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Business Management Fall Final Exam Review 5
Test Description: Review for fall final exam
Instructions: Answer all questions to get your test result.
1) The kind of business that would make a good partnership is:
A
Businesses that operate more than 8 hours per day
B
A lawyers office
C
A business that offers more than one good or service
D
All of the above
2) A business plan:
A
Is only needed when a lender requires it
B
Must be done
C
Is a waste of time
D
Is vital to a company’s success
3) A government agency create to regulate business is:
A
Nuclear Regulatory Commission
B
Food and Drug Administration
C
Securities and Exchange Commission
D
None of these
4) Consequences of filing bankruptcy are:
A
Won’t be able to get a mortgage
B
Can re-file in 4 years
C
Business will close
D
Bad credit rating
5) Regulations that protect businesses are:
A
Patents, copyrights, and trademarks
B
All of these
C
FTC, SEC, and the Federal Aviation Administration
D
Monopoly and Trade Infringement Protection
6) The government protects the public in two categories:
A
All of these
B
Automobiles and Housing
C
Food and Drugs and Non-Food Products
D
Trademarks and copyrights
7) A consequence of mishandling information could be:
A
All of these
B
People mad at you
C
Ruining your credit
D
Lawsuit
8) 3 Types of State and Local Regulations are:
A
None of these
B
Taxes, Building Codes, and Zoning
C
Trademarks, Copyrights, and Patents
D
Interstate, Intrastate, and Extrastate
9) A regressive tax is:
A
The actual tax rate decreases as the taxable amount increases
B
Tax on profits of business and earning of individuals
C
Based on the ability to pay
D
A sales tax that applies to only selected goods and services
10) Property tax is:
A
A tax on material goods owned
B
A tax levied on the retail price of goods and services at the time they are sold
C
Based on the ability to pay
D
None of these
*select an answer for all questions
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