Business Types
Which Business type has unlimited personal liability?
A. Sole Proprietorship
B. LLC
C. Corporation
D. Partnership
A. Sole Proprietorship
What does SWOT stand for?
A. Sales, Work, Operations, Time
B. Strengths, Weaknesses, Opportunities, Threats
C. Systems, Workflows, Organization, Trends
D. Strategy, Work, Output, Tactics
B. Strengths, Weaknesses, Opportunities, Threats
The 4 Ps of marketing include product, price, place, and:
A. Promotion
B. Profit
C. Planning
D. People
A. Promotion
A sales forecast predicts:
A. Expenses
B. Profits only
C. Future sales
D. Employee wages
C. Future sales
A tariff is:
A. A type of product
B. A tax on imports
C. A marketing strategy
D. A salary
B. A tax on imports
What is a key advantage of an LLC.
A. Double taxation
B. Government control
C. Unlimited liability
D. Limited liability
D. Limited liability
Quantitative data refers to:
A. Opinions
B. Descriptions
C. Numbers and statistics
D. Interviews
C. Numbers and statistics
Advertising on social media is an example of:
A. Traditional marketing
B. Wholesale
C. Direct selling
D. Digital marketing
D. Digital marketing
Which is a fixed expense?
A. Electricity
B. Rent
C. Raw materials
D. Shipping
B. Rent
E-commerce means:
A. Selling in stores
B. Buying in person
C. Buying and selling online
D. Shipping products
C. Buying and selling online
Corporations are owned by:
A. Shareholders
B. Employees
C. Managers
D. Customers
A. Shareholders
A business uses data to predict future sales. This is called:
A. Budgeting
B. Forecasting
C. Marketing
D. Auditing
B. Forecasting
A target market is:
A. All customers
B. Competitors
C. Specific group of customers
D. Employees
C. Specific group of customers
Profit is calculated as:
A. Revenue – expenses
B. Revenue + expenses
C. Expenses – revenue
D. Revenue × expenses
A. Revenue – expenses
Global trade allows businesses to:
A. Only sell locally
B. Expand to international markets
C. Avoid taxes
D. Reduce production
B. Expand to international markets
Which business structure is easiest to start?
A. Corporation
B. LLC
C. Sole Proprietorship
D. Franchise
C. Sole Proprietorship
Which tool helps identify internal strengths and weaknesses?
A. SWOT Analysis
B. Budget
C. Income Statement
D. Advertisement
A. SWOT Analysis
Branding helps a business:
A. Increase taxes
B. Create identity and recognition
C. Reduce employees
D. Avoid customers
B. Create identity and recognition
A budget helps businesses:
A. Waste money
B. Track and plan spending
C. Hire employees
D. Advertise
B. Track and plan spending
One challenge of global business is:
A. More customers
B. Better marketing
C. Higher profits
D. Cultural differences
D. Cultural differences
What is a disadvantage of a corporation?
A. Limited growth
B. Unlimited liability
C. Double taxation
D. No legal protection
C. Double taxation
Investigating customer trends is part of:
A. Production
B. Analytics
C. Manufacturing
D. Hiring
B. Analytics
Which is an example of promotion?
A. Pricing a product
B. Designing a logo
C. Running a sale ad
D. Manufacturing goods
C. Running a sale ad
Operating expenses include:
A. Building purchase
B. Daily business costs
C. Stock investments
D. Loans
B. Daily business costs
Importing goods means:
A. Selling goods abroad
B. Buying goods from another country
C. Making products locally
D. Advertising globally
B. Buying goods from another country