Business Management Fall Final Exam Review 4: Question Preview (ID: 12133)

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Ethics is:
a) Linked to values
b) Standards of moral conduct that individuals & groups set for themselves, defining behavior
c) A formal, published collection of values and rules that reflect a firm’s philosophy and goals
d) All of these

Social responsibility means:
a) Dumping waste products responsibly
b) Doing Business Ethically
c) Fundraising for the less fortunate
d) Sharing in society’s problems and helping to solve them

A characteristic of an entrepreneur is:
a) Must be willing to work long hours
b) Must be creative thinkers
c) Must be well informed about financial, marketing, and legal matters
d) All of these

One reason a business may fail is:
a) A business plan was not prepared
b) The entrepreneur didn’t have enough money
c) No planning
d) None of these

An advantage of Proprietorships is:
a) Owner receives all the profits
b) Owner works long hours
c) Owner has satisfaction of doing everything themselves
d) None of these

A disadvantage of a Proprietorship is:
a) Owner may lack skills and abilities and Owner bears all losses
b) Owner may have too much money
c) Illness could close the business
d) Illness, lack of abilities and skills, and the Owner bears all losses

An advantage of a Partnership is:
a) Credit position is improved
b) Less tax burden than corporations
c) Unlimited financial liability
d) Credit position improved AND Less tax burden than corporations

A disadvantage of a partnership is:
a) Disagreement could arise among partners
b) There is retirement from management
c) Credit position is improved
d) None of these

A balance sheet contains:
a) Personal information about the owner
b) The creditworthiness
c) What is owned vs. what is owed
d) Capital

A creditor is:
a) A person who financially helps out the business
b) Those to whom money is owed
c) A partner
d) A family member

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