A Short Business Management Sample Quiz

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  • 1/10 Questions

    In this type of business, the owner is responsible for all debts:

    • Corporation
    • Sole-Proprietorship
    • Partnership
    • Cooperative
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About This Quiz

Explore key concepts of business management through this quiz, covering business types, management structures, and production models.

A Short Business Management Sample Quiz - Quiz

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  • 2. 

    Which of the following is an activity performed by businesses?

    • Generating Ideas

    • Raising Capital

    • Keeping Records

    • All of the Above

    Correct Answer
    A. All of the Above
    Explanation
    All of the options mentioned - generating ideas, raising capital, and keeping records - are activities performed by businesses. Generating ideas refers to the process of coming up with new concepts or innovations to improve products, services, or operations. Raising capital involves obtaining funds or financial resources to support business activities and growth. Keeping records involves maintaining accurate and organized documentation of financial transactions, inventory, customer information, and other relevant data to monitor and analyze business performance. Therefore, all three options are valid activities performed by businesses.

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  • 3. 

    A mining company is an example of a(n) _______________ because they take resources from the earth.

    • Extractor

    • Marketer

    • Manufacturer

    • Wholesaler

    Correct Answer
    A. Extractor
    Explanation
    A mining company is considered an extractor because it engages in the extraction of resources from the earth. This involves the process of physically removing minerals, metals, or other valuable materials from the ground. The company's primary focus is on extracting these resources, rather than marketing, manufacturing, or wholesaling them.

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  • 4. 

    A business that takes natural resources and converts them into a consumer good:

    • Extrator

    • Manufacturer

    • Marketer

    • Wholesaler

    Correct Answer
    A. Manufacturer
    Explanation
    A manufacturer is a business that takes natural resources and converts them into a consumer good. They are responsible for the production process, which involves transforming raw materials into finished products that can be sold to consumers. Manufacturers play a crucial role in the supply chain by adding value to the resources they use and creating products that meet the needs and demands of consumers.

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  • 5. 

    A group that is in charge of making business decisions for a corporation:

    • Staff

    • Board of Directors

    • Management

    • Proprietors

    Correct Answer
    A. Board of Directors
    Explanation
    The group that is in charge of making business decisions for a corporation is the Board of Directors. They are responsible for setting the overall direction and strategy of the company, making important decisions, and representing the interests of shareholders. The Board of Directors typically consists of a group of individuals who are elected by shareholders and have the authority to make key decisions regarding the company's operations, finances, and policies.

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  • 6. 

    A form of production that makes a product to fit one customer's needs:

    • Mass Production

    • Bulk Manufacturing

    • Custom Manufacturing

    • Marketing

    Correct Answer
    A. Custom Manufacturing
    Explanation
    Custom manufacturing is the correct answer because it refers to a form of production where products are made to fit the specific needs and requirements of individual customers. This process involves tailoring the design, materials, and specifications of the product to meet the unique demands of each customer. Unlike mass production or bulk manufacturing, which produce large quantities of standardized products, custom manufacturing focuses on creating personalized and customized products for individual customers. Marketing, on the other hand, is a separate function that involves promoting and selling products or services to customers.

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  • 7. 

    A form of business that can have many owners and issue stock:

    • Corporation

    • Sole-proprietorship

    • Partnership

    • Cooperative

    Correct Answer
    A. Corporation
    Explanation
    A corporation is a legal entity that is separate and distinct from its owners. This means that the corporation can own property, enter into contracts, and be sued in its own name. Corporations can have many owners, who are called shareholders. Shareholders own shares of stock in the corporation, which represent ownership in the company. Corporations can raise capital by issuing stock, which can be bought and sold on stock exchanges.

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  • 8. 

    The parent company of a franchise is known as:

    • Franchisee

    • Franchisor

    • Big Daddy

    • All of the Above

    Correct Answer
    A. Franchisor
    Explanation
    The parent company of a franchise is known as the franchisor. The franchisor is the entity that grants the rights to operate a franchise to the franchisee. They provide the business model, support, and brand recognition to the franchisee in exchange for fees and royalties. The franchisor typically has control over the operations and standards of the franchise system. "Franchisee" refers to the individual or entity that operates the franchise, while "Big Daddy" is not a commonly used term in the context of franchising.

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  • 9. 

    A partnership usually issues stock to raise capital.

    • False

    • True

    Correct Answer
    A. False
    Explanation
    A partnership does not issue stock to raise capital. Unlike corporations, partnerships do not have shareholders or issue stock. Instead, partnerships raise capital through contributions from the partners, borrowing funds, or reinvesting profits back into the business. Therefore, the statement is false.

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  • 10. 

    A type of business that moves goods from the manufacturer to the consumer:

    • Marketer

    • Extractor

    • Manufacturer

    • Wholesaler

    Correct Answer
    A. Marketer
    Explanation
    A wholesaler buys goods in bulk from the manufacturer and sells them to retailers or directly to consumers, facilitating the movement of goods from the manufacturer to the end consumer. Marketers focus on promoting and selling products or services. Extractors are involved in extracting natural resources, and manufacturers produce goods from raw materials.

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  • Current Version
  • Dec 02, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 10, 2007
    Quiz Created by
    Samrufener
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