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Business Entity Functions and Characteristics Quiz

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Business Entity Functions and Characteristics Quiz

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Questions and Answers

What are the primary functions of a Business Entity?

Maximize profits and minimize costs (correct)

Maximize market share and minimize competition

Maximize sales and minimize losses

Maximize customer satisfaction and minimize employee turnover

Which of the following is a characteristic of an effective business plan?

Focused only on long-term goals

Reactive to changes in the market

Rigid and inflexible

Dynamic and adaptable (correct)

What is an advantage of using a sole proprietorship as a form of business ownership?

Access to greater financial resources

Unlimited personal liability

Ease of formation and decision-making (correct)

Separation of business and personal assets

Which of the following best describes the concept of economies of scale?

Costs decrease as production levels increase Signup and view all the answers

What is the relationship between electrical resistance and the length (L) of the conductor?

Directly proportional Signup and view all the answers

Which type of resistor has a variable resistance dependent on temperature?

Thermistor Signup and view all the answers

What do the first two colors in a 4-band resistor represent?

Significant figures Signup and view all the answers

When resistors are connected in series, what happens to the current flowing through them?

It becomes constant Signup and view all the answers

What is the equivalent resistance of resistors in a parallel connection?

$1/(1/R_1 + 1/R_2 + 1/R_3)$ Signup and view all the answers

Which of the following best describes a passive electronic component?

It consumes energy and limits the flow of electrons but does not amplify electrical signals Signup and view all the answers

What is the primary function of a resistor in an electronic circuit?

To limit or regulate the flow of electrical current Signup and view all the answers

Which type of passive component temporarily stores electrical energy in the form of magnetic field?

Inductor Signup and view all the answers

What characteristic distinguishes passive components from active components?

Passive components cannot amplify signals or increase power while active components can amplify signals and increase power Signup and view all the answers

What role do passive components play in a circuit?

Limiting or regulating the flow of electrical current Signup and view all the answers