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