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Business Essentials Unit 2 Flashcards | StudBud
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Business Essentials Unit 2
Business Essentials Unit 2
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Business Organization--Ch. 5/6
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is an entrepreneur?
Someone who invents something that can be sold for a profit
All of the above
Someone who creates their own business
Someone who takes a financial risk
2
Some of the main qualities it takes to become a successful entrepreneurs include being
persistent
independent
All of these
able to learn from failure
3
A business owned by one person is
Francise
Corporation
Partnership
Sole proprietorship
4
A partnership can have multiple partners
True
False
5
An advantage of being a sole proprietor is which of the following
Having Unlimited Liability
they receive all of the profit
Having to raise all the funds and capital for the business
Having to do all record keeping and management on your own
6
A business owned by its members and managed in their interest is a
Service
Cooperative
Corporation
Nonprofit
7
A business that is based on a written agreement about how to split responsibilities, manage it and how to share profits
Cooperative
Corporation
Partnership
Sole Proprietorship
8
Extractors
Take raw materials and change them for consumers use
Get products from nature
Move goods from producer to consumer
Perform services
9
Who guides the operation of a corporation?
Board of Directors
CEO
Board of Regents
President
10
Excess money shareholders receive from their investment it is called
Excess Profit
Dividends
Gross Profit
Surplus Profit
11
Reasons small businesses fail include
Lack of mangement experience
Lack of startup money
All of the above
Poor location
12
If you are part owner in a corporation you are a
Stockholder/Shareholder
On the Board of Directors
Partner
Special Owner
13
Board of directors voted that the $10,000 profit would be split equally amongst the shareholders. There are 5,000 shares
$2 Dividend per share
$15 Dividend per share
$5 Dividend per share
$.50 Dividend per share
14
A written description of the business idea and how it will be carried out is
A floor plan
A profit plan
A business plan
A marketing plan
15
A corporation is which of the following
A business owned by at least two people who share profits and liability
a separate legal entity and has a life separate from its owners
Owned and ran by one individual
16
Which of these is not one of the three major stock exchanges in the U.S.?
NASDAQ
NYSE
AMEX
NYEX
17
A small business employs nearly which % of US Workers
90%
20%
5%
50%
18
Which of the following is a true statement about entrepreneurship?
You have to have great problem solving skills
You have to be willing to take a risk and have a lot of personal initiative
All of these
You have to be persistent, creative, and willing to work hard
19
The person who receives the franchise is the
Partners
Shareholder
Franchisee
Franchisor
20
All businesses must do which of the following
Raise Capital
Keep Records
All of the above
Use Human Resources
21
Franchises can be operated as
Partnerships
Corporations
Sole proprietorships
All of the above
22
Marketers
Perform services
Take raw materials from the earth
Change raw materials into a form consumers can use
Move goods from producers to consumers
23
If you buy stock at $5/share and you have 25 shares, how much did you invest?
$125
$200
$5
$1
24
A written contract to sell another's product or service in a prescribed manner is a
Partnership Agreement
Franchise Contract
Franchise Agreement
Business Plan
25
A disadvantage of owning a franchise is which of the following
Being trained by the Franchisor
Using a parent company's resources and brand
having to pay the franchisor part of your profits
Owning and operating your own business
