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Introduction to Business Revision Challenge 1 Flashcards | StudBud
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Introduction to Business Revision Challenge 1
Introduction to Business Revision Challenge 1
26 terms
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StudBud Administration
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78 plays
Revision from business definition to forms of business and marketing concepts
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
All the people who stand to gain or lose by the policies and activities of a business
Stockholders
Entrepreneur
Corporation
Stakeholders
2
Segmenting a market based on use: Heavy user, light user...
Psychographics
Benefits
Demographics
Volume
3
Taxes and government regulations are part of the____________ environment of business
Global
Economic and Legal
Competitive
Technology
4
an advantage of a corporation when compared to sole proprietorships and partnerships?
Ease of formation
Double Taxation
limited liability
Simplified paperwork
5
_____ is the share of profits or percentage of sales a franchisee pays to a franchisor.
dividend
royalty
premium
Start-up costs
6
total amount of money a business takes in by selling goods and services.
Standard of living
loss
Profit
Revenue
7
Two or more people legally agree to become co-owners of a business.
Corporation
Partnership
Sole-proprietorship
Franchise
8
Accountants produced below financial reports EXCEPT
Balance Sheet
Income Statement (Profit and Loss Statement)
Bank statement
Statement of Cashflow
9
Accounting department supports all business departments in terms of payment and filing of documents like invoice &bills
True
False
10
An arrangement whereby someone sells the rights to use the business idea
Partnership
Franchise
Limited Liability Company (LLC)
Corporation
11
Tangible products such as computers, food, clothing, cars and appliances
profits
Services
Goods
Stakeholders
12
Any debts incurred by the business are your debts, even if it means selling your home
limited liability
Debt
unlimited liability
Loss
13
Segmenting a market based hobbies and interests
Psychographics
Demographics
Volume
Geographics
14
The Internet and the emergence of an information-based economy are parts of the ___ environment
Economic and legal
Global
Social
Technology
15
An owner of a corporation is known as a(n):
Shareholder
stakeholder
entrepreneur
limited partner
16
Segmenting a market based on gender and age
Demographics
Psychographics
Volume
Geographics
17
chance a business owner will lose the time and money invested in a business
Loss
Depreciation
Risk
Revenue
18
It is a incorporated legal entity with authority to act & have liability separate from shareholders
Franchise
Sole Proprietorship
Partnership
Corporation
19
Any activity which seeks to earn a profit by providing a good or service is known as a(n):
Service
Corporation
Limited Liability Company
Business
20
is a person who assumes the risk of starting a business.
Stakeholder
Stockholder
manager
Entrepreneur
21
Below is the correct job role of an audit committee in an organisation EXCEPT
Chair the board of directors meetings
Ensure proper financial reporting in an organisation to stakeholders.
Appoint external auditors
Review reports of internal auditors
22
The _____ is the most common form of business ownership.
Corporation
Partnership
Sole Proprietorship
Franchise
23
Compared to sole proprietorship, which is considered an advantage of a general partnership?
Double taxation
ease of ending the business
ability to pool financial resources
unlimited liability for all owners
24
Two important considerations when choosing a form of business ownership is:
Taxes and liability
percent of profits & management skills
Number of employees and banking access.
Liability & number of hours of work per week
25
Segmenting a market based on where they live: Urban, rural, suburban
Psychographics
Benefits
Demographics
Geographics
26
One of the major disadvantages of a sole proprietorship is
Unlimited liability
disagreements between owners
double taxation
High cost of starting or ending the company
