Business Quiz PDF

REMEMBERING LEVEL 1. Which of the following characteristics of an entrepreneur aims for excellence in their work? A. Accountability B. Committed to Work C. Sets High Standards of Quality and Efficiency D. Information Seeker ANSWER; C. 2. It is the ability to structure and...

REMEMBERING LEVEL 1. Which of the following characteristics of an entrepreneur aims for excellence in their work? A. Accountability B. Committed to Work C. Sets High Standards of Quality and Efficiency D. Information Seeker ANSWER; C. 2. It is the ability to structure and manage resources effectively. A. Organizing Ability B. Communication Ability C. Problem-Solving Ability D. Technical Knowledge ANSWER; A 3. What business structure in which the owner is personally responsible for all debts? A. Corporation B. Partnership C. Hybrid Organization D. Sole Proprietorship ANSWER; D APPLYING LEVEL: 4. A business owner resolving employee conflicts is using ______. A. Technical Knowledge B. Human Relations Ability C. Organizing Ability D. Communication Ability ANSWER; B. 5. A corporation's board of directors is deciding on a new product line. What competency will they need most to ensure the product’s success? A. Communication Ability B. Decision Making Ability C. Technical Knowledge D. Organizing Ability ANSWER; B. EVALUATING LEVEL 6. Which choice best explains why a sole proprietor might be cautious about expanding to a corporation? A. Increased government regulation B. Reduced protection for personal assets C. Loss of all control over business decisions D. Reduced access to investments and resources ANSWER; A. 7. Maria is a partner in a small business. She is hesitant to add another partner due to profit-sharing concerns. What could be a potential advantage of adding a partner? - A) Increased profits for all partners - B) Improved access to resources and skills - C) Less need for customer relations - D) Reduced financial stability ANSWER; B. ANALYZING LEVEL 8. Compare the management of a sole proprietorship and a corporation. Which statement is correct? A. Both have shared liability. B. Only sole proprietorships are legally separated from owners. C. Corporations are managed by a board, while sole proprietorships are managed by owners. D. Corporations avoid debts, while sole proprietors are liable for losses. ANSWER; C.