WGU C215 Q Bank For CPHQ Practice
Questions
Which survey method is the most expensive?
A) Telephone
B) Mail
C) Personal
D) Internet>>> C) Personal
In 2011 online retail sales are expected to reach 400 billion dollars.
-True
-False>>> False
The Internet is a useful tool to access information but is generally not a good vehicle for marketing
goods and services.
-True
-False>>> False
Sole proprietorships:
A) have no time limit on how long they may exist.
B) are perpetual.
C) continue even upon the death of the owner.
D) allow a member of the deceased partner's family take over as a partner.>>> A) have no time limit on
how long they may exist.
,The _______ imposes oversight responsibilities on members of the board of directors.
A) Social Security Act
B) Fair Labor Practices Act
C) Taft-Hartley Act
D) Sarbanes-Oxley>>> D) Sarbanes-Oxley
The marketing plan is not meant to be a commitment by the entrepreneur to a specific strategy.
-True
-False>>> False
Cash flow is the same thing as profit.
-True
-False>>> False
______ control compares the cost figures estimated in the business plan with actual day-to-day
operations costs.
A) Production
B) Sales
C) Inventory
D) Costs>>> A) Production
_______ have unlimited liability for the actions of the business.
A) Limited liability company members
B) Corporate shareholders
C) General partners
,D) Limited partners>>> C) General partners
The part of the plan that describes the location and size of the business, the personnel and office
equipment that will be needed, and the history of the venture is called the:
A) organizational plan.
B) description of the venture.
C) production plan.
D) executive summary.>>> B) description of the venture.
The ______ patent is granted for a 14-year term.
A) utility
B) design
C) plant
D) procedure>>> B) design
_________ is (are) added back to the pro forma sources and applications of funds statement because it
does not represent an out-of-pocket expense.
A) Inventory
B) Depreciation
C) Dividends
D) Equipment purchases>>> B) Depreciation
Which type of ownership is the least expensive to start?
A) Corporation
B) General partnership
C) Limited partner
, D) Sole proprietorship>>> D) Sole proprietorship
To assess the potential profitability of a venture, the entrepreneur needs to ascertain expected sales
and expense figures for the first:
A) month.
B) year.
C) quarter.
D) three years.>>> B) year.
A patent is a contract between the government and an inventor.
-True
-False>>> True
Entrepreneurs, because of their lack of understanding of intellectual property, ignore important steps
that they should have taken to protect these assets.
-True
-False>>> True
In an S corporation:
A) gains or losses of the business are separate from the personal income of the shareholder.
B) shareholders retain unlimited liability.
C) only one class of stock is permitted.
D) most fringe benefits for shareholders can be deducted.>>> A) gains or losses of the business are
separate from the personal income of the shareholder.
Method Products, Inc. is expected to surpass $110 million in sales in 2011.
-True
Questions
Which survey method is the most expensive?
A) Telephone
B) Mail
C) Personal
D) Internet>>> C) Personal
In 2011 online retail sales are expected to reach 400 billion dollars.
-True
-False>>> False
The Internet is a useful tool to access information but is generally not a good vehicle for marketing
goods and services.
-True
-False>>> False
Sole proprietorships:
A) have no time limit on how long they may exist.
B) are perpetual.
C) continue even upon the death of the owner.
D) allow a member of the deceased partner's family take over as a partner.>>> A) have no time limit on
how long they may exist.
,The _______ imposes oversight responsibilities on members of the board of directors.
A) Social Security Act
B) Fair Labor Practices Act
C) Taft-Hartley Act
D) Sarbanes-Oxley>>> D) Sarbanes-Oxley
The marketing plan is not meant to be a commitment by the entrepreneur to a specific strategy.
-True
-False>>> False
Cash flow is the same thing as profit.
-True
-False>>> False
______ control compares the cost figures estimated in the business plan with actual day-to-day
operations costs.
A) Production
B) Sales
C) Inventory
D) Costs>>> A) Production
_______ have unlimited liability for the actions of the business.
A) Limited liability company members
B) Corporate shareholders
C) General partners
,D) Limited partners>>> C) General partners
The part of the plan that describes the location and size of the business, the personnel and office
equipment that will be needed, and the history of the venture is called the:
A) organizational plan.
B) description of the venture.
C) production plan.
D) executive summary.>>> B) description of the venture.
The ______ patent is granted for a 14-year term.
A) utility
B) design
C) plant
D) procedure>>> B) design
_________ is (are) added back to the pro forma sources and applications of funds statement because it
does not represent an out-of-pocket expense.
A) Inventory
B) Depreciation
C) Dividends
D) Equipment purchases>>> B) Depreciation
Which type of ownership is the least expensive to start?
A) Corporation
B) General partnership
C) Limited partner
, D) Sole proprietorship>>> D) Sole proprietorship
To assess the potential profitability of a venture, the entrepreneur needs to ascertain expected sales
and expense figures for the first:
A) month.
B) year.
C) quarter.
D) three years.>>> B) year.
A patent is a contract between the government and an inventor.
-True
-False>>> True
Entrepreneurs, because of their lack of understanding of intellectual property, ignore important steps
that they should have taken to protect these assets.
-True
-False>>> True
In an S corporation:
A) gains or losses of the business are separate from the personal income of the shareholder.
B) shareholders retain unlimited liability.
C) only one class of stock is permitted.
D) most fringe benefits for shareholders can be deducted.>>> A) gains or losses of the business are
separate from the personal income of the shareholder.
Method Products, Inc. is expected to surpass $110 million in sales in 2011.
-True
