Basics of Business Final Exam

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

Managers have _____. Leaders have _____.

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

A 30 minute commercial

Informal management structures usually exist in smaller businesses.

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

Which medium combines sounds, images, and motion?

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

Property and other items of value owned by a business.

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

Direct mail is often referred to as

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

The __________ reflects the accounting equation.

A business that has a storefront only.

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

SBA is an acronym that stands for:

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

A democratic leader is one who:

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

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

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

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

Demographics do not include

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

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

An example of initiative would be:

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

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

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

Commercial banks are often called full-service banks.

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

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

An autocratic is leader is one who:

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

An organization that is owned and operated by its members.

A business that makes finished products out of processed goods.

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

An example of an employability skill is

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

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

The primary way banks generate profits is by

An example of occupational skills is

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

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

A pathway to get products to consumers

How distinctly or clearly you speak is called

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

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

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

A business owned by one person.

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

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

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

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

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

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

To market a product successfully, a company has to

What is the most highly valued quality in a leader?

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

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

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

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

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

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

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

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

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

A ___________ is when revenue is greater than expenses.

Which of the following is the correct accounting equation?

Compensation is

A business that moves goods from one business to another.

In accounting, GAAP stands for:

The money that a business owes to creditors.

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

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

This gives rights to artists to own their creations.

Which of the following is a challenge of entrepreneurship?

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

Operating expenses include

Facts about the population

This level of management works most closely with the workforce.

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

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

Ads sent by mail to homes and businesses

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

Which type of business organization is subject to double taxation?

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

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

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

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

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

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

The major disadvantage of owning a sole proprietorship is:

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

The major advantage of owning a corporation is unlimited liability.

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

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

Total amount of money owed to a business.

Selling over the Internet through e-commerce.

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