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Small Business Operations Unit 1 Introduction Flashcards | StudBud
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Small Business Operations Unit 1 Introduction
Small Business Operations Unit 1 Introduction
25 terms
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StudBud Administration
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This is the review for Unit 1 Introduction to the Small Business Operations class.
Flashcards
25 cards
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Practice quiz
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Host live
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Questions
25
Answers
1
The person who has sole ownership of a business.
Chief Executive Officer
Senior Partner
Proprietor
Stock Holder
2
Belief in oneself and one’s own abilities with an expectation to be successful.
Risk-taking
Self-confident
Creativity
Employee Empowerment
3
The ability to use imaginative skills to find unique ways to solve problems.
Employee Empowerment
Self-confident
Creativity
Risk-taking
4
This is an educational tool helping prepare students for the transition from school to work.
Wholesale Distributor
Industrial Marketer
School Based Enterprise
Community Retailer
5
Small businesses make up _______ of all businesses.
97%
10%
50%
100%
6
A business that is owned by two or more people:
Proprietorship
Proprietorship
Limited Liability Cooperative
Partnership
7
DECA students develop skills for successful careers, experience leadership and practice:
community service
fundraising
personal selling
marketing
8
DECA’s mission is to prepare students for careers in marketing, management, and:
Cosmetology
Entrepreneurship
Personal Selling
Advertising
9
Legal document specifies responsibilities and financial relationships of business partners.
Licensing Agreement
Partnership Agreement
Articles of Incorporation
Charter
10
A willingness to take the chance of failure in order to be successful.
Employee Empowerment
Self-confident
Creativity
Risk-taking
11
Providing jobs for people and completing work that is interesting allows entrepreneurs to:
increase number of friends
increase personal satisfaction
increase financial gains
increase community service
12
This is a business owned and managed by one person.
Corporation
Proprietorship
Limited Liability Cooperative
Partnership
13
This written document is prepared in order to guide the development of a new business.
Articles of Incorporation
Business Plan
Partnership Agreement
Executive Summary
14
DECA is a co-curricular student organization. This means that DECA activities are:
unrelated to classroom instruction.
expensive for students to participate in.
directly related to classroom instruction.
graded at a higher value.
15
The process of planning, creating, and managing a new business.
Human Resources Management
Organizing
Managing
Entrepreneurship
16
Which of the following is an ADVANTAGE of the proprietorship form of business ownership?
The proprietor may not have all the skills needed.
The proprietor receives all profits.
Most new businesses require a lot of money to start.
The risk can be great and must be carried by the proprietor.
17
Which of the following statements is an ADVANTAGE of the partnership form of ownership?
All partners are responsible for actions of other partners.
Partners are able to combine their knowledge and abilities.
Partners share the profits of the business.
Disagreements on important decisions can happen w/partners.
18
Someone who takes the risk to start a new business.
Chief Executive Officer
Entrepreneur
Management Team
Business Executive
19
Entrepreneurs often start their business while working for another company, this allows them:
to purchase needed materials at lower prices.
to increase their income.
to work overtime at their regular jobs.
to practice community service.
20
Small businesses are responsible for over _______ of all goods and services produced.
50%
99%
85%
75%
21
A business owned by people who purchase stock in the company.
Industrial Organization
Proprietorship
Partnership
Corporation
22
Which of the following statements is a DISADVANTAGE of the corporation form of ownership?
Corporations are usually taxed at a higher rate.
Offers the owners limited liability.
The business can exist indefinitely.
Ownership is easy to transfer by the selling of stock.
23
For many students, these provide them with their first employment and leadership experience.
Wholesale Distributor
School Based Enterprise
Industrial Factory
Community Retailer
24
The a legal document allowing the corporation to operate as if it were a person.
Charter
Licensing Agreement
Partnership Agreement
Articles of Incorporation
25
Prepares emerging leaders and entrepreneurs in marketing, finance, hospitality and management:
DECA
NBA
FFA
FCCLA
