The human resources department is responsible for:

All of these answers are correct

What is the difference between sole proprietorships (SP) and partnerships (P)?

A SP is owned by 1 person & a P is owned by 2 or more people

An invention is _____ while an innovation is____

a product never created before; improving a product

What is a corporation?

Business ownership is divided into parts called shares

the amount of goods/services desired by consumers

Money you owe other people/businesses

What are the four functions of management?

Planning, leading, organizing, controlling

What is an idea driven enterprise?

Enterprise you create as a result of invention or innovation

The following are all variable expenses, EXCEPT:

car payments, heating bill, rent

The stages of the product life cycle, in order, are:

Introduction, growth, maturity, decline, decision point

Sources of income are...

allowance, employment, savings and investment

What best describes the law of supply?

As the price increases, the quantity produced will increase

Product mapping is useful for:

Visualizing a segment in order to figure out a new invention

What is the definition of a non-profit business?

Doesn't make profit but raises funds for specific goals

To get a good credit rating, you should get a credit card and:

use it as needed, and pay it off in full each month

What best describes the law of demand?

As the price increases, the quantity purchased will decrease, As the price decreases, the quantity purchased will increase

A balance sheet shows:

assets, liabilities and owners equity

What are the 4 P’s of marketing?

place, product, price, promotion

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BBI1O Exam Review 2018

47 termsStudBud Administration355 plays

Reviewing key terms learned in Intro to Business at Bennies.

Flashcards47 cardsFPractice quizPHost liveL

Questions 47

Answers

1
The human resources department is responsible for:
keeping track of employee records
All of these answers are correct
handling employee/supervisor conflict
recruitment and selection
2
What is the difference between sole proprietorships (SP) and partnerships (P)?
A SP is owned by 2 or more people & a P is owned by 1 person
A SP gives shares to owners & a P has a board of directors
A SP has limited liability & a P has unlimited liability
A SP is owned by 1 person & a P is owned by 2 or more people
3
Acting in a way that conforms to social standards about what is right and good refers to:
Values
Respect
Ethics
Labour Practices
4
An invention is _____ while an innovation is____
made by an entrepreneur; made by an employee
improving a product; a product never created before
the iPhoneX; the telephone
a product never created before; improving a product
5
How would you categorize a small to medium sized business?
500-1000 employees
100-500 employees
0-500 employees
0-100 employees
6
What is a corporation?
Business ownership is divided into parts called shares
Retail business whose ownership is divided into big parts
Service whose ownership is divided into parts called shares
Business ownership is divided into parts called dividends
7
Which of the following is NOT an entrepreneurial characteristics?
Flair for Innovation
Ability to work alone
Paranoid of losing money
Self Confidence
8
Demand refers to:
the amount of goods/services supplied by businesses
the amount of goods/services available to consumers
the amount of goods/services desired by consumers
the amount of goods/services imported by businesses
9
All of the following are ways to evaluate a venture EXCEPT
Feasibility
Marketability
Recognizability
Profitability
10
Profit can be calculated by using the profit equation:
Profit = Revenue - Expenses
Profit = Expenses – Revenue
Profit = Selling Price - Expenses
Profit = Expenses + Revenue
11
Accounts payable is:
The money you use to pay employees
Money you owe other people/businesses
an asset
Money owed to you by other people/businesses
12
When a business is in complete control and consumers have no other place to buy a certain item:
Businesses have selling power
Consumers have purchasing power
Consumers have pricing power
Businesses have pricing power
13
What are the four functions of management?
Planning, leading, organizing, controlling
Planning, supervising, organizing, informing
Leading, informing, inventing, researching
Organizing, researching, leading, controlling
14
Which of the following is NOT a type or source of credit?
Overdraft Protection
Credit Card
Line of Credit
Mutual Fund
15
An example of a Capital Economic Resource is…
Workers/labour
Fish
Water
Machines
16
The equation for owners equity is:
liabilities-assets
revenue-expenses
assets-liabilities
accounts receivable-accounts payable
17
The following are all common line items seen on a pay stub:
Net income, company profit, property taxes
Profit, vacation pay, deductions
Net income, vacation pay, CPP
Net income, EI, property taxes
18
When making decisions, you should list 3 ___ and analyse them before making your recommendation
Implementation plans
Joint ventures
Alternate solutions
Main problems
19
What is an idea driven enterprise?
Entrepreneur knows there is an idea & market for a product.
An enterprise that develops in a different way
Enterprise you create as a result of invention or innovation
Entrepreneur segments all products by a specific feature
20
A person who starts a venture to solve a problem or take advantage of an opportunity is a
Intrapreneurship
Venture
Enterprising
Entrepreneur
21
The term for a product which no one wants to buy any more, such as a VCR, is:
none of the above
absolute
obsolete
discontinued
22
The production process consists of all of the following EXCEPT
Grading
Shipping
Processing
Purchasing
23
Which of the following would be considered a consumer ‘need’?
New car
Cell phone
Latest video game
Clothes
24
The following are all variable expenses, EXCEPT:
entertainment, utilities, gifts
car payments, heating bill, rent
utilities, entertainment, groceries
clothing, dining out, rent
25
The stages of the product life cycle, in order, are:
Introduction, decline, decision point, maturity, growth
Introduction, maturity, growth, decision point, decline
Maturity, growth, decline, introduction, decision point
Introduction, growth, maturity, decline, decision point
26
What are advantages of a cooperative business?
both b. and c.
a. more expensive goods/services and hard to set up
c. easily set up
b. less expensive
27
Sources of income are...
money
owning a car, house, and cottage
the lottery, employment, savings and investment
allowance, employment, savings and investment
28
Budgeting helps you to…
c. set goals and stick to them
b. earn income
a. plan for wise spending
both a and c
29
The style of leadership that allows employees to make all decisions is called:
Laissez-Faire Leadership
Moral Style Leadership
Democratic Leadership
Autocratic Leadership
30
What best describes the law of supply?
As the supply increases, the quantity produced will raise
As the price increases, the quantity produced will decrease.
As the price increases, the quantity produced will increase
As the price increases, the quantity will stay the same
31
Investing in the stock market is:
A way to guarantee you will make a lot of money
Risky but may give good reward
A way to lose all of your money and gain no return
The same thing as having a savings account at the bank
32
Which of the following is an example of a franchise?
St. Benedict C.S.S.
Tim Horton's
TD Canada Trust
Ginger Express
33
Which of these are types of businesses?
Retail
All of the above
Service
Manufacturing
34
Product mapping is useful for:
Determining if you should make your product international
Marketing your product
Visualizing a segment in order to figure out a new invention
Figuring out what stores to sell your product
35
What is the definition of a non-profit business?
Doesn't make profit but raises funds for specific goals
Doesn't seek to make profit - uses money to improve services
Continuously losing money and will soon be bankrupt
Makes profit to expand, improve products or give to owners
36
A disadvantage of a General partnership is…
Working with another person
Ease of formation
Unlimited liability
Limited liability
37
To get a good credit rating, you should get a credit card and:
use it as needed, and pay it off in full each month
use it as needed, pay the minimum even if you have the money
use it all the time and wait until it’s full to pay it off
wait until you’re threatened with collections to pay it off
38
Businesses can be categorized into the following categories:
Product or Service
Natural or Capital
Useful or Useless
Risky or Safe
39
When thinking about starting your own new venture, the term feasibility refers to:
How many people will purchase the product/service
How your product/service is different from the competition
How much money you will make
How realistic your venture is
40
What best describes the law of demand?
As the price increases, the quantity purchased will decrease
As the price decreases, the quantity purchased will decrease
As the price increases, the quantity purchased will increase
As the price decreases, the quantity purchased will increase
41
An example of a want is…..
iPod
Computer
Water
Both iPod and Computer
42
Examples of unethical behaviour include all of the following EXCEPT:
Downsizing
Fraud
Environmental violations
Concealing Information
43
Principle is:
The original amount invested
The final amount of money
The manager of a school
The money earned on an investment
44
Which of the following does NOT refer to international business structures?
Strategic Alliance
Offshoring
Joint Venture
Sole Proprietorship
45
A balance sheet shows:
assets, liabilities and owners equity
revenue, expenses and profit
revenue, liabilities and net profit
income, variable and fixed expenses
46
Preparing a budget involves three steps, which one of the answers is not one of these steps?
spending the extra money
calculating expenses
reviewing your budget
calculating income
47
What are the 4 P’s of marketing?
price, preparation, place, product
proximity, price, preparation, promotion
place, product, price, promotion
place, promotion, proximity, price

BBI1O Exam Review 2018 Flashcards | StudBud