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Chapters 4-6 Review Game Flashcards | StudBud
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Chapters 4-6 Review Game
Chapters 4-6 Review Game
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Intro to Business, Chapters 4-6
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Successful traits of most entrepreneurs include...
Persistence
Goal-Oriented
Creativity
Risk Taking
2
75% of the workforce is employed by _______
Service Businesses
Corporations
Retailers
The Google
3
The section of the business plan that looks at the larger economic sector in which the business operates
Financial Plan
Product and Service Plan
Industry Overview
Market Analysis
4
Ch. 5: In what part of the business plan would you find plans for expansion?
Growth Plan
Market Analysis
Competitive Analysis
Financial Plan
5
__________ sets and enforces work-related health and safety rules for employers.
FDA
OSHA
EPA
ADA
6
Another name for the graph below:
Supply Chain
Functions of Business
Retail
Economy
7
Being responsible for only the money you have invested in the business
Sole Liability
Limited Liability
Risk Liability
Unlimited Liability
8
A business plan is used by:
all of these
top management
the entrepreneur
potential investors
9
This type of business generates the most profits in the U.S
Manufacturers
Sole Proprietors
Corporations
Partnerships
10
Ch 4: Moral principles by which people conduct themselves personally or professionally...
Principals
Codes
Standards
Ethics
11
A new business undertaking that involves
risk:
Venture
Acquisition
Adventure
Small Business
12
Ch 4: Which is not considered one of the four social responsibilities a company has?
Economy
Customers
Creditors and Owners
Employees
13
A _______ turns raw goods into more finished products
Processor
Manufacturer
Accountant
Producer
14
What happens to the profits generated by a non-profit organization?
Go to Charity
Go to Shareholders
Get Returned to Employees
Get Reinvested in the Organization
15
To start a partnership you need a:
Lasso
Limited Liability License
Partnership Agreement
Corporate Charter
16
The greatest number of businesses in the U.S. economy are:
Corporations
Sole-Proprietorships
Franchises
Partnerships
17
The function of business responsible for planning, leading, and controlling
Marketing
Management
Accounting
Finance
18
One of the biggest obstacles that sole proprietors face is:
Double taxation
Social responsibility
Being good at something
Obtaining financing
19
Ch 4: What is the relationship between ethics and law?
The two are not related
Not everything that is unethical is illegal
There is no differnece
Not everything that is illegal is unethical
20
Which of the following is not one of the three major forms of business ownership?
Sole-Propriatorship
Franchise
Partnership
Corporation
21
Which is
not
a
function
of business mentioned in Ch. 6.2
Hospitality
Marketing
Finance
Management
22
Entrepreneurs are now using a simple business plan that resembles a napkin known as:
The Shark Tank Model
The Lean Canvas Model
The Napkin Model
The Streamline Model
23
This student organization prepares emerging leaders for careers in business & entrepreneurship
DECA
DNC
APA
NHS
24
The function of getting consumers to buy a product or service
Production
Finance
Marketing
Accounting
25
If a partner leaves or dies the partnership agreement:
Ends and must be reorganized
The business closes
Stays intact
Becomes a sole-proprietorship
26
Disadvantages to the franchise model
National Marketing Campaigns
Lack of Originality and Creativity
Start-Up Fees
Royalty Fees
27
Where does a company state its guiding principles, values and overall goals?
Vision/Mission Statement
Cover Page
Industry Overview
Executive Summary
28
A cooperative is owned and run by its members. The purpose is to
Compete with eachother
Take over the world
Recruit new members
Work together to save money
29
A company that registers with the state and operates apart from its owners
Non-Profit
Cooperative
Franchise
Corporation
30
These are your target users and other large groups of buyers with similar traits
Key Partners
Revenue Streams
Marketing Channels
Customer Segments
31
Advantages to buying the rights to own and run a franchise
Long-term contract
Corporate support from the franchisor
Ongoing franchise fees
Recognized business name and model
32
Ch 4: What is the biggest social issue facing businesses today?
Government
Environment
Competition
Stock market
33
Ch 4: A factory in which workers are employed for long hours at low wages and unhealthy conditions
Sweatshop
Bribery
Manufacturer
Code of Ethics
34
Ch 5: a small business employs no more than ____ people
1,000
75
199
500
35
This is what makes your company stand out from your competitors in the minds of customers
Unique Value Proposition
Key Metrics
Cost Structure
Problems and Solutions
36
Entrepreneurs look at important data known as ____ ______ to monitor their success
Unfair advantage
Customer Segments
Money
Key Metrics
37
The _____ makes the CEO and financial managers of a business accountable for their reporting
Fair Trade Act
Sarbannes-Oxley Act
Unlimited Liability Act
Equal Pay Act
38
Define Procurement:
Producing Raw Goods
Moving Goods
Providing Good and Services
Reselling Produced Goods