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Business Management Fall Final Exam Review 4
Test Description: Review for fall final exam
Instructions: Answer all questions to get your test result.
1) Ethics is:
A
Linked to values
B
All of these
C
A formal, published collection of values and rules that reflect a firm’s philosophy and goals
D
Standards of moral conduct that individuals & groups set for themselves, defining behavior
2) Social responsibility means:
A
Doing Business Ethically
B
Fundraising for the less fortunate
C
Sharing in society’s problems and helping to solve them
D
Dumping waste products responsibly
3) A characteristic of an entrepreneur is:
A
Must be well informed about financial, marketing, and legal matters
B
Must be willing to work long hours
C
Must be creative thinkers
D
All of these
4) One reason a business may fail is:
A
A business plan was not prepared
B
The entrepreneur didn’t have enough money
C
None of these
D
No planning
5) An advantage of Proprietorships is:
A
Owner works long hours
B
None of these
C
Owner has satisfaction of doing everything themselves
D
Owner receives all the profits
6) A disadvantage of a Proprietorship is:
A
Illness could close the business
B
Owner may lack skills and abilities and Owner bears all losses
C
Owner may have too much money
D
Illness, lack of abilities and skills, and the Owner bears all losses
7) An advantage of a Partnership is:
A
Credit position improved AND Less tax burden than corporations
B
Less tax burden than corporations
C
Credit position is improved
D
Unlimited financial liability
8) A disadvantage of a partnership is:
A
Disagreement could arise among partners
B
Credit position is improved
C
None of these
D
There is retirement from management
9) A balance sheet contains:
A
The creditworthiness
B
What is owned vs. what is owed
C
Capital
D
Personal information about the owner
10) A creditor is:
A
A person who financially helps out the business
B
A partner
C
Those to whom money is owed
D
A family member
*select an answer for all questions
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