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Chapter 5 Review Flashcards | StudBud
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Chapter 5 Review
Chapter 5 Review
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StudBud Administration
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Business Foundations Chapters 5 & 6 #business #entrepreneurship #smallbusiness
Flashcards
26 cards
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Questions
26
Answers
1
A written legal document defining ownership and operating procedures for a corporation is
articles of incorporation
corporate code of ethics
partnership agreement
articles of confederation
2
A type of organization that provides a service without charging a fee is called...
nonprofit
cooperative
for profit
franchise
3
The most important role of American businesses is
Hire and train employees
Follow their mission statements
Be financial stable and growing
Make and Distribute products and services
4
What agreement allows you to use the name and sell the products of a company in a given area?
sole proprietorship
cooperative
franchise
nonprofit
5
A company that is registered by a state and operates apart from its owners is called...
partnership
small business
corporation
proprietorship
6
People born between 1946 and 1964 are generally referred to as
baby boomers
Generation Y
bohemians
Generation X
7
The three main types of businesses are...
entrepreneurship, enterprise, small business
sole proprietorship, incorporation, small business
sole proprietorship, partnership, corporation
enterprise, small business, sole proprietorship
8
What business gathers raw goods in preparation to create products?
manufacturers
intermediaties
processors
producers
9
A business owned by one person is called...
entrepreneurship
sole proprietorship
partnership
small business
10
What is a business that moves goods from one business to another?
distributors
intermediaries
wholesalers
manufacturers
11
What type of liability holds a firm's owners responsible for only the capital they invested in
full
partial
unlimited
limited
12
A business owned by two or more people who share risks and rewards is called...
proprietorship
partnership
corporation
enterprise
13
What type of liability is a partnership held to?
no liability
full liability
limited liability
unlimited liability
14
What percentage of the workforce is employed by service businesses?
65%
50%
75%
25%
15
Which major category of business is the fastest-growing in the U.S. economy?
service business
manufacturer
intermediary
producer
16
What business makes finished products out of processed goods?
distributors
processors
service businesses
manufacturers
17
What percentage of the U.S. workforce is made up of contingent workers?
20 percent
5 percent
35 percent
1 percent
18
In a(n)____organizational structure, work is structures around specific projects and products
Dependent
Matrix
Functional
Command
19
The process of planning, pricing, promoting, selling, and distributing goods & services
manufacturing
marketing
processing
management
20
What is one reward of being an entrepreneur?
making it rain
doing what you enjoy
establishing a business
21
What business changes raw materials into more finished products?
processors
intermediaties
manufacturers
producers
22
Who are considered the "owners" of a corporation?
board of directors
entrepreneurs
stockholders
investors
23
TRUE OR FALSE: banks are more likely to lend money to partnerships than sole proprietorships.
FALSE
TRUE
24
What is the process of creating, expanding, manufacturing, and improving goods and services?
manufacturing
procurement
processing
production
25
An organization that is owned and operated by its members is called...
partnership
small business
corporation
cooperative
26
This expresses the specific aspirations of a company; the major goals it will try to reach.
vision statement
principles
mission statement
belief statement
