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Chapter 6 - Types And Functions Of Businesses
Test Description: Chapter 6
Instructions: Answer all questions to get your test result.
1) Which of the following business are taxed twice?
A
Sole Proprietorship
B
Partnership
C
Corporation
2) Which of the following makes finished goods out of processed goods?
A
Producer
B
Wholesaler
C
Processor
D
Manufacturer
3) Which type of business gathers materials from natural resources
A
Manufacturers
B
Producers
C
Retailers
D
Processors
4) Which of the follow parts of a business analyzes financial statements to make future decisions?
A
Management
B
Accounting
C
Finance
D
Marketing
5) Which of the following means buying and selling of goods that have already been produced
A
Production
B
Management
C
Processing
D
Procurement
6) Which of the following is NOT an advantage for a sole proprietorship
A
Can keep all profits for self
B
Limited liability
C
Income is taxed once
D
Easy to start(get a license)
7) Which of the following is NOT true of corporations
A
A board of directors makes decisions
B
They have limited liability.
C
Only taxed once.
D
Difficult and costly to start.
8) True or False: Dividends are income paid out to owners on a share of stock.
A
False
B
True
9) Which of the following is a business that is owned and operated by its owners in order to save money on purchasing certain goods and services
A
Nonprofit organization
B
Corporation
C
Cooperative
D
Franchise
10) Which department focuses on managing the company's resources effectively?
A
Management
B
Financing
C
Production
D
Marketing
*select an answer for all questions
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