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Unit 3: It's All Business Flashcards | StudBud
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Unit 3: It's All Business
Unit 3: It's All Business
30 terms
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StudBud Administration
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A#preparation#for#unit#3#material#principles#of#entrepreneurship
Flashcards
30 cards
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Questions
30
Answers
1
An operations department focuses on managing a business's:
Day-to-day activities
Strategic goals
Accounting
Employees
2
How can the use of technology in operations produce a more economical product?
roducts produced by technology are more uniform
Reduces time needed to produce a product, by machine instead of by hand
Tech raises the cost of products because tech needs to be purchased.
Tech creates more economical product because products are lesser quality.
3
What are the weekly or monthly payments made to the franchisor?
advertising fees
dividends
startup costs
Royalty
4
What is the main focus of an operations department?
Employee job satisfaction
creation of a quality product
Good communication between employees and customers
Efficiency and effectiveness of processes
5
Type of business that buys goods, often from wholesalers and resells them directly to consumers
producer
wholesaler
retailer
manufacturer
6
Operations activities are primarily related to a company's:
Product
Location
Employees
Marketing
7
A subchapter S corporation differs from a C corporation in the way it is...
managed
operationally
structured
taxed
8
Frank purchased a movie from a popular movie streaming service. What type of e-commerce product
physical
manufacturing
service
digital
9
The owner of a corporation..
CEO
stockholders or shareholders
entrepreneur that created the idea in the first place
Board of Directors
10
Which of the following is a function of the operations department?
Development and stocking
Production and distribution
Advertising
Marketing and selling
11
An investor in a car wash would be considered a
Stockholder
stakeholder
Chief Operating Officer
Human Resources Manager
12
How does the safety of a storefront positively influence a customer?
Safe customers are more likely to shop longer, purchase more produc
Unsafe environment adds excitement to the shopping experience.
They like your products more if the store is safe
Unsafe will make impulse purchases and the store will make more money.
13
Type of business that converts materials into goods and then sells those goods to others.
retail
service
manufacturing
wholesale
14
How can technology in operations NOT benefit consumers?
Technology allows customers to easily compare products and costs
Some is difficult for consumers to operate, especially older generations
Technology allows consumers easy access to products
Technology helps ensure that products are readily available for customers
15
Babysitting and music lessons are examples of _____ businesses
retailing
service
manufacturing
wholesale
16
Which of the following would be a service business?
insurance
retail store
car dealership
ETSY account
17
One of the primary advantages of the sole proprietorship is..
you have a board of directors to bounce ideas off of
limited liability
easy to finance
least expensive to start
18
4. Billie manages the budget for a toy manufacturing company. She also negotiates financial matters.
Employee
Stakeholder
Chief Financial Officer
Chief Executive Officer
19
The primary advantage of a partnership over a sole proprietorship
elaborate tax structure
shared skills and finances of owners
Board of directors for consultation on decisions
limited liability
20
The distribution of profits in a corporation is called
revenue
tariffs
dividends
shares
21
Which is the best definition for a Point of Sale system?
A system that electronically tracks each item scanned and sold.
System adjusts inventory orders automatically, replacing need for manager.
A system that will allow customer to check item prices.
System embeds a tracker in inventory, and harder to steal.
22
When established company sells the right to use the name and operation of products or services.
partnership
corporation
sole proprietorship
franchise
23
According to many studies, what is the top skill employers are looking for in a candidate?
ability to prioritize
ability to get to work on time
ability to work in team
ability to direct people
24
Wishy Washer is an appliance manufacturer. They receive the metal from Metal World. Type of transaction?
retail
service
B2C
B2B
25
In which type of business ownership is the management function filled by a Board of Directors
sole proprietor
Partnership
Limited Liability Company
corporation
26
Which is most important to the success of an operations department?
Flexible work schedules
Quality control processes
Purchasing of expensive equipment
Established sales processes
27
Wholesales provide a link between _____ and ______
manufacturers and consumers
manufacturers; retailers
producers and manufcturers
retailers and consumers
28
What is considered an advantage of a franchise
freedom to make decisions
management & technical assistance
performance of other franchises
fees
29
Considering the legal forms of business ownership, most important consideration has to do with.
profit
liability
your partner
your gut feelings
30
Which of the following could be considered an advantage of buying an existing business
seller can train new owner
Inheriting a problematic "brand"
The amount of capital that is needed
inheriting relationships with suppliers
