Business Management exam quizzes
and answers graded A+
Small business - ANS✅✅A business which is independently owned and is not dominant
Manufacturing - ANS✅✅Makes finished goods for materials by hand or machinery. Example
making caskets out of wood.
Merchandising - ANS✅✅Purchases finished goods for resale. Example buying a rug from JCPenney.
Service - ANS✅✅Provides service as opposed to product. Example hair salon, Barber shop, funeral
home.
Sole Proprietorship - ANS✅✅A business owned by one person who bears all liability
General - ANS✅✅Owned by two or more people, as equal owners, for control, and liability
Limited - ANS✅✅Limited control, sharing as agreed, limited, personal liability, ownership, as
stated in agreement
Limited liability company - ANS✅✅Or LLC, is a business that combines aspects of partnerships with
the limited liability of a corporation. (Example owners are known as members; It protects personal
assets of owner.)
S corporation - ANS✅✅Corporation that offer is limited, liability, its owners, but can be taxed as a
partnership
C corporation - ANS✅✅Taxed as such, seen as it's own legal entity
Tangible assets - ANS✅✅(Things you can touch); seen as it's own legal entity
Intangible assets - ANS✅✅(Things you can't touch); reputation
, Business plan - ANS✅✅Summary of how a business owner, manager, or entrepreneur intends to
organize a business endeavor and implement the activities necessary for the venture to succeed.
A business plan mapped out and is the first step in making it all happen (company specific
destination in the route you need to get the company there)
Personal capital - ANS✅✅Investing your personal capital into the business
Equity capital - ANS✅✅Capital raised by Company, which is then used to purchase assets, invest in
projects or fund operations (debt free)
Debt equity - ANS✅✅Borrow for Loan capital invested into the business; must be repaid
Fixed Capital - ANS✅✅Assets or investments, needed to start and maintain business, like property,
or equipment
Working capital - ANS✅✅Cash or other liquid assets, that a business uses to cover daily
operations, like payroll, or paying bills
ADA - ANS✅✅Business must be accessible and operational for people with disabilities
Zoning ordinances - ANS✅✅Business must be legally able to operate in the area
Occupational safety and health act (OSHA) - ANS✅✅Business must follow all OSHA regulations
Environmental protection agency - ANS✅✅Business must be aware of any environmental
regulations or threatened areas where it operates
Risk definition - ANS✅✅A probability or threat of damage, injury, liability, loss, or any other
negative occurrence that is caused by external or internal vulnerabilities.
Risk management - ANS✅✅A process for identifying, assessing and prioritizing, certain kinds of
events happening to or having an impact on a business with the intent to reduce, or eliminate the
risk. Effort designed to preserve assets in earning power associated with a business.
and answers graded A+
Small business - ANS✅✅A business which is independently owned and is not dominant
Manufacturing - ANS✅✅Makes finished goods for materials by hand or machinery. Example
making caskets out of wood.
Merchandising - ANS✅✅Purchases finished goods for resale. Example buying a rug from JCPenney.
Service - ANS✅✅Provides service as opposed to product. Example hair salon, Barber shop, funeral
home.
Sole Proprietorship - ANS✅✅A business owned by one person who bears all liability
General - ANS✅✅Owned by two or more people, as equal owners, for control, and liability
Limited - ANS✅✅Limited control, sharing as agreed, limited, personal liability, ownership, as
stated in agreement
Limited liability company - ANS✅✅Or LLC, is a business that combines aspects of partnerships with
the limited liability of a corporation. (Example owners are known as members; It protects personal
assets of owner.)
S corporation - ANS✅✅Corporation that offer is limited, liability, its owners, but can be taxed as a
partnership
C corporation - ANS✅✅Taxed as such, seen as it's own legal entity
Tangible assets - ANS✅✅(Things you can touch); seen as it's own legal entity
Intangible assets - ANS✅✅(Things you can't touch); reputation
, Business plan - ANS✅✅Summary of how a business owner, manager, or entrepreneur intends to
organize a business endeavor and implement the activities necessary for the venture to succeed.
A business plan mapped out and is the first step in making it all happen (company specific
destination in the route you need to get the company there)
Personal capital - ANS✅✅Investing your personal capital into the business
Equity capital - ANS✅✅Capital raised by Company, which is then used to purchase assets, invest in
projects or fund operations (debt free)
Debt equity - ANS✅✅Borrow for Loan capital invested into the business; must be repaid
Fixed Capital - ANS✅✅Assets or investments, needed to start and maintain business, like property,
or equipment
Working capital - ANS✅✅Cash or other liquid assets, that a business uses to cover daily
operations, like payroll, or paying bills
ADA - ANS✅✅Business must be accessible and operational for people with disabilities
Zoning ordinances - ANS✅✅Business must be legally able to operate in the area
Occupational safety and health act (OSHA) - ANS✅✅Business must follow all OSHA regulations
Environmental protection agency - ANS✅✅Business must be aware of any environmental
regulations or threatened areas where it operates
Risk definition - ANS✅✅A probability or threat of damage, injury, liability, loss, or any other
negative occurrence that is caused by external or internal vulnerabilities.
Risk management - ANS✅✅A process for identifying, assessing and prioritizing, certain kinds of
events happening to or having an impact on a business with the intent to reduce, or eliminate the
risk. Effort designed to preserve assets in earning power associated with a business.
