General Business Exam Review
Questions and Answers
Sole Proprietorship - correct answer-A form of business ownership with a single owner
who usually actively manages the company
Partnership - correct answer-A business in which two or more persons combine their
assets and skills
corporation - correct answer-an organization with the legal rights of a person and which
many persons may own through stock holders
Entreprenuer - correct answer-A person who organizes, manages, and takes on the
risks of a business.
Stockholder - correct answer-An owner of one or more shares of a stock in a
corporation
Board of Directors - correct answer-The individuals who are elected by stockholders of
a corporation to represent their interests.
officers - correct answer-top executives who are hired to manage the business
Unlimited financial Liability - correct answer-joint owners that are equally responsible for
debt and liabilities accrued by the business; can be paid off through the owners'
personal assets
Franchise - correct answer-A contract that gives a single firm the right to sell its goods
within an exclusive market
Royalty - correct answer-share of earnings given as payment
Mass Marketing - correct answer-Involves designing products and directing marketing
activities to appeal to the whole market
Target Marketing - correct answer-The group of people most likely to become
customers, identified for a specific marketing program.
product promotion - correct answer-used to convince potential customers to buy
products instead of buying from a competitor
, Institutional promotion - correct answer-A promotional message aimed at creating an
image instead of promoting a product
Fair labor Standards Act - correct answer-law that set a minimum wage, a maximum
workweek of 44 hours
Commission - correct answer-An amount paid to an employee based on a percentage
of the employee's sales
Fringe Benefits - correct answer-payments to employees other than wages or salary
Profit sharing - correct answer-The distribution to employees of a percentage of the
company's profits
Flex-time - correct answer-An alternative work schedule in which arrival and departure
times are flexible
Job Sharing - correct answer-To share the responsibilities and duties of a single full
time job with one or more other employees.
What are four common mistakes to avoid on a resume? - correct answer-1. Spelling
2. Punctuation
3. Spacing
4. repeating/over explaining
What are three tips for writing a dynamic cover letter? - correct answer-
What are three tips for exhibiting presence and poise in an interview? - correct answer-
1. Maintain eye contact
2. Keep a steady voice/tone
3. Sit still and have good posture
List and explain three different types of interviews - correct answer-Preliminary- Initial
meeting to gather basic information about an applicants goals, skills, and qualifications
telephone- Allows employer to screen candidates on the candidates experience,
qualifications, and salary expectations pertaining the position and they company
Panel- An applicant answers questions from a group of people who make the hiring
decision
What are three things that an employer is not allowed to ask during an interview -
correct answer-1. religion
2. gender
3. race
What are the four stages/parts of an interview - correct answer-1. introduction
2. questions and answers
Questions and Answers
Sole Proprietorship - correct answer-A form of business ownership with a single owner
who usually actively manages the company
Partnership - correct answer-A business in which two or more persons combine their
assets and skills
corporation - correct answer-an organization with the legal rights of a person and which
many persons may own through stock holders
Entreprenuer - correct answer-A person who organizes, manages, and takes on the
risks of a business.
Stockholder - correct answer-An owner of one or more shares of a stock in a
corporation
Board of Directors - correct answer-The individuals who are elected by stockholders of
a corporation to represent their interests.
officers - correct answer-top executives who are hired to manage the business
Unlimited financial Liability - correct answer-joint owners that are equally responsible for
debt and liabilities accrued by the business; can be paid off through the owners'
personal assets
Franchise - correct answer-A contract that gives a single firm the right to sell its goods
within an exclusive market
Royalty - correct answer-share of earnings given as payment
Mass Marketing - correct answer-Involves designing products and directing marketing
activities to appeal to the whole market
Target Marketing - correct answer-The group of people most likely to become
customers, identified for a specific marketing program.
product promotion - correct answer-used to convince potential customers to buy
products instead of buying from a competitor
, Institutional promotion - correct answer-A promotional message aimed at creating an
image instead of promoting a product
Fair labor Standards Act - correct answer-law that set a minimum wage, a maximum
workweek of 44 hours
Commission - correct answer-An amount paid to an employee based on a percentage
of the employee's sales
Fringe Benefits - correct answer-payments to employees other than wages or salary
Profit sharing - correct answer-The distribution to employees of a percentage of the
company's profits
Flex-time - correct answer-An alternative work schedule in which arrival and departure
times are flexible
Job Sharing - correct answer-To share the responsibilities and duties of a single full
time job with one or more other employees.
What are four common mistakes to avoid on a resume? - correct answer-1. Spelling
2. Punctuation
3. Spacing
4. repeating/over explaining
What are three tips for writing a dynamic cover letter? - correct answer-
What are three tips for exhibiting presence and poise in an interview? - correct answer-
1. Maintain eye contact
2. Keep a steady voice/tone
3. Sit still and have good posture
List and explain three different types of interviews - correct answer-Preliminary- Initial
meeting to gather basic information about an applicants goals, skills, and qualifications
telephone- Allows employer to screen candidates on the candidates experience,
qualifications, and salary expectations pertaining the position and they company
Panel- An applicant answers questions from a group of people who make the hiring
decision
What are three things that an employer is not allowed to ask during an interview -
correct answer-1. religion
2. gender
3. race
What are the four stages/parts of an interview - correct answer-1. introduction
2. questions and answers
