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.
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.
