GEN BUS 311: MIDTERM 1 QUESTIONS WITH
COMPLETE SOLUTIONS.
Retailers have a measure, known as SKU's which stands for? Answer - Stock
keeping units
Most wealth was made after ____ , and was made and is owned by what many
call or deem _______. Answer - 1800, Westerners
According to "What is a Business" a business is defined as an organization or
enterprising entity engaged in commercial, industrial, or professional activities;
and also refers to the organized efforts and activities of individuals to produce
and sell goods and services for profit. Answer - True
In the Origin of Wealth, the author argues that wealth is created on a simple
three step formula which is: Answer - Differentiate, select, amplify
Every business must have one or more owners whose primary role is to invest
money in the business. Answer - True
The sharp bend in economic growth around 1750 coincides with the great
technological leap of the _______ . Answer - Industrial revolution
The activities needed to operate a business can be divided into a number of
functional areas, these include: Answer - Management, operations, marketing,
accounting, and finance
, Hyperinflation is? Answer - Monetary inflation occurring at a very high rate
and quickly
Complexity Economics, according to The Origins of Wealth, is the body of work
relating to how business formed in the 1750's. Answer - False
A command economy is a system where the business owner, rather than the
free market, determines what goods should be produced, how much should be
produced, to whom the goods will be sold, and the price at which the goods
are offered for sale. Answer - False
An S corporation is a special type of corporation that's designed to avoid the
double taxation drawback of regular C corps. Answer - True
Limited liability protects you as the owner from all personal liability. Answer -
False
The sole proprietor's income from the business is treated as . Answer -
Personal Income
Pros of starting a partnership is the possible sharing of . Answer - start up
costs, responsibilities, and risks.
As a sole proprietor, you are responsible for of all business debts and
obligations. Answer - 100%
Nonprofit corporations can receive tax-exempt status and distribute corporate
profits to the owners. Answer - False
COMPLETE SOLUTIONS.
Retailers have a measure, known as SKU's which stands for? Answer - Stock
keeping units
Most wealth was made after ____ , and was made and is owned by what many
call or deem _______. Answer - 1800, Westerners
According to "What is a Business" a business is defined as an organization or
enterprising entity engaged in commercial, industrial, or professional activities;
and also refers to the organized efforts and activities of individuals to produce
and sell goods and services for profit. Answer - True
In the Origin of Wealth, the author argues that wealth is created on a simple
three step formula which is: Answer - Differentiate, select, amplify
Every business must have one or more owners whose primary role is to invest
money in the business. Answer - True
The sharp bend in economic growth around 1750 coincides with the great
technological leap of the _______ . Answer - Industrial revolution
The activities needed to operate a business can be divided into a number of
functional areas, these include: Answer - Management, operations, marketing,
accounting, and finance
, Hyperinflation is? Answer - Monetary inflation occurring at a very high rate
and quickly
Complexity Economics, according to The Origins of Wealth, is the body of work
relating to how business formed in the 1750's. Answer - False
A command economy is a system where the business owner, rather than the
free market, determines what goods should be produced, how much should be
produced, to whom the goods will be sold, and the price at which the goods
are offered for sale. Answer - False
An S corporation is a special type of corporation that's designed to avoid the
double taxation drawback of regular C corps. Answer - True
Limited liability protects you as the owner from all personal liability. Answer -
False
The sole proprietor's income from the business is treated as . Answer -
Personal Income
Pros of starting a partnership is the possible sharing of . Answer - start up
costs, responsibilities, and risks.
As a sole proprietor, you are responsible for of all business debts and
obligations. Answer - 100%
Nonprofit corporations can receive tax-exempt status and distribute corporate
profits to the owners. Answer - False
