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.
- True
- 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.
- True
- False
3.
Businesses seek to earn a profit by providing goods and services to others.
- True
- False
4.
Outsourcing means selling goods and services to people in other countries.
- True
- False
5.
It is possible to own stock in a partnership.
- True
- False
6.
A limited partnership is one in which one partner is not involved in the day to day running of the business.
- True
- False
7.
Limited liability is a characteristic of what form of business ownership?
- Sole proprietorship
- Partnership
- Corporation
- 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?
- e-commerce
- multi-channel retailer
- e-tail
- 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?
- profit
- revenue
- loss
- retained earnings
10.
Starting a business always involves which of the following?
- profit
- loss
- revenue
- risk
11.
The most important difference between for-profit businesses and nonprofit organizations is that
- businesses do not benefit society.
- nonprofit organizations seek to make a profit for its owners and organizers.
- nonprofit organizations do not seek a profit for its owners or organizers.
- 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?
- Profit
- Revenue
- Interest
- 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
- market makers.
- economic environment.
- stakeholders.
- social mentors.
14.
The standard of living for a nation's people depends mainly on
- the quality of the natural environment.
- how much political freedom they have.
- their income and the prices of the goods and services they buy.
- the amount of labor and capital available employed in the manufacturing sector
15.
Which of the following is not an advantage of a corporation?
- professional managers
- access to resources
- limited liability
- easy to open and close
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