Small Business Management Final Exam Questions And Answers

Small Business Management Final Exam
Questions And Answers
$400,000b-bCORRECTbbANSWER-
Thebnetbincomebofbabcompanybifbitsbrevenuebisb$600,000bandbitsbexpensesbarebcalculatedbt
obbe
$200,000bis,b_____b(revenue-bexpenses)

accountsbpayableb-bCORRECTbbANSWER-Anbexamplebofbabcurrentbliabilitybisb_____

articlesbofbincorporationb-bCORRECTbbANSWER-
Thebpurposebofb_____bisbthatbtheybarebthebinstrumentsbbybwhichbabcorporationbis
formed.

assetsb-bCORRECTbbANSWER-
Thebland,bcash,baccountsbreceivable,binventory,bequipment,bbuildingbandbotherbthingsbofbv
aluebthatba
companybownsbarebconsideredbitsb_____

balancebsheetb-bCORRECTbbANSWER-
Ab_____bisbabstatementbofbabfirm'sbassets,bliabilities,bandbowners'bequitybatbabgivenbtime

bankruptcyblawb-bCORRECTbbANSWER-
Underbtheb_____,bpeopleborbbusinessesbcanbpetitionbthebcourtsbtobbebrelievedbofbthebobliga
tion
tobpaybdebtsbtheybcannotbrepay

Barbcodesb-bCORRECTbbANSWER-
_____barebderivedbfrombablanguagebcalledbsymbologiesbandbarebusedbforbspecificbidentific
ationbof
objects

Benchmarkingb-bCORRECTbbANSWER-
_____binvolvesbsettingbupbstandardsbandbthenbmeasuringbperformancebagainstbthem

, bonus;bcommissionb-bCORRECTbbANSWER-
Ab_____bisbabrewardbnotbspecifiedbinbadvance,bwhereasbab_____bisbabrewardbofbabgivenbam
ount
perbsale

businessbincubatorsb-bCORRECTbbANSWER-
Inbthebcontextbofbsmallbbusinesses,b_____bnurturebyoungbfirmsbandbhelpbthembgrow.

businessbplanb-bCORRECTbbANSWER-
Abcompany'sb_____bprovidesbabdetailedbdesignbofbactivitiesbtobbebcarriedbtobfinancebthe
businessbandbmarketbproducts.

CbCorporationb-bCORRECTbbANSWER-
Ab_____bprovidesbthebprotectionbofblimitedbliabilitybforbshareholders,bbutbitsbearningsbarebta
xed
atbbothbthebcorporatebandbshareholderblevels.

Chamberbofbcommerceb-bCORRECTbbANSWER-
_____barebprivatebassociationsbofblocalb(orbregional)bbusinessbandbprofessionalbpeople
whobarebfamiliarbwithbanbarea'sbneeds

commonbstockb-bCORRECTbbANSWER-
Inbthebcontextbofbsmallbbusinesses,b_____brepresentsbanbowner'sbinterestbandbconsistsbof
manybidenticalbshares.

Communicationb-bCORRECTbbANSWER-
_____bisbthebprocessbofbtransferringbmeaningbfrombonebpersonbtobanother

Copreneursb-bCORRECTbbANSWER-_____breferbtobfamily-
ownedbbusinessesbrunbbybhusband-and-wifebteams

debtbfinancingb-bCORRECTbbANSWER-
Inbthebcontextbofbsmallbbusinesses,b_____bcomesbfromblendersbwhobwillbbebrepaidbatba
specifiedbinterestbratebwithinbabspecifiedbtimebspan.

discountbcouponsb-bCORRECTbbANSWER-
Anbelectronicsbstorebprovidesb_____btobitsbcustomersbwhenbtheybbuybabproduct.bThis
situationbillustratesbsalesbpromotion

Discountsb-bCORRECTbbANSWER-
_____barebreductionsbfrombabproduct'sbnormalblistbpricebandbarebgivenbtobcustomersbasban
inducementbtobbuybmorebofbthebsamebproduct.

Distributionb-bCORRECTbbANSWER-
_____bisbthebeffectivebphysicalbmovementbofbabproductbfrombthebproductionblinebtobthebfinal
consumer.