Business Essentials

Which of the following is an expansion, or recovery?

• A

• B

• C

• D

Which of the following is a peak?

• A

• B

• C

• D

What is a form of business ownership in which 2 or more people jointly owns a business

• Sole Proprietorship

• Company

• Partnerships

Publicly traded company
Governed by Board of Directors
CEO, COO, CFO
Stocks sold to raise capital

• Corporation

• Limited Liability Company

• Partnership

• Cooperative

What is the primary purpose of a business plan?

• To secure funding

• To hire employees

• To pay taxes

• To advertise products

Which economic system is characterized by private ownership and free markets?

• Socialism

• Capitalism

• Communism

• Feudalism

What is the term for a market structure with only one seller?

• Monopoly

• Oligopoly

• Monopsony

• Perfect competition

Which of the following is a non-profit organization?

• Red Cross

• Apple Inc.

• Amazon

• Tesla

What is the role of a Human Resources department?

• Manage financial accounts

• Develop marketing strategies

• Recruit and manage employees

• Design products

Which of the following is a characteristic of a sole proprietorship?

• Limited liability

• Unlimited liability

• Double taxation

• Corporate governance