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

[removed]		going green.
[removed]		ethical behavior.
[removed]		social responsibility.
[removed]		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

[removed]		Industrial Revolution
[removed]		Entrepreneurship Era
[removed]		Production Era
[removed]		Marketing Era

Question 3

Business transactions that occur online are examples of

Answer

[removed]		I-commerce.
[removed]		meta-economics.
[removed]		e-commerce.
[removed]		nano-commerce.

Question 4

A business’s core goal is to generate long term profits while delivering _____ to its customers.

Answer

[removed]		value
[removed]		data
[removed]		communication
[removed]		consistency

Question 5

Successful firms of today would

Answer

[removed]		take risks.
[removed]		embrace change.
[removed]		focus on generating short-term profits.
[removed]		avoid new opportunities if what they are currently doing works well.

Question 6

Entrepreneurs need economic freedom to thrive. Those freedoms include

Answer

[removed]		freedom to make money, freedom to hire people, and freedom from taxation.
[removed]		freedom of choice, freedom from excess regulation, and freedom from too much taxation.
[removed]		freedom to hire people, freedom to compete, and freedom from all regulation.
[removed]		freedom to make money, freedom from taxation, and freedom from regulation.

Question 7

The relationship era introduced the idea

Answer

[removed]		that customers are disposable.
[removed]		that cultivating current customers is more profitable than constantly seeking new ones.
[removed]		of the marketing concept.
[removed]		of aggressive persuasion designed to separate consumers from their cash.

Question 8

The marketing era introduced

Answer

[removed]		the marketing strategy.
[removed]		the 4 Ps of marketing.
[removed]		the marketing approach.
[removed]		the marketing concept.

Question 9

_____ refers to the quality and quantity of products and goods available to a population at a given time.

Answer

[removed]		Quality of life
[removed]		Economic growth
[removed]		Entrepreneurship
[removed]		Standard of living

Question 10

Business will incur a _____ when expenses are higher than revenue.

Answer

[removed]		risk
[removed]		profit
[removed]		surplus
[removed]		loss

Quiz 2

Question 1

A key advantage of a corporation is that

Answer

[removed]		the owners maintain limited liability.
[removed]		it is easy to form this type of business.
[removed]		the owners maintain unlimited liability.
[removed]		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

[removed]		general corporation.
[removed]		limited partner.
[removed]		franchisor.
[removed]		franchisee.

Question 3

From the standpoint of an owner, a major advantage of the sole proprietorship is the:

Answer

[removed]		ability to pool financial resources.
[removed]		ability to capitalize on complementary skills.
[removed]		retention of control.
[removed]		permanence of the business

Question 4

A key advantage of a sole proprietorship is that _____

Answer

[removed]		it is easy and inexpensive to form this type of business.
[removed]		the owner has limited liability for the debts for this type of business.
[removed]		it is very easy to raise financial capital for this type of business.
[removed]		the business has perpetual life.

Question 5

A(n) _____ occurs when one firm buys another firm.

Answer

[removed]		conglomeration
[removed]		joint venture
[removed]		merger
[removed]		acquisition

Question 6

A _____ merger is the combination of firms in the same industry.

Answer

[removed]		hostile
[removed]		conglomerate
[removed]		vertical
[removed]		horizontal

Question 7

Sole proprietors have _____ for the debts of their companies.

Answer

[removed]		no liability
[removed]		limited liability
[removed]		unlimited liability
[removed]		shared liability

Question 8

A nonprofit corporation enjoys the benefit of

Answer

[removed]		earnings that are exempt from state and federal taxes.
[removed]		guaranteed dividends to shareholders.
[removed]		exemption from filing paperwork.
[removed]		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

[removed]		Franchising
[removed]		Formalizing
[removed]		Formatting
[removed]		Articles of incorporation

Question 10

The majority of businesses today are formed as

Answer

[removed]		sole proprietorships.
[removed]		corporations.
[removed]		limited liability partnerships.
[removed]		partnerships.

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