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Exploring Businesss 7th

Quiz by Mrs. Barnes

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17 questions
Show answers
  • Q1
    What is an advantage of a franchise over a sole proprietorship?
    Franchisees can sell stock to start up the business.
    Franchisees do not have to work in the business.
    Parent company will pay all of the franchisee’s start up costs.
    Parent company provides training and support to franchisee
    60s
  • Q2
    Which is an example of a marketing function for a business?
    Producing financial statements for the company
    Placing products in strategic locations in the stores
    Hiring new employees to fill vacancies in the business
    Producing payroll checks for all employees
    60s
  • Q3
    Which is an example of a marketing function for a business?
    Interviewing potential sales employees
    Preparing income statements for the business
    Creating a banner ad for the company website
    Obtaining new products to replace sold stock
    60s
  • Q4
    Which is an example of a human resources function for a business?
    Processing new employees’ payroll paperwork
    Calling customers to ensure satisfaction
    Producing the annual company balance sheet
    Obtaining new products to replace sold stock
    60s
  • Q5
    The Starving Artists Society uses its gallery to sell paintings of local artists. The funds raised by The Starving Artists Society are used to help local artists continue in their chosen profession. The Starving Artists Society is classified as a:
    for-profit.
    non-profit.
    combination product and service.
    service business
    60s
  • Q6
    How is a corporation different from a sole proprietorship?
    Corporations are owned by only one person.
    Corporations can sell stock to raise money for the business.
    Sole proprietorships have limited liability for the owners.
    Sole proprietorships require a legal charter to start the business.
    60s
  • Q7
    Hiring, firing, and managing the company benefits and educational opportunities for employees are all classified as which type of function?
    Human Resources
    Information Technology
    Accounting
    Operations
    60s
  • Q8
    Ensuring that the organization meets goals, and working with employees to accomplish organizational goals are both classified as which type of function?
    Management
    Accounting
    Marketing
    Human Resources
    60s
  • Q9
    Steven and his brothers want to start a plumbing business together. What is an advantage of organizing the business as a partnership rather than a corporation?
    Partnerships can be started up quickly.
    Partnerships can issue stock to raise money.
    Partnerships have limited legal liability.
    Partnerships need a legal charter to begin.
    60s
  • Q10
    When comparing the four main types of business organization, which type protects owners the MOST from personal financial liability due to being sued by a customer?
    Corporation
    Franchise
    Partnership
    Sole Proprietorship
    60s
  • Q11
    When comparing the four main types of businesses, which has the BIGGEST DISADVANTAGE when it comes to paying taxes?
    Sole Proprietorship
    Franchises
    Partnership
    Corporation
    60s
  • Q12
    Goodwill Industries helps poor and homeless people with the money raised by selling donated products in their stores. Goodwill is classified as what kind of business?
    Non-Profit
    Service Provider
    For-Profit
    Combination product and service
    60s
  • Q13
    Tom and Clare met in college and started a website maintenance business to earn money for their college expenses. How is their website maintenance business classified?
    Combination product and service
    Non-profit
    Product
    For-Profit
    60s
  • Q14
    Norman and Jones Septic Tank Cleaners are the best septic tank cleaners in Mount Airy. How is Norman and Jones Septic Tank Cleaners classified?
    Product type
    Service Provider
    Combination product and service
    Non-Profit
    60s
  • Q15
    Which is an example of a marketing function for a business?
    Preparing income statements for the business
    Preparing a new TV advertising campaign
    Interviewing potential employees
    Processing the employee payroll
    60s

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