Introduction To Business Exam REVIEW: Question Preview (ID: 29864)

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Which of the following is NOT a characteristic of a partnership?
a) The business has an unlimited life span
b) Partners have to split the profits
c) Easier to raise money with multiple partners
d) Partners can divide the workload

The money you spend to run your business, or the cost of doing business.
a) Revenue
b) Income
c) Expenses
d) Profits

Which of the following is NOT a characteristic of a Sole Proprietorship?
a) Pays lower taxes compared to a corporation
b) The owner is responsible for all losses
c) The owner can sell stock to raise money
d) The owner has complete control of profits

The money you make from selling your product or service.
a) Debits
b) Expenses
c) Profit
d) Revenue

A negative transaction that removes money from your account!
a) Revenue
b) Credit
c) Balance
d) Debit

A business that is owned by shareholders and has rights and responsibilities as if it were a person.
a) Partnership
b) Entrepreneurship
c) Corporation
d) Sole Proprietorship

If you have more money coming into your business than you are spending, what do you have?
a) Positive Cash Flow
b) Taxes
c) Negative Cash Flow
d) Revenue

A person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business.
a) Corporation
b) Banker
c) Entrepreneur
d) Investor

A business plan is only important if you are a kid starting your first business!
a) True
b) False

Corporations mostly have a limited life span.
a) True
b) False

Which qualities best describe an Entrepreneur?
a) Is a creative thinker!
b) Knows how to identify a need.
c) Makes mistakes and learns from them!
d) All answers are correct!

Your business is making a profit when your revenue is more than your expenses!
a) True
b) False

It takes a bunch of small steps to start up a business
a) True
b) False

Sole Proprietorships are the most popular type of business!
a) True
b) False

A business that is owned and manged by one individual who receives all the profits, but is responsible for all losses.
a) Corporation
b) Sole Proprietorship
c) Partnership
d) Entrepreneur

A document that describes an idea for a product or service and how it will make money!
a) Corporation
b) Business Plan
c) Portfolio
d) Insurance

A positive transaction that adds money to your account!
a) Debit
b) Balance
c) Credit
d) Expenses

A business that is owned and managed by two or more individuals who receive all profits, but share responsibility for all losses.
a) Entrepreneurship
b) Corporation
c) Sole Proprietorship
d) Partnership

Which of the following would you find in a Business Plan?
a) Where you will sell your product
b) All answers are correct
c) How much your product will cost
d) Description of how a product works

The amount of money your business is making and spending is called what?
a) Expenses
b) Revenue
c) Cash Flow
d) Profit

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