BUSINESS EXAM STUDY

Question 1

what is the main purpose of a non-profit organization

Answer 1

to help people in the community

Question 2

what chatacteristics classify as a small or medium sized musiness

Answer 2

employees less than 500 people

Question 3

which is a channel of distrubition for delivering good or services to the customers

Answer 3

ratail (bricks & mortar)

Question 4

what are some of the categories of distribution channels

Answer 4

• retail
• telephone
• catalogues
• e-commers

Question 5

what is a benefiti of e-commerce as a channel of distribution

Answer 5

reduced operating costs

Question 6

why is it important for entrepreneurs to carefully concider the quanity of invintory or stock to keep on hand

Answer 6

maximize finanical gain

Question 7

what are the main types of economic resources or factors of production

Answer 7

• natural resorces
• manufactured resources
• human resources

Question 8

according to the law of demand, what happens when prices decrease

Answer 8

consumers buy more –> demand goes up

Question 9

what does the law of supply state

Answer 9

as price increase, business suppply more

Question 10

what term describes the degree to which demand for a product is affercted by its price

Answer 10

elastic demand

Question 11

which type of demand is typically observed for essential goods –> electricity, where consumers are less responsive to changes in price

Answer 11

inelastic demand

Question 12

what type of partnership offeres limited liability, where partners are only responsibe for the funds they are invested in the business

Answer 12

none of the above

Question 13

what are small portions of corporate ownerships that are publicly owned called

Answer 13

stocks or shares

Question 14

who owns a co-operative business

Answer 14

workers and members

Question 15

whawt does a franchise agreement typically provide to the franchisee

Answer 15

all of the above

Question 16

what is one of the requirements before a franchise is awarded

Answer 16

paying the franchise fee

Question 17

what is a reason why individuals may choose to start theur own business

Answer 17

financial independence

Question 18

what is ethical bahaviour

Answer 18

conduct that conforms to ethics

Question 19

what are morals

Answer 19

good belifs of what is right/ wrong

Question 20

what is whistle blowing

Answer 20

informing offials about illecal acts

Question 21

what are some potential consequences of behacing unethically

Answer 21

harming others and potential legal consequences

Question 22

what is teh primary distincion between raw materials and supplies

Answer 22

raw materials become part of the finished product, supplies dont

Question 23

whic of the following best describes automation in contex of labor costs

Answer 23

automation involves using machines to preform tasks

Question 24

what is outsourcing in the contex of labor costs

Answer 24

consolidating multiple manufactoring sites into one large site

Question 25

what is intellectual property of captial

Answer 25

ideas or talent of the workforce

Question 26

what is the benefirs of JIT

Answer 26

maximizing warehouse storage

Question 27

which type of labor for diswashing

Answer 27

unskilled labor

Question 28

what diwaht distinguishes skilled labor from the other types of labor

Answer 28

incolces highly specialized tasks

Question 29

which type of compensation is based of percentage of sales

Answer 29

commission

Question 30

which type of compensation incoles distributing a portion of companty profits to employyes

Answer 30

benefits

Question 31

which document serves as the foundation for workplace rights

Answer 31

government regulations

Question 32

which function of management involves setting short and long term goals

Answer 32

planning

Question 33

what does the function of organizing involve

Answer 33

arranging people

Question 34

which function of management involves motivation employees, communicating effectively, and ecnouragement

Answer 34

leading

Question 35

what is one of the activites involved in the function of controlling

Answer 35

employee discipline and performance appraisals

Question 36

which leadership style involves making all the decisions without allowing employee participation

Answer 36

autocratic leadership

Question 37

which leadership style involves leaving employees alone to do their work providing them with independence

Answer 37

laissez-faire leadership

Question 38

what is the purpose of a brand name

Answer 38

a visiual symbol associated with the company or product

Question 39

what is a trademark

Answer 39

a word or sybol

Question 40

what is the dundameltal accounting equation

Answer 40

assets = liabilities + owners equity

Question 41

if a company has total assets of 100k and a liabilites of 40k what is the equity

Answer 41

60k

Question 42

which finincial statement if appropriate for ecaluating a companys profitability

Answer 42

income statement

Question 43

which finincial statement provides a snapshot of a companys financial position

Answer 43

balance sheet

Question 44

what is a stock

Answer 44

a share of ownership in a company

Question 45

what is the concept of buying low and selling high

Answer 45

to make a profit

Question 46

what is the importance of an investment portfolio

Answer 46

it allows investors to diversify their investments and manage risk

Question 47

hwat is the benefit of compond interest in saving

Answer 47

allows savings to grow faster