EBE final assessment

Question 1

How is a corporation different from a sole proprietorship?

Accepted Answer

Corporations can sell stock to raise money for the business

Question 2

Clothing stores, CD stores, and electronics stores are all classified as which type of business

Accepted Answer

Product type

Question 3

Feather Duster Maids Company employs 7 maids to clean houses. How is this business classified?

Accepted Answer

Service provider

Question 4

Homeless shelters, the March of Dimes, & the Salvation Army are all classified as what?

Accepted Answer

Non-profit

Question 5

car dealerships, beauty salons, & home improvement stores are classified as what?

Accepted Answer

Combination product and service

Question 6

Which is an example of an information technology function for a business?

Accepted Answer

Testing new computer software

Question 7

Which personal characteristic of successful entrepreneurs reflects they believe in themselves?

Accepted Answer

Self-confident

Question 8

How are sole proprietorships and partnerships alike?

Accepted Answer

Owners have complete control of the business.

Question 9

Which is an example of a marketing function for a business?

Accepted Answer

Preparing a new TV advertising campaign

Question 10

Which is an example of an accounting function for a business?

Accepted Answer

Handling the payments made by customers

Question 11

How is a corporation different from a sole proprietorship and a partnership?

Accepted Answer

Corporations provide limited owner liability.

Question 12

T&C started a website business 2 earn money 4 college expenses. How is the business classified?

Accepted Answer

For-profit

Question 13

The Gap, Dell, and IBM are all classified as which type of business?

Accepted Answer

For-profit

Question 14

Plumbing, heating/AC repair, accounting & lawn care are all considered what type of businesses?

Accepted Answer

Service provider

Question 15

How are a franchise and a sole proprietorship alike?

Accepted Answer

Easy to start the business

Question 16

What does CTE Stand for?

Accepted Answer

Career & Technical Education

Question 17

Which characteristic of successful entrepreneurs reflects they'll work until the job is done?

Accepted Answer

Persistent

Question 18

Which characteristic of successful entrepreneurs reflects they can solve problems?

Accepted Answer

Creative

Question 19

What is a difference between consumers and customers?

Accepted Answer

Customers purchase goods and services.

Question 20

Which is an example of an accounting function for a business?

Accepted Answer

Preparing a balance sheet

Question 21

Hiring, firing, and managing the company benefits are classified as what function?

Accepted Answer

Human Resources

Question 22

What is an advantage of a partnership over a sole proprietorship?

Accepted Answer

No contracts are necessary to start

Question 23

Shelters, March of Dimes, & the Salvation Army are all classified as which type of business?

Accepted Answer

Non-profit

Question 24

When comparing the 4 business types, which allows the owner to start selling products quickly?

Accepted Answer

Sole proprietorship

Question 25

How is a corporation different from a sole proprietorship or partnership?

Accepted Answer

Corporation requires a legal charter to start.

Question 26

Barber shops, dry cleaners, and car repair shops are all classified as which type of business?

Accepted Answer

Service provider

Question 27

Norman & Jones Septic Tank Cleaners are the best septic tank cleaners. How are they classified?

Accepted Answer

Service provider

Question 28

Which characteristic of successful entrepreneurs reflects they're accountable for their actions

Accepted Answer

Responsible

Question 29

Which is an example of an information technology function for a business?

Accepted Answer

Maintaining computers

Question 30

Which is an example of an accounting function for a business?

Accepted Answer

Preparing a cash flow statement

Question 31

What is a difference between wants and needs?

Accepted Answer

Needs are necessary for survival, wants are nice to have.

Question 32

Collecting money from customers, paying taxes, & processing payroll checks are classified as:

Accepted Answer

Accounting

Question 33

Promoting, distributing, and pricing products are all classified as which type of function?

Accepted Answer

Marketing

Question 34

Which is an example of a marketing function for a business?

Accepted Answer

Placing products in strategic locations in the stores

Question 35

Which is an example of a human resources function for a business?

Accepted Answer

Processing new employees' payroll paperwork

Question 36

Which is an example of a marketing function for a business?

Accepted Answer

Creating a banner ad for the company website

Question 37

Which characteristic of successful entrepreneurs reflects he or she develop a plan of action

Accepted Answer

Goal-oriented

Question 38

Which characteristic of successful entrepreneurs reflects they want to make their own decisions

Accepted Answer

Independent

Question 39

which has the BIGGEST DISADVANTAGE when it comes to paying taxes

Accepted Answer

Corporation

Question 40

Maintaining email accounts, installing software applications, are classified as which function?

Accepted Answer

Information technology

Question 41

When comparing the 4 main business types, which has the most risk & rewards for an individual?

Accepted Answer

Sole proprietorship

Question 42

Ensuring the company meets goals & work with employees to accomplish goals are classified as:

Accepted Answer

Management

Question 43

Which personal characteristic of successful entrepreneurs reflects they are curious?

Accepted Answer

Inquisitive

Question 44

Which is an example of an information technology function for a business?

Accepted Answer

Monitoring computer networks

Question 45

What is an advantage of a franchise over a sole proprietorship?

Accepted Answer

Parent company provides training and support to franchisee.

Question 46

The Starving Artist Society raise funds to support future artist. How are they classified

Accepted Answer

non-profit.

Question 47

What do wants and needs have in common?

Accepted Answer

Both needs and wants are things people use.

Question 48

Sole proprietorships require a legal charter to start the business.

Accepted Answer

Owners have complete control of the business

Question 49

Steven & his bro want to start a plumbing business. What is an advantage of a partnership

Accepted Answer

Partnerships can be started up quickly.

Question 50

which type protects owners the MOST from personal financial liability due 2 being sued

Accepted Answer

Corporation

EBE final assessment

Questions 50

EBE final assessment

Questions 50