Business Essentials Finals Prep Part 2

Test your knowledge on various business concepts including ownership, leadership styles, ethics, and more in this engaging quiz.

Flashcards32 cardsFPractice quizPHost liveL

Questions 32

Answers

1
What trait helps leaders adapt to change?
Empathy
Adaptability
Intelligence
Charisma
2
Which business ownership has pass-through taxation?
Sole proprietorship
Corporation
Nonprofit
Franchise
3
Main issue in the Volkswagen scandal?
Unethical sales tactics
Bankruptcy fraud
Embezzlement
Environmental deception
4
Which company had a major recall?
Volkswagen
Enron
Johnson & Johnson
Wells Fargo
5
What is a target market?
Competitors
Ideal customers
Other companies
General public
6
First-line managers focus on:
Coordinating departments
Setting long-term goals
Approving stock options
Supervising staff
7
Example of a tangible good?
Haircut
Coffee mug
Legal consultation
Movie ticket
8
Purpose of business ethics is to:
Outsource operations
Balance profit and ethics
Avoid taxes
Maximize profits
9
What is compound interest?
Interest on original amount
Interest on interest
Interest that is negative
Interest that lowers debt
10
Why conduct market research?
Hire employees
File for patents
Choose office locations
Understand customer needs
11
Business plan is used for:
Advertising products
Outlining goals
Training employees
Calculating taxes
12
Effective managers are often:
Good communicators
Only focused on finances
Rigid and authoritarian
Disconnected from teams
13
What is a conceptual skill in management?
Visualizing organization
Operating machinery
Understanding tax law
Coaching an employee
14
Which agency helps small businesses?
IRS
SBA
FDA
FBI
15
Purpose of an emergency fund?
Invest in stocks
Buy a car
Cover unexpected expenses
Pay monthly rent
16
What type of power comes from position?
Referent power
Legitimate power
Reward power
Expert power
17
Which leadership style promotes collaboration?
Laissez-Faire
Democratic
Directive
Autocratic
18
Example of a fixed expense?
Monthly rent
Entertainment
Groceries
Gasoline
19
What does limited liability mean?
Limit to revenue
Owners liable for debts
Owners not taxed
Personal assets protected
20
Consequence of missing payments?
Late fees and damage
More rewards points
Interest rate goes down
Credit score improves
21
Best describes delegation?
Doing everything yourself
Promoting employees
Assigning responsibility
Terminating staff
22
What is revenue?
Money from sales
Amount paid in taxes
Value of inventory
Total expenses
23
What is an interpersonal skill?
Conflict resolution
Strategic thinking
Spreadsheet development
Financial forecasting
24
Which management function sets goals?
Controlling
Organizing
Planning
Leading
25
In Theory Y, employees are seen as:
Motivated by pay
Lazy and supervised
Risk-averse
Self-motivated
26
Marketing sugary drinks to children raises:
False advertising
Workplace safety
Exploiting audience
Environmental impact
27
Benefit of strong company culture?
Higher product prices
Increased taxes
Improved morale
Decreased productivity
28
Best definition of entrepreneurship?
Starting a new venture
Hiring workers
Managing businesses
Buying stock
29
What defines a franchise?
Operates independently
Follows a proven model
Unlimited liability
Owned by one person
30
What is a budget?
List of debts
Plan for spending
Type of loan
Credit score report
31
What is a service business?
Franchises
Sells goods
Manufactures products
Provides intangible products
32
What is a core value in an organization?
Profit margin
Integrity
Market share
Growth

Business Essentials Finals Prep Part 2 Flashcards | StudBud

Business Essentials Finals Prep Part 2

32 termsStudBud Administration

Test your knowledge on various business concepts including ownership, leadership styles, ethics, and more in this engaging quiz.

Flashcards32 cardsFPractice quizPHost liveL

Questions 32

Answers

1
What trait helps leaders adapt to change?
Empathy
Adaptability
Intelligence
Charisma
2
Which business ownership has pass-through taxation?
Sole proprietorship
Corporation
Nonprofit
Franchise
3
Main issue in the Volkswagen scandal?
Unethical sales tactics
Bankruptcy fraud
Embezzlement
Environmental deception
4
Which company had a major recall?
Volkswagen
Enron
Johnson & Johnson
Wells Fargo
5
What is a target market?
Competitors
Ideal customers
Other companies
General public
6
First-line managers focus on:
Coordinating departments
Setting long-term goals
Approving stock options
Supervising staff
7
Example of a tangible good?
Haircut
Coffee mug
Legal consultation
Movie ticket
8
Purpose of business ethics is to:
Outsource operations
Balance profit and ethics
Avoid taxes
Maximize profits
9
What is compound interest?
Interest on original amount
Interest on interest
Interest that is negative
Interest that lowers debt
10
Why conduct market research?
Hire employees
File for patents
Choose office locations
Understand customer needs
11
Business plan is used for:
Advertising products
Outlining goals
Training employees
Calculating taxes
12
Effective managers are often:
Good communicators
Only focused on finances
Rigid and authoritarian
Disconnected from teams
13
What is a conceptual skill in management?
Visualizing organization
Operating machinery
Understanding tax law
Coaching an employee
14
Which agency helps small businesses?
IRS
SBA
FDA
FBI
15
Purpose of an emergency fund?
Invest in stocks
Buy a car
Cover unexpected expenses
Pay monthly rent
16
What type of power comes from position?
Referent power
Legitimate power
Reward power
Expert power
17
Which leadership style promotes collaboration?
Laissez-Faire
Democratic
Directive
Autocratic
18
Example of a fixed expense?
Monthly rent
Entertainment
Groceries
Gasoline
19
What does limited liability mean?
Limit to revenue
Owners liable for debts
Owners not taxed
Personal assets protected
20
Consequence of missing payments?
Late fees and damage
More rewards points
Interest rate goes down
Credit score improves
21
Best describes delegation?
Doing everything yourself
Promoting employees
Assigning responsibility
Terminating staff
22
What is revenue?
Money from sales
Amount paid in taxes
Value of inventory
Total expenses
23
What is an interpersonal skill?
Conflict resolution
Strategic thinking
Spreadsheet development
Financial forecasting
24
Which management function sets goals?
Controlling
Organizing
Planning
Leading
25
In Theory Y, employees are seen as:
Motivated by pay
Lazy and supervised
Risk-averse
Self-motivated
26
Marketing sugary drinks to children raises:
False advertising
Workplace safety
Exploiting audience
Environmental impact
27
Benefit of strong company culture?
Higher product prices
Increased taxes
Improved morale
Decreased productivity
28
Best definition of entrepreneurship?
Starting a new venture
Hiring workers
Managing businesses
Buying stock
29
What defines a franchise?
Operates independently
Follows a proven model
Unlimited liability
Owned by one person
30
What is a budget?
List of debts
Plan for spending
Type of loan
Credit score report
31
What is a service business?
Franchises
Sells goods
Manufactures products
Provides intangible products
32
What is a core value in an organization?
Profit margin
Integrity
Market share
Growth