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Business Ownership (Continuing Education)

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Business Ownership

1. 
Robin has started her own online consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur.
  1. True
  2. False
2. 
The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.
  1. True
  2. False
3. 
Businesses seek to earn a profit by providing goods and services to others.
  1. True
  2. False
4. 
Outsourcing means selling goods and services to people in other countries.
  1. True
  2. False
5. 
It is possible to own stock in a partnership.
  1. True
  2. False
6. 
A limited partnership is one in which one partner is not involved in the day to day running of the business.
  1. True
  2. False
7. 
Limited liability is a characteristic of what form of business ownership?
  1. Sole proprietorship
  2. Partnership
  3. Corporation
  4. Joint proprietorship
8. 
A business that does business through several venues, such as stores, mail and the Internet is known as which of the following?
  1. e-commerce
  2. multi-channel retailer
  3. e-tail
  4. clicks-and-bricks
9. 
The total amount of money that businesses take in by selling goods and services is known as which of the following?
  1. profit
  2. revenue
  3. loss
  4. retained earnings
10. 
Starting a business always involves which of the following?
  1. profit
  2. loss
  3. revenue
  4. risk
11. 
The most important difference between for-profit businesses and nonprofit organizations is that
  1. businesses do not benefit society.
  2. nonprofit organizations seek to make a profit for its owners and organizers.
  3. nonprofit organizations do not seek a profit for its owners or organizers.
  4. nonprofit organizations do not file tax returns.
12. 
The amount a business earns after deducting what it spends for salaries and other expenses is known as which of the following?
  1. Profit
  2. Revenue
  3. Interest
  4. Dividends
13. 
Which of the following best completes this sentence? The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's
  1. market makers.
  2. economic environment.
  3. stakeholders.
  4. social mentors.
14. 
The standard of living for a nation's people depends mainly on
  1. the quality of the natural environment.
  2. how much political freedom they have.
  3. their income and the prices of the goods and services they buy.
  4. the amount of labor and capital available employed in the manufacturing sector
15. 
Which of the following is not an advantage of a corporation?
  1. professional managers
  2. access to resources
  3. limited liability
  4. easy to open and close
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