Basics of Business Final Exam

The leadership style that places most trust and confidence in workers is:

Function of business that includes processes of planning, organizing, leading and controlling.

An employee hired for a specific time or a specific assignment is what type of employee?

What is the most highly valued quality in a leader?

The major advantage of owning a corporation is unlimited liability.

Top source of capital for a sole proprietorship is friends and family.

A person buying a franchise decides how the business will be advertised and managed.

A business owned by one person.

Which of the following is a challenge of entrepreneurship?

Taking a company and its employees in a direction based upon a vision.

Sending information, ideas, or feelings, from one person to another is called

Total amount of money owed to a business.

The period of time reflected by an accounting report is known as ____________ .

Monitoring customer satisfaction is a component of the controlling function of management.

Demographics do not include

An example of an employability skill is

To market a product successfully, a company has to

Not-for-profit banks set up by organizations for their customers are called:

When talking about banking, EFT stands for electronic funds _____________ .

Property and other items of value owned by a business.

In banking, funds set aside for emergencies, such as a rush withdrawal, are called:

Can't copy the product/process for 20 yrs after the inventor filed for copyright.

Granted by the federal government, this is the sole right to own an invention.

The act of a company focusing on the people most likely to buy its goods and services

This protects photographs, music, paintings, books, plays, and other written material.

A business that moves goods from one business to another.

A contractual agreement to use the name & sell the products/services of a company

An example of occupational skills is

Buying something from the farmers market is an example of what type of distribution?

Which of the following is a common cause of poor listening?

Ads sent by mail to homes and businesses

Facts about the population

When people buy property and agree to pay for it later, they are buying on credit.

Systematic process of recording & reporting the financial position of a person/organization.

An organization that is owned and operated by its members.

An example of initiative would be:

If assets are $50,000 & liabilities against the assets are $20,000, then the owner’s equity is

In accounting, GAAP stands for:

What form of business has the least amount of taxation and government regulation?

Point when total revenues equal total costs & expenses of developing/offering a product/service

The major disadvantage of owning a sole proprietorship is:

Selling over the Internet through e-commerce.

The primary way banks generate profits is by

A set of documents that outline the essential financial facts about a new venture.

Remodeling costs, security deposits, & legal permits can be describe as what type of expenses?

A ___________ is when revenue is greater than expenses.

The money that a business owes to creditors.

Compensation in the form of direct payment of money to an employee for work completed is called

A financial plan explains how a business will manage its records.

This level of management works most closely with the workforce.

Commercial banks are often called full-service banks.

The ability to act and make decisions without the help or advice of others.

The __________ reflects the accounting equation.

Frito-Lay’s Lays^®, Capitan Crunch^®, and American Express^® are examples of what?

The following are in included in the 4 P’s of marketing except

This P of the marketing mix involves finding out if there is a demand for a product.

Some people support the inclusion in the marketing mix of a fifth “p,” which stands for

Operating expenses include

Which type of business organization is subject to double taxation?

Most people enter the job market as a(n):

Which step is used to eliminate applicants who are not qualified for the job?

A business owned by two or more people who share its risks and rewards.

A business that has a storefront only.

John opens a McDonalds in Casselton. This is an example of:

Ideas have legal protection because the owner was the first one to think of the idea.

An owner’s claims to the assets of the business.

Which kind of business generates the most revenue in the U.S.?

Granted by the federal government for the sole right to own an invention.

Which of the following creative properties protects the owner for 70 years after their death?

Whether permanent or temporary, employees can be hired full-time or part-time.

Which of the following is the correct accounting equation?

A small business serves a limited geographic area and employs no more than 100 people.

Following management is ________; but following a leader is ________.

A pathway to get products to consumers

Selecting the right channel of distribution is part of the marketing mix strategy called

A democratic leader is one who:

Direct mail is often referred to as

A business that makes finished products out of processed goods.

Giving managers and employees the power to run things is known as directing.

How distinctly or clearly you speak is called

A group of persons elected by the stockholders to manage a corporation is called a:

The study of how people interact in the workplace and how communication can be improved is:

Protects the name, symbol, or characteristic that identifies a product.

SBA is an acronym that stands for:

Informal management structures usually exist in smaller businesses.

A 30 minute commercial

Managers have _____. Leaders have _____.

An autocratic is leader is one who:

A type of organization that focuses on providing a service, but not to make a profit.

To be considered a full-time employee you must work more than _____ hours a week.

A company that is registered by a state and operates apart from its owners.

Which medium combines sounds, images, and motion?

This gives rights to artists to own their creations.

An adherence to a code of ethical values such as honesty, loyalty, and fairness.

Approximately four out of five businesses fail in their first _______ years.

An analysis of information on the size, location, and makeup of a market

Banks are more willing to lend money to partnerships than sole proprietorships.

Telling a good story during your sales pitch can do what for you and your product/service?

Compensation is

Which kind of business is the most prevalent in the U.S.?