Ch.5 Resources Quiz

Oliver, Benjamin, and Aria are discussing their new startup. They are trying to define their mission statement. Which of the following best describes what their mission statement should be?

• It should describe what the startup wants to become; focus on the future

• It should describe the startup, its objectives, and how it plans to meet the objectives; focus on the present

• It should describe the fundamental beliefs and principles that guide company decisions and employee behavior

• It should define principles and rules to guide the actions of the startup's employees with honesty and integrity; code of conduct

Answer explanation

The mission statement describes the business, its objectives, and how it plans to meet the objectives; focusing on the present. This choice aligns with the correct answer.

Lily, Abigail, and Liam are part of a startup named 'Eco Innovations'. They are discussing their Vision Statement during a meeting. What does this mean?

• It describes what 'Eco Innovations' wants to become; focus on the future

• It describes the startup, its objectives, and how it plans to meet the objectives; focus on the present

• It describes the fundamental beliefs and principles that guide company decisions and employee behavior

• It defines principles and rules to guide the actions of 'Eco Innovations' employees with honesty and integrity; code of conduct

Answer explanation

The Vision Statement describes the startup's future goals and aspirations.

Michael, Ethan, and Benjamin are part of a startup. They are discussing the 'Code of Ethics' for their company. What does 'Code of Ethics' mean in this context?

• It describes what the business wants to become; focus on the future

• It describes the business, its objectives, and how it plans to meet the objectives; focus on the present

• It describes the fundamental beliefs and principles that guide company decisions and employee behavior

• It is the principles and rules defined to guide the actions of the organization's employees with honesty and integrity; it is the code of conduct

Avery, Arjun, and Mason are discussing the core values of their startup. They are trying to define what 'Core Values' should represent for their company. What should it ideally represent?

• It should describe what their startup wants to become; focusing on the future

• It should describe their startup, its objectives, and how it plans to meet the objectives; focusing on the present

• It should describe the fundamental beliefs and principles that will guide their startup's decisions and employee behavior

• It should define principles and rules to guide the actions of their startup's employees with honesty and integrity; acting as a code of conduct

Ava, Emma, and Michael are part of a school project where they need to understand the structure and relationships of employees in a company. They decide to visit a local business, 'Baker's Delight', to get a firsthand experience. During their visit, they come across a term 'Organizational Chart' on the company's notice board. What does it mean?

• It describes what 'Baker's Delight' wants to become, focusing on the future

• It describes 'Baker's Delight', its objectives, and how it plans to meet the objectives, focusing on the present

• It is a diagram which shows the structure and relationships of 'Baker's Delight's' employees

• It is the principles and rules defined to guide the actions of 'Baker's Delight's' employees with honesty and integrity, also known as code of conduct

Olivia, Anika, and Mason are brainstorming about the culture of their new coffee shop startup. They are trying to define what 'Company Culture' means for their coffee shop. What do you think they should agree upon?

• It should describe what their coffee shop aims to become; focusing on the future

• It should describe their coffee shop, its objectives, and how they plan to meet the objectives; focusing on the present

• It should describe the fundamental beliefs and principles that will guide their coffee shop's decisions and employee behavior

• It should be the principles and rules defined to guide the actions of their coffee shop's employees with honesty and integrity; a code of conduct

Match the following

• secure your business agaisnt unexpected

• DBA

• Doing Business As

• Permissions

• File for a federal and state tax id

• IP

• defend your intellectual

• Tax ID

• apply for licenses and permits

• Insurance