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ITB Chapter 3 And 4
Test Description: Types of Business ownership Developing a Business Plan
Instructions: Answer all questions to get your test result.
1) A _______ is a business partner who does not take an active role in decision making or running the business.
A
stockholder
B
sole proprietor
C
general partner
D
limited partner
2) A _______ is a business partner who has decision-making authority, takes an active role in the operation of a business, and has unlimited liability for all losses or debts of the partnership.
A
limited partner
B
business owner
C
sole proprietor
D
general partner
3) Limited human resources is a disadvantage of a _______.
A
publicly held corporation
B
partnership
C
sole proprietorship
D
closely held corporation
4) _______ account for 5 percent of all the businesses in the United States.
A
publicly held corporations
B
closely held corporations
C
sole proprietorships
D
partnerships
5) An advantage of organizing a business as a partnership is _______.
A
disagreement among partners
B
limited life
C
more skills and knowledge
D
unlimited liability
6) A _______ is a business organization that operates as a legal entity that is separate from its owners and is treated by law as if it were an individual person.
A
partnership
B
corporation
C
board of directors
D
sole proprietorship
7) _______ refers to an application to operate as a corporation.
A
articles of incorporation
B
corporate charter
C
corporate bylaws
D
going public
8) _______ is a disadvantage of organizing a business as a corporation.
A
limited liability
B
lack of capital
C
snap decision making
D
double taxation
9) Many small and family-owned businesses operate as _______.
A
publicly held corporations
B
franchises
C
limited liability companies
D
closely held corporations
10) A _______ is a business that operates and pays taxes as a partnership but has limited liability for the owners.
A
closely held corporation
B
franchise
C
limited liability company (LLC)
D
publicly held corporation
11) A(n) _______ is an economic system in which people can choose what they buy, what they produce and sell, and where they work.
A
business plan
B
market
C
free enterprise system
D
inventory
12) The amount of money earned over and above the amount spent to keep the business operating is called _______.
A
profit
B
budget
C
liability
D
assets
13) Effective _______ help companies to maintain sales.
A
marketing plans
B
strategic plans
C
financial plans
D
budgets
14) The first step in writing a strategic plan is _______.
A
purchasing assets
B
choosing promotions
C
setting goals
D
identifying steps to achieve your goals
15) The systematic process of recording and reporting the financial position of a business is called _______.
A
a transaction
B
cash flow
C
a budget
D
accounting
16) A standard set of guidelines used in recording and reporting financial changes is known as _______.
A
a financial plan
B
a budget
C
generally accepted accounting principles (GAAP)
D
accounting
17) Negative cash flow is a situation that occurs when a business _______.
A
applies GAAP
B
spends more money than it receives
C
earns high profits
D
receives more money than it spends
18) The merchandise retailers have for sale is called _______.
A
reserve funds
B
inventory
C
assets
D
promotions
19) A(n) _______ occurs each time a business records a purchase.
A
cash flow
B
negative cash flow
C
transaction
D
inventory
20) A business's _______ are often used to repair equipment.
A
operating costs
B
cash reserves
C
investments
D
assets
*select an answer for all questions
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