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1.01-1.02 Principles, Purposes, And Types Of Business
Test Description: This is a Business Review for 1.01-1.03
Instructions: Answer all questions to get your test result.
1) What do wants and needs have in common?
A
Both are products or tangible items.
B
Both are costly
C
We need both to survive.
D
Both are services.
2) Hiring and Firing employees is an example of which business function?
A
Information Technology
B
Operations
C
Human Resource
D
Accounting
3) 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
Service provider
B
Non-profit
C
For profit
D
Combination product and service
4) Collecting money from customers, paying taxes, and processing payroll checks are which type of function?
A
Information Technology
B
Accounting
C
Human Resource
D
Operation
5) 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
Sole Proprietorship
B
Franchise
C
Partnership
D
Corporation
6) Ensuring that the organization meets goals, and working with employees to accomplish organizational goals are both classified as which type of function?
A
Management
B
Marketing
C
Accounting
D
Human Resource
7) How is a corporation different from a sole proprietorship or partnership?
A
Corporation is usually owned by one person.
B
The owners of the corporation control the business
C
Corporation requires a legal charter to start
D
Corporation has only one or two owners.
8) The Gap, Dell, IBM, are all classified as which type of business? (They make money)
A
Non Profit
B
Combination product and service
C
Service Provider
D
For Profit
9) Maintaining email accounts and installing software applications is classified in which business function?
A
Information Technology
B
Operations
C
Accounting
D
Human Resource
10) What is the difference between wants and needs?
A
Needs are services and wants are goods.
B
Needs are necessary for survival, wants are nice to have.
C
Needs are nice to have, wants are necessary for survival
D
Needs are goods and wants are services
*select an answer for all questions
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