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