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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
Partners have to split the profits
B
The business has an unlimited life span
C
Easier to raise money with multiple partners
D
Partners can divide the workload
2) The money you spend to run your business, or the cost of doing business.
A
Income
B
Profits
C
Expenses
D
Revenue
3) Which of the following is NOT a characteristic of a Sole Proprietorship?
A
The owner is responsible for all losses
B
The owner can sell stock to raise money
C
Pays lower taxes compared to a corporation
D
The owner has complete control of profits
4) The money you make from selling your product or service.
A
Expenses
B
Debits
C
Profit
D
Revenue
5) A negative transaction that removes money from your account!
A
Balance
B
Revenue
C
Credit
D
Debit
6) A business that is owned by shareholders and has rights and responsibilities as if it were a person.
A
Entrepreneurship
B
Corporation
C
Sole Proprietorship
D
Partnership
7) If you have more money coming into your business than you are spending, what do you have?
A
Taxes
B
Negative Cash Flow
C
Positive Cash Flow
D
Revenue
8) A person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business.
A
Corporation
B
Investor
C
Entrepreneur
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
Makes mistakes and learns from them!
B
All answers are correct!
C
Is a creative thinker!
D
Knows how to identify a need.
12) Your business is making a profit when your revenue is more than your expenses!
A
True
B
False
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
Sole Proprietorship
C
Partnership
D
Entrepreneur
16) A document that describes an idea for a product or service and how it will make money!
A
Corporation
B
Insurance
C
Business Plan
D
Portfolio
17) A positive transaction that adds money to your account!
A
Balance
B
Expenses
C
Debit
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
Corporation
B
Entrepreneurship
C
Partnership
D
Sole Proprietorship
19) Which of the following would you find in a Business Plan?
A
Description of how a product works
B
How much your product will cost
C
Where you will sell your product
D
All answers are correct
20) The amount of money your business is making and spending is called what?
A
Cash Flow
B
Profit
C
Revenue
D
Expenses
*select an answer for all questions
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