Business Administration Exam test
quiz and answers graded A+
Small Business - A business that is independently owned and operated, is not dominant in its field of
operation.
Entrepreneur - A person who organizes, manages, and takes on the risks of a business.
Number of employees mining/manufacturing - 500-1500
Number of employees wholesale trade - up to 500 employees
Number of employees retail trade - 20 to 100 employees
Number of employees services - 25-300 employees
Qualitative Sales Criteria to be a small business - actively managed by its owners
highly personalized
largely local in its area of operations
largely dependent on internal sources of capital to finance its growth
not dominat
Manufacturing - a business that makes finished goods from raw materials by hand or machinery
Merchandising - a business that purchases finished goods for resale
Services - A business that provides a service as opposed to a product
Sole Proprietorship - A business owned by one person
Sole Proprietorship Advantages - Ease of start-up and closure
, Freedom to manage
low cost or organization
Profit incentive
Sole Proprietorship Disadvantages - Limited to life of owner
limited management ability
Unlimited liability
limited size
General Partnership - partnership in which partners share equally in both responsibility and liability
limited partnership - form of partnership where one or more partners are not active in the daily
running of the business, and whose liability for the partnership's debt is restricted to the amount
invested in the business
Corporations - businesses that are owned by many investors who buy shares of stock
7 areas of management performed by funeral directors - financial
human resources
facilities
communication
Technical
office
Functions of Management - planning, organizing, leading (directing), staffing, motivating, evaluating
(controlling)
Small Business Administration (SBA) - A government agency that helps small business owners
develop business plans and obtain financing and other support for their companies.
Advantages of General Partnership - Combined management/talent and capital
Easy to form (Minimal red tape)
quiz and answers graded A+
Small Business - A business that is independently owned and operated, is not dominant in its field of
operation.
Entrepreneur - A person who organizes, manages, and takes on the risks of a business.
Number of employees mining/manufacturing - 500-1500
Number of employees wholesale trade - up to 500 employees
Number of employees retail trade - 20 to 100 employees
Number of employees services - 25-300 employees
Qualitative Sales Criteria to be a small business - actively managed by its owners
highly personalized
largely local in its area of operations
largely dependent on internal sources of capital to finance its growth
not dominat
Manufacturing - a business that makes finished goods from raw materials by hand or machinery
Merchandising - a business that purchases finished goods for resale
Services - A business that provides a service as opposed to a product
Sole Proprietorship - A business owned by one person
Sole Proprietorship Advantages - Ease of start-up and closure
, Freedom to manage
low cost or organization
Profit incentive
Sole Proprietorship Disadvantages - Limited to life of owner
limited management ability
Unlimited liability
limited size
General Partnership - partnership in which partners share equally in both responsibility and liability
limited partnership - form of partnership where one or more partners are not active in the daily
running of the business, and whose liability for the partnership's debt is restricted to the amount
invested in the business
Corporations - businesses that are owned by many investors who buy shares of stock
7 areas of management performed by funeral directors - financial
human resources
facilities
communication
Technical
office
Functions of Management - planning, organizing, leading (directing), staffing, motivating, evaluating
(controlling)
Small Business Administration (SBA) - A government agency that helps small business owners
develop business plans and obtain financing and other support for their companies.
Advantages of General Partnership - Combined management/talent and capital
Easy to form (Minimal red tape)
