Question 1

Producers use resources to make things that are needed by others

Accepted Answer

True

Answer

False

Question 2

An S corporation is a corporation involved in the service industry.

Accepted Answer

False

Answer

True

Question 3

The most important role of business is to provide employment for people

Accepted Answer

False

Answer

True

Question 4

Non profit corporations do not pay corporate income taxes

Accepted Answer

True

Answer

False

Question 5

Service Businesses represent the fastest-growing segment of the economy

Accepted Answer

True

Answer

False

Question 6

A mission statement defines what the business wants to achieve.

Accepted Answer

True

Answer

False

Question 7

An organizational chart is a detailed list of job duties and responsibilities.

Accepted Answer

False

Answer

True

Question 8

In a matrix organization structure, work is arranged around business functions

Accepted Answer

False

Answer

True

Question 9

A statement of results a business plans to achieve

Accepted Answer

Goal

Answer

cooperative

Answer

Span of control

Answer

intermediary

Question 10

The number of people assigned to a specific work last or manager

Accepted Answer

Span of control

Answer

joint venture

Answer

intermediary

Answer

goal

Question 11

Someone who has no contract for long-term employment

Accepted Answer

contingent worker

Answer

cooperative

Answer

intermediary

Answer

goal

Question 12

A business owned by members and managed in their interest

Accepted Answer

cooperative

Answer

join venture

Answer

span of control

Answer

intermediary

Question 13

The large number of people born between 1946 and 1964

Accepted Answer

baby boomers

Answer

contingent worker

Answer

joint venture

Answer

intermediaries

Question 14

businesses involved in selling goods produced by others

Accepted Answer

Intermediaries

Answer

joint ventures

Answer

span of control

Answer

cooperatives

Question 15

A business organized by two or more other businesses for a limited time

Accepted Answer

joint venture

Answer

cooperative

Answer

span of control

Answer

goal

Question 16

Owned and run by one person

Accepted Answer

Sole proprietorship

Answer

corporation

Answer

partnership

Question 17

No protection for personal assets

Accepted Answer

Both Sole Proprietorship and partnership

Answer

Corporation

Question 18

Managed by a board of directors

Accepted Answer

Corporation

Answer

partnership

Answer

sole proprietorship

Question 19

Protects the liability of the owners

Accepted Answer

Corporation

Answer

sole proprietorship

Answer

partnership

Question 20

The easiest form of business to start and run

Accepted Answer

Sole proprietorship

Answer

corporation

Answer

partnership

Question 21

Owned and controlled by two or more people

Accepted Answer

partnership

Answer

corporation

Answer

sole proprietorship

Question 22

A written agreement defines ownership

Accepted Answer

Partnership & corporation

Answer

Sole proprietorship

Question 23

Shareholders have a voice in business decisions

Accepted Answer

corporation

Answer

partnership

Answer

sole proprietorship

Question 24

Usually must be dissolved if an owner leaves

Accepted Answer

Partnership

Answer

corporation

Answer

sole proprietorship

Question 25

Business income taxed as personal income

Accepted Answer

sole proprietorship

Answer

corporation

Answer

partnership

Question 26

Does not even require a business name

Accepted Answer

Sole proprietorship

Answer

corporation

Answer

partnership

Question 27

Two or more people cn invest in the business

Accepted Answer

Partnership & corporations

Answer

Sole proprietorship

Question 28

Must create bylaws or operating procedures

Accepted Answer

Corporation

Answer

Sole proprietorship

Answer

Partnership

Question 29

Must register the business name and the names of all owners

Accepted Answer

Partnership

Answer

Corporation

Answer

Sole proprietorship

Question 30

The majority of U.S. businesses

Accepted Answer

Sole proprietorship

Answer

corporation

Answer

partnership

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