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