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Small Business Operations Unit 1 Introduction Flashcards | StudBud
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Small Business Operations Unit 1 Introduction
Small Business Operations Unit 1 Introduction
25 terms
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This is the review for Unit 1 Introduction to the Small Business Operations class.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
This written document is prepared in order to guide the development of a new business.
Partnership Agreement
Executive Summary
Business Plan
Articles of Incorporation
2
For many students, these provide them with their first employment and leadership experience.
Industrial Factory
School Based Enterprise
Community Retailer
Wholesale Distributor
3
Providing jobs for people and completing work that is interesting allows entrepreneurs to:
increase financial gains
increase number of friends
increase community service
increase personal satisfaction
4
The ability to use imaginative skills to find unique ways to solve problems.
Self-confident
Employee Empowerment
Risk-taking
Creativity
5
A business owned by people who purchase stock in the company.
Partnership
Corporation
Industrial Organization
Proprietorship
6
DECA is a co-curricular student organization. This means that DECA activities are:
graded at a higher value.
expensive for students to participate in.
directly related to classroom instruction.
unrelated to classroom instruction.
7
A willingness to take the chance of failure in order to be successful.
Employee Empowerment
Risk-taking
Creativity
Self-confident
8
Legal document specifies responsibilities and financial relationships of business partners.
Articles of Incorporation
Licensing Agreement
Charter
Partnership Agreement
9
Prepares emerging leaders and entrepreneurs in marketing, finance, hospitality and management:
FCCLA
DECA
FFA
NBA
10
Someone who takes the risk to start a new business.
Chief Executive Officer
Entrepreneur
Business Executive
Management Team
11
The a legal document allowing the corporation to operate as if it were a person.
Partnership Agreement
Licensing Agreement
Charter
Articles of Incorporation
12
Small businesses are responsible for over _______ of all goods and services produced.
99%
50%
85%
75%
13
Belief in oneself and one’s own abilities with an expectation to be successful.
Self-confident
Risk-taking
Creativity
Employee Empowerment
14
DECA’s mission is to prepare students for careers in marketing, management, and:
Personal Selling
Advertising
Entrepreneurship
Cosmetology
15
This is a business owned and managed by one person.
Partnership
Limited Liability Cooperative
Proprietorship
Corporation
16
DECA students develop skills for successful careers, experience leadership and practice:
marketing
fundraising
community service
personal selling
17
Entrepreneurs often start their business while working for another company, this allows them:
to increase their income.
to work overtime at their regular jobs.
to purchase needed materials at lower prices.
to practice community service.
18
The process of planning, creating, and managing a new business.
Human Resources Management
Organizing
Managing
Entrepreneurship
19
The person who has sole ownership of a business.
Stock Holder
Senior Partner
Chief Executive Officer
Proprietor
20
This is an educational tool helping prepare students for the transition from school to work.
Industrial Marketer
Community Retailer
School Based Enterprise
Wholesale Distributor
21
Which of the following is an ADVANTAGE of the proprietorship form of business ownership?
The risk can be great and must be carried by the proprietor.
Most new businesses require a lot of money to start.
The proprietor may not have all the skills needed.
The proprietor receives all profits.
22
Which of the following statements is an ADVANTAGE of the partnership form of ownership?
All partners are responsible for actions of other partners.
Disagreements on important decisions can happen w/partners.
Partners are able to combine their knowledge and abilities.
Partners share the profits of the business.
23
A business that is owned by two or more people:
Proprietorship
Partnership
Proprietorship
Limited Liability Cooperative
24
Small businesses make up _______ of all businesses.
97%
10%
50%
100%
25
Which of the following statements is a DISADVANTAGE of the corporation form of ownership?
Ownership is easy to transfer by the selling of stock.
Corporations are usually taxed at a higher rate.
Offers the owners limited liability.
The business can exist indefinitely.
