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.