1.01-1.02 Principles, Purposes, And Types Of Business: Question Preview (ID: 20548)

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Maintaining email accounts and installing software applications is classified in which business function?
a) Operations
b) Accounting
c) Information Technology
d) Human Resource

What is the difference between wants and needs?
a) Needs are goods and wants are services
b) Needs are necessary for survival, wants are nice to have.
c) Needs are nice to have, wants are necessary for survival
d) Needs are services and wants are goods.

The Gap, Dell, IBM, are all classified as which type of business? (They make money)
a) Combination product and service
b) Non Profit
c) For Profit
d) Service Provider

How is a corporation different from a sole proprietorship or partnership?
a) Corporation has only one or two owners.
b) Corporation is usually owned by one person.
c) The owners of the corporation control the business
d) Corporation requires a legal charter to start

Ensuring that the organization meets goals, and working with employees to accomplish organizational goals are both classified as which type of function?
a) Management
b) Human Resource
c) Accounting
d) Marketing

When comparing the four main types of business organizations, which type protects investors the MOST from personal financial liability due to being sued by a customer? (Think about stocks)
a) Franchise
b) Corporation
c) Partnership
d) Sole Proprietorship

Collecting money from customers, paying taxes, and processing payroll checks are which type of function?
a) Operation
b) Information Technology
c) Human Resource
d) Accounting

Goodwill industries helps poor and homeless people with the money raised by selling donated products in their stores. Goodwill is classified as what kind of business?
a) Combination product and service
b) For profit
c) Service provider
d) Non-profit

Hiring and Firing employees is an example of which business function?
a) Accounting
b) Information Technology
c) Human Resource
d) Operations

What do wants and needs have in common?
a) We need both to survive.
b) Both are costly
c) Both are products or tangible items.
d) Both are services.

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