivity measures:
A. Profit
B. Output vs. input
C. Sales
D. Employees
B. Output vs. input
Motivating employees is part of:
A. Leading
B. Planning
C. Controlling
D. Budgeting
A. Leading
Entrepreneurs take:
A. Breaks
B. Risks
C. Orders
D. Notes
B. Risks
What determines price most directly?
A. Employees
B. Supply & demand
C. Location
D. Managers
B. Supply & demand
When revenue equals expenses:
A. Loss
B. Profit
C. Break-even
D. Debt
C. Break-even
Quality control ensures:
A. Low cost
B. High profits
C. Standards are met
D. Fast hiring
C. Standards are met
Checking if goals are met is:
A. Leading
B. Organizing
C. Planning
D. Controlling
D. Controlling
A business plan includes:
A. Goals
B. Menu
C. Uniform
D. Schedule
A. Goals
Customer satisfaction is important because it:
A. Reduces costs
B. Builds loyalty
C. Eliminates work
D. Lowers quality
B. Builds loyalty
A financial plan is a:
A. Schedule
B. Budget
C. Resume
D. Contract
B. Budget
Improving efficiency means:
A. Using more resources
B. Using fewer resources effectively
C. Hiring more workers
D. Raising prices
A. Using more resources
Which is NOT a management function?
A. Planning
B. Selling
C. Leading
D. Controlling
C. Leading
Starting a business requires:
A. No planning
B. Risk-taking
C. No money
D. No effort
B. Risk-taking
A business with multiple owners sharing profits is a:
A. Sole proprietorship
B. Corporation
C. Partnership
D. Franchise
C. Partnership