Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management 1 & 2 > Quarter 3 Final Exam > Flashcards

Quarter 3 Final Exam Flashcards

1
Q

A limited partnership allows an individual in invest and make management decisions in a business without incurring the liability associated with a regular partnership

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The quantity to be purchased with minimizes total cost

A

Economic Order Quantity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A group of potential customers having purchasing power and unsatisfied needs is called a market

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

In business, a reduction of selling price below the original selling price is referred to as

A

Markdown

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Partnership property is not protected against creditors of one partner

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A BFOQ is

A

A qualification that is absolutely necessary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

An unfavorable marketing sign would be the inability of residents to find local jobs

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Which of the following is NOT included on the employment application

A

Applicant’s sex

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

WHich is a disadvantage of the Limited Liability Company form of business

A

If improperly structured, can be taxed as a “C” corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The Census of Population, Census of Business, and Census of Housing are all sources of published market data

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The main objective in a market survey is

A

to determine where the potential customers are

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A favorable marketing sign would include construction activity and the lack of vacant buildings

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Which of the following is normally NOT a source of published market data

A

Census of banking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The process of determining by observation and study, pertinent information about the nature of a specific job is known as job analysis

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A summary of how a business intends to organize and implement activities required in order to be successful

A

Business Plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

An individual owning a funeral home as a proprietor reports business income on his own income tax returns and is generally not liable for debts incurred by the business

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

A document that lists the major responsibilities and tasks of a job is known as

A

Description

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

A partnership is not a legal entity for most purposes

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Purchasing power is the potential personal or family income available for the purchase of consumer goods

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A partnership is limited to two individuals who both participate in the profits of the business according to some agreement

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A business with growth potential that is small compared to large companies in an industry

A

Small business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Competition is the practice of trying to obtain something that is being sought by others under similar circumstances at the same time

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

In a business, the number of time the average inventory is sold or used up can be referred to as

A

Inventory Turnover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The wealth produced in or near a community that provides employment and income to the local population is known as the

A

economic base

25
Q

The difference between merchandise cost and the selling price is known as the

A

mark-up

26
Q

Which of the federal laws affecting employment concerns prohibits wage discrimination based on the sex of the worker?

A

Equal Pay Act of 1963

27
Q

When a business provides a particular service to its customers it is aptly referred to as a

A

Service Business

28
Q

A business organization that has a distinct existence separate and apart from existence of its individual members

A

Corporation

29
Q

Comfort, convenience, and economy are three types of customer buying motives

A

true

30
Q

A buying unit, or customers, are always described as a geographical area

A

false

31
Q

If a prospective business owner attempts to statistically study such factors as human population size, density, distribution, and wealth, we would refer to this as

A

Demographics

32
Q

The statistical study of human populations with respect to their size, density, distribution composition, and income is known as

A

demographics

33
Q

A plan which provides inducements to potential purchasers of products and/or services is called

A

Sales Promotions

34
Q

The art of making the public aware of the services or commodities that the business has for sale is known as public relations

A

false

35
Q

Deciding how to make your product distinctive so that it will offer more value to your customers than your competitor’s products is a problem common to all businesses, large and small

A

true

36
Q

Determining what can be done to make sure customers perceive the superior value of one’s products is a problem unique to small businesses

A

false

37
Q

Which of the following is NOT used to measure the success of advertising

A

Income trends in the community

38
Q

The practice of trying to get something that is being sought by other’s under similar circumstances at the same time is known as

A

Competition

39
Q

Which of the following statements is TRUE concerning consumer credit

A

Credit customers are more interested in quality and service than price

40
Q

The art of making the public aware of one’s products and/or services that are for sale can be referred to as

A

Advertising

41
Q

Small Business

A

A business with growth potential that is small compared to large companies in an industry, has geographically localized operations, is financed by only a few individuals, and has a
small management team.

42
Q

Entrepreneur

A

A person willing to create value, in either a new or an existing business, while assuming both the risks and the rewards for his/her efforts

43
Q

Functions of Management

A

Planning
Organizing
Directing/Actuating
Evaluating/Controlling

44
Q

Planning

A
  • That function of determining in advance what needs to be accomplished to achieve a particular goal
  • Developing a Mission Statement
  • Setting Goals
  • Setting Objectives
45
Q

Organizing

A

Using all resources; human resources, materials, processes etc. to meet goals
- Specifics are decided
- Creates team environment

46
Q

Directing/Actuating

A
  • A process in which the managers instruct, guide, and oversee the performance of the workers to achieve predetermined goals.
  • This can be achieved by removing obstacles, creating a pleasant environment, and placing the proper resources in place.
47
Q

Evaluating/Controlling

A
  • Compares organizational and individual performance with predetermined standards or expected results
48
Q

Manufacturing Business

A

A business that makes finished goods from raw materials by hand or machinery

49
Q

Merchandising Business

A

A business that purchases finished goods for resale

50
Q

Service Business

A

A business that provides a service as opposed to a product

51
Q

Sole Proprietorship

A

A business owned by one person, who bears unlimited liability for the enterprise
- AD:Simplest and cheapest way to start a business
- AD: Owner holds title to all firm’s assets and receives all the firm’s profits
- DIS: Owner is subject to claims of creditors
- DIS: Owner must bear all risk, pays all debts
- DIS: Death of owner terminates business
- DIS: Owner bears unlimited liability

52
Q

Partnership

A

A legal entity formed by two or more co-owners to operate a business for profit
AD: Faster business setup
AD: All aspects of business are shared
DIS: Share profits and losses equally (unless agreed to a different ratio)
DIS: Owners share unlimited liability
DIS: Personal conflicts
DIS: Decision-making may be harder
DIS: Owners must share equal parts

53
Q

Corporation

A

A business organization that exists as a legal entity and provides limited liability to its owners
AD: Continuity in existence
AD: Ease of ownership
AD: Limited Liability
AD: Large Financial Capability
DIS: Legal restrictions on activities
ownership in a corporation is readily
transferable upon death
DIS: Separation of ownership/control
DIS: Lack of personal interest
DIS: Double taxation of earnings

54
Q

Limited partnership

A

A partnership with at least one general

55
Q

Limited Partner

A

A partner in a limited partnership who is not active in its management and whose liability is limited to his or her investment.

56
Q

C Corporation

A

An ordinary corporation, taxed by the federal government as a separate legal entity.

57
Q

S Corporation

A
  • subchapter S corporation
  • A corporation that offers limited liability to its owners and passes taxable income or losses on to stockholders.
58
Q

Limited Liability Company

A

A form of organization in which owners have limited liability but pay personal income taxes on business profits

Business Management 1 & 2 (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions