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Business Review 1.00
Test Description: Business Review Questions 1.00 - 2.00
Instructions: Answer all questions to get your test result.
1) What is the difference between wants and needs?
A
Needs are necessary for survival, wants are nice to have.
B
Needs are goods and wants are services
C
Needs are services and wants are goods.
D
Needs are nice to have, wants are necessary for survival
2) Ensuring that the organization meets goals, and working with employees to accomplish organizational goals are both classified as which type of function?
A
Marketing
B
Human Resource
C
Accounting
D
Management
3) How is a corporation different from a sole proprietorship or partnership?
A
The owners of the corporation control the business
B
Corporation has only one of two owners.
C
Corporation requires a legal charter to start
D
Corporation is usually owned by one person.
4) The gap, Dell, IBM, are all classified as which type of business?
A
Service Provider
B
Non Profit
C
For Profit
D
Combination product and service
5) Maintaining email accounts and installing software applications is classified in which business function?
A
Operations
B
Human Resource
C
Accounting
D
Information Technology
6) Collecting money from customers, paying taxes, and processing payroll checks are which type of function?
A
Human Resource
B
Accounting
C
Operation
D
Information Technology
7) When comparing the four main types of business organizations, which type protects investors the MOST from personal financial liability due to being sued by a customer? (Think about stocks)
A
Franchise
B
Partnership
C
Sole Proprietorship
D
Corporation
8) Goodwill industries helps poor and homeless people with the money raised by selling donated products in their stores. Goodwill is classified as what kind of business?
A
For profit
B
Combination product and service
C
Service provider
D
Non-profit
9) Hiring and Firing employees is an example of which business function?
A
Information Technology
B
Accounting
C
Operations
D
Human Resource
10) What do wants and needs have in common?
A
Both are costly
B
We need both to survive.
C
Both are products or tangible items.
D
Both are services.
*select an answer for all questions
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