Basics of Business Final Exam

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

Compensation is

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

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

An example of initiative would be:

An example of occupational skills is

Facts about the population

Direct mail is often referred to as

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

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

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

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

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

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

An example of an employability skill is

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

An organization that is owned and operated by its members.

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

Informal management structures usually exist in smaller businesses.

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

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

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

The major disadvantage of owning a sole proprietorship is:

A business owned by one person.

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

How distinctly or clearly you speak is called

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

A 30 minute commercial

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

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

To market a product successfully, a company has to

A ___________ is when revenue is greater than expenses.

The money that a business owes to creditors.

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

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

Commercial banks are often called full-service banks.

A business that makes finished products out of processed goods.

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

This gives rights to artists to own their creations.

The major advantage of owning a corporation is unlimited liability.

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

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

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

Which of the following is the correct accounting equation?

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

Property and other items of value owned by a business.

This level of management works most closely with the workforce.

Which of the following is a challenge of entrepreneurship?

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

Operating expenses include

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

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

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

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

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

A business that moves goods from one business to another.

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

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

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

Total amount of money owed to a business.

Which type of business organization is subject to double taxation?

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

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

Which medium combines sounds, images, and motion?

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

A democratic leader is one who:

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

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

Demographics do not include

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

The primary way banks generate profits is by

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

Managers have _____. Leaders have _____.

What is the most highly valued quality in a leader?

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

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

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

An autocratic is leader is one who:

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

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

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

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

A business that has a storefront only.

SBA is an acronym that stands for:

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

Ads sent by mail to homes and businesses

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

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

The __________ reflects the accounting equation.

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

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

Selling over the Internet through e-commerce.

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

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

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

A pathway to get products to consumers

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

In accounting, GAAP stands for:

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