Business Studies: Forms of Business Ownership
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Questions and Answers

Which form of business ownership provides the LEAST protection of personal assets from business debts?

  • Limited Liability Company
  • Partnership
  • Sole Proprietorship (correct)
  • Corporation

Which business function is primarily responsible for ensuring compliance with labor laws and regulations?

  • Operations
  • Marketing
  • Finance
  • Human Resources (correct)

A company is experiencing declining sales due to changing consumer preferences. Which business function should take the lead in analyzing these trends and recommending adjustments to product offerings?

  • Finance
  • Human Resources
  • Marketing (correct)
  • Operations

Which of the following is the FIRST step in the management process?

<p>Planning (D)</p> Signup and view all the answers

A company is implementing a new technology that automates a significant portion of its production process. Which external factor is MOST directly influencing this decision?

<p>Technological factors (D)</p> Signup and view all the answers

A business is trying to decide whether to pursue a cost leadership or differentiation strategy. Which of the following questions would be MOST relevant to this decision?

<p>What are our company's core strengths and capabilities? (C)</p> Signup and view all the answers

Which financial statement provides a snapshot of a company's assets, liabilities, and equity at a specific point in time?

<p>Balance Sheet (C)</p> Signup and view all the answers

Which of the following actions BEST demonstrates corporate social responsibility (CSR)?

<p>Implementing sustainable practices to reduce environmental impact (D)</p> Signup and view all the answers

An entrepreneur is seeking funding for a new business venture. Which funding source typically requires the entrepreneur to give up a portion of ownership in the company?

<p>Investors (A)</p> Signup and view all the answers

A U.S.-based company is exporting its products to Japan. What factor would present a major challenge?

<p>Fluctuations in exchange rates (B)</p> Signup and view all the answers

What is the PRIMARY goal of the marketing function within a business?

<p>To create value for customers and build strong relationships (A)</p> Signup and view all the answers

Which leadership style is MOST likely to empower employees and encourage their participation in decision-making?

<p>Democratic (C)</p> Signup and view all the answers

Which element of a business plan provides a brief overview of the entire document and highlights key aspects of the business?

<p>Executive Summary (B)</p> Signup and view all the answers

What is a key difference between a partnership and a corporation regarding liability?

<p>Partnerships have unlimited liability, while corporations offer limited liability. (C)</p> Signup and view all the answers

Which of the following financial ratios is MOST directly related to a company's ability to pay its short-term obligations?

<p>Current Ratio (C)</p> Signup and view all the answers

Flashcards

Sole Proprietorship

A business owned and run by one person, with the owner receiving all profits but also being personally liable for all debts.

Partnership

A business owned and run by two or more people who agree to share in the profits or losses.

Corporation

A legal entity separate from its owners, offering limited liability and the ability to raise capital through the sale of stock.

Marketing

The process of creating, communicating, and delivering value to customers, ensuring customer satisfaction, and generating profit.

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Finance

Managing the financial resources of a business through planning, budgeting, accounting, and investment decisions.

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Human Resources (HR)

Managing the employees of a business, including recruitment, training, compensation, and ensuring compliance with labor laws.

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Operations

Managing the production and delivery of goods and services efficiently and effectively.

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Planning

Setting goals and determining the actions needed to achieve them.

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Organizing

Arranging resources and activities in a structured manner to achieve organizational goals.

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Leadership

Influencing and inspiring others to achieve a common goal.

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Strengths (SWOT)

Attributes that give a business a competitive edge.

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Weaknesses (SWOT)

Attributes that put a business at a disadvantage.

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Threats (SWOT)

External conditions that could harm a business.

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Corporate Social Responsibility (CSR)

A business's commitment to operating in an ethical and sustainable manner, considering its impact on society and the environment.

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Entrepreneurship

The process of starting, organizing, managing, and assuming the risks of a business venture.

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Study Notes

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Description

Covers sole proprietorships, partnerships, and corporations. Examines the advantages and disadvantages of each. Includes liability, raising capital, and control.

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