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Introduction To Business Exam REVIEW
Test Description: This review will help you study for our Introduction to Business Exam.
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT a characteristic of a partnership?
A
The business has an unlimited life span
B
Partners have to split the profits
C
Partners can divide the workload
D
Easier to raise money with multiple partners
2) The money you spend to run your business, or the cost of doing business.
A
Profits
B
Income
C
Revenue
D
Expenses
3) Which of the following is NOT a characteristic of a Sole Proprietorship?
A
Pays lower taxes compared to a corporation
B
The owner can sell stock to raise money
C
The owner is responsible for all losses
D
The owner has complete control of profits
4) The money you make from selling your product or service.
A
Expenses
B
Revenue
C
Debits
D
Profit
5) A negative transaction that removes money from your account!
A
Credit
B
Balance
C
Debit
D
Revenue
6) A business that is owned by shareholders and has rights and responsibilities as if it were a person.
A
Sole Proprietorship
B
Entrepreneurship
C
Corporation
D
Partnership
7) If you have more money coming into your business than you are spending, what do you have?
A
Taxes
B
Revenue
C
Negative Cash Flow
D
Positive Cash Flow
8) A person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business.
A
Investor
B
Entrepreneur
C
Corporation
D
Banker
9) A business plan is only important if you are a kid starting your first business!
A
True
B
False
10) Corporations mostly have a limited life span.
A
True
B
False
11) Which qualities best describe an Entrepreneur?
A
Is a creative thinker!
B
Makes mistakes and learns from them!
C
All answers are correct!
D
Knows how to identify a need.
12) Your business is making a profit when your revenue is more than your expenses!
A
False
B
True
13) It takes a bunch of small steps to start up a business
A
False
B
True
14) Sole Proprietorships are the most popular type of business!
A
False
B
True
15) A business that is owned and manged by one individual who receives all the profits, but is responsible for all losses.
A
Corporation
B
Partnership
C
Sole Proprietorship
D
Entrepreneur
16) A document that describes an idea for a product or service and how it will make money!
A
Portfolio
B
Corporation
C
Insurance
D
Business Plan
17) A positive transaction that adds money to your account!
A
Debit
B
Balance
C
Expenses
D
Credit
18) A business that is owned and managed by two or more individuals who receive all profits, but share responsibility for all losses.
A
Partnership
B
Corporation
C
Sole Proprietorship
D
Entrepreneurship
19) Which of the following would you find in a Business Plan?
A
All answers are correct
B
Where you will sell your product
C
Description of how a product works
D
How much your product will cost
20) The amount of money your business is making and spending is called what?
A
Revenue
B
Profit
C
Expenses
D
Cash Flow
*select an answer for all questions
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