Basics of Business Final Exam

Operating expenses include

Which type of business organization is subject to double taxation?

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

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

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

A democratic leader is one who:

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

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

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

Total amount of money owed to a business.

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

A business that has a storefront only.

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

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

Which medium combines sounds, images, and motion?

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

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

Facts about the population

The money that a business owes to creditors.

An example of occupational skills is

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

The __________ reflects the accounting equation.

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

A business that makes finished products out of processed goods.

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

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

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

This gives rights to artists to own their creations.

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

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

In accounting, GAAP stands for:

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

The major disadvantage of owning a sole proprietorship is:

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

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

SBA is an acronym that stands for:

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

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

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

Which of the following is the correct accounting equation?

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

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

How distinctly or clearly you speak is called

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

Commercial banks are often called full-service banks.

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

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

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

To market a product successfully, a company has to

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

What is the most highly valued quality in a leader?

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

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

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

Demographics do not include

The major advantage of owning a corporation is unlimited liability.

A business that moves goods from one business to another.

Compensation is

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

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

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

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

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

A business owned by one person.

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

A 30 minute commercial

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

An example of initiative would be:

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

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

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

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

An example of an employability skill is

Selling over the Internet through e-commerce.

Property and other items of value owned by a business.

Ads sent by mail to homes and businesses

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

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

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

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

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

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

Informal management structures usually exist in smaller businesses.

A ___________ is when revenue is greater than expenses.

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

An organization that is owned and operated by its members.

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

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

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

The primary way banks generate profits is by

This level of management works most closely with the workforce.

A pathway to get products to consumers

Managers have _____. Leaders have _____.

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

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

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

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

Which of the following is a challenge of entrepreneurship?

An autocratic is leader is one who:

Direct mail is often referred to as