BUS 100 WEEK 1 QUIZ 1 AND 2
BUS 100 WEEK 1 QUIZ 1 AND 2
BUS 100 WEEK 1 QUIZ 1 AND 2
Question 1
Doing business today without harming the ability of future generations to meet their needs is referred to as
Answer
going green.
ethical behavior.
social responsibility.
sustainability.
Question 2
It was during this era that many businesses began to dominate their markets, forcing out competitors, manipulating prices, and exploiting workers, which lead the government to pass laws regulating business.
Answer
Industrial Revolution
Entrepreneurship Era
Production Era
Marketing Era
Question 3
Business transactions that occur online are examples of
Answer
I-commerce.
meta-economics.
e-commerce.
nano-commerce.
Question 4
A business’s core goal is to generate long term profits while delivering _____ to its customers.
Answer
value
data
communication
consistency
Question 5
Successful firms of today would
Answer
take risks.
embrace change.
focus on generating short-term profits.
avoid new opportunities if what they are currently doing works well.
Question 6
Entrepreneurs need economic freedom to thrive. Those freedoms include
Answer
freedom to make money, freedom to hire people, and freedom from taxation.
freedom of choice, freedom from excess regulation, and freedom from too much taxation.
freedom to hire people, freedom to compete, and freedom from all regulation.
freedom to make money, freedom from taxation, and freedom from regulation.
Question 7
The relationship era introduced the idea
Answer
that customers are disposable.
that cultivating current customers is more profitable than constantly seeking new ones.
of the marketing concept.
of aggressive persuasion designed to separate consumers from their cash.
Question 8
The marketing era introduced
Answer
the marketing strategy.
the 4 Ps of marketing.
the marketing approach.
the marketing concept.
Question 9
_____ refers to the quality and quantity of products and goods available to a population at a given time.
Answer
Quality of life
Economic growth
Entrepreneurship
Standard of living
Question 10
Business will incur a _____ when expenses are higher than revenue.
Answer
risk
profit
surplus
loss
Quiz 2
Question 1
A key advantage of a corporation is that
Answer
the owners maintain limited liability.
it is easy to form this type of business.
the owners maintain unlimited liability.
the business is considered an extension of the owner.
Question 2
The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the
Answer
general corporation.
limited partner.
franchisor.
franchisee.
Question 3
From the standpoint of an owner, a major advantage of the sole proprietorship is the:
Answer
ability to pool financial resources.
ability to capitalize on complementary skills.
retention of control.
permanence of the business
Question 4
A key advantage of a sole proprietorship is that _____
Answer
it is easy and inexpensive to form this type of business.
the owner has limited liability for the debts for this type of business.
it is very easy to raise financial capital for this type of business.
the business has perpetual life.
Question 5
A(n) _____ occurs when one firm buys another firm.
Answer
conglomeration
joint venture
merger
acquisition
Question 6
A _____ merger is the combination of firms in the same industry.
Answer
hostile
conglomerate
vertical
horizontal
Question 7
Sole proprietors have _____ for the debts of their companies.
Answer
no liability
limited liability
unlimited liability
shared liability
Question 8
A nonprofit corporation enjoys the benefit of
Answer
earnings that are exempt from state and federal taxes.
guaranteed dividends to shareholders.
exemption from filing paperwork.
limited liability for shareholders.
Question 9
_____ is the contractual relationship in which an established firm supplies another business with unique resources in exchange for payment and other considerations.
Answer
Franchising
Formalizing
Formatting
Articles of incorporation
Question 10
The majority of businesses today are formed as
Answer
sole proprietorships.
corporations.
limited liability partnerships.
partnerships.