exam VB
1. Select the form of business (or businesses) in which there is unlimited personal legal liability from
lawsuits related to the business.
A. sole proprietorship only
B. partnership only
C. corporation only
D. choices A and B - ANSD
A business plan is important for a new business for all of the following reasons except:
A. it makes you think about all aspects of your business.
B. it can help you communicate your idea to others.
C. it guarantees that you will get financing for your business.
D. it can serve as a tool for managing your business. - ANSC
Which of the following defines why an organization exists and what it seeks to accomplish?
A. a break-even analysis
B. a mission statement
C. an executive summary
D. an organization chart - ANSB
Social responsibility is the duty of business to
A. contribute to product development.
B. provide educational loans to employees.
C. provide social activities for employees.
D. contribute to the well-being of society. - ANSD
, Which of the following statements about a sales invoice is incorrect?
A. It should include the name, address and contact information of the customer.
B. It should include the name, address, and contact information of the vendor.
C. Must be signed by the customer in order for it to be a legally enforceable document.
D. The amount of the invoice will determine whether it needs to be signed by the customer in order
for it to be a legally enforceable document. - ANSC
Which department collects information about the employees' attendance, lateness, and benefit issues
relating to the employees?
A. Accounting
B. Human Resources
C. Marketing
D. Sales - ANSB
SWOT Analysis is an effective way of identifying a company's strengths and weaknesses, and of
examining the opportunities and threats the company faces. Select the statement below about SWOT
Analysis that is correct.
A. Analysis of strengths and weaknesses is considered part of an internal audit; examining
opportunities and threats is considered part of an external audit.
B. Analysis of strengths and weaknesses is considered part of an external audit; examining
opportunities and threats is considered part of an internal audit.
C. Analysis of strengths and weaknesses and examination of opportunities and threats are both
considered part of an internal audit.
D. Analysis of strengths and weaknesses and examination of opportunities and threats are both
considered part of an external audit. - ANSA
Which of the following is a benefit to companies carrying business insurance?
A. The insurance allows the company to take more business trips.
B. The insurance ensures that the company will make a profit.
1. Select the form of business (or businesses) in which there is unlimited personal legal liability from
lawsuits related to the business.
A. sole proprietorship only
B. partnership only
C. corporation only
D. choices A and B - ANSD
A business plan is important for a new business for all of the following reasons except:
A. it makes you think about all aspects of your business.
B. it can help you communicate your idea to others.
C. it guarantees that you will get financing for your business.
D. it can serve as a tool for managing your business. - ANSC
Which of the following defines why an organization exists and what it seeks to accomplish?
A. a break-even analysis
B. a mission statement
C. an executive summary
D. an organization chart - ANSB
Social responsibility is the duty of business to
A. contribute to product development.
B. provide educational loans to employees.
C. provide social activities for employees.
D. contribute to the well-being of society. - ANSD
, Which of the following statements about a sales invoice is incorrect?
A. It should include the name, address and contact information of the customer.
B. It should include the name, address, and contact information of the vendor.
C. Must be signed by the customer in order for it to be a legally enforceable document.
D. The amount of the invoice will determine whether it needs to be signed by the customer in order
for it to be a legally enforceable document. - ANSC
Which department collects information about the employees' attendance, lateness, and benefit issues
relating to the employees?
A. Accounting
B. Human Resources
C. Marketing
D. Sales - ANSB
SWOT Analysis is an effective way of identifying a company's strengths and weaknesses, and of
examining the opportunities and threats the company faces. Select the statement below about SWOT
Analysis that is correct.
A. Analysis of strengths and weaknesses is considered part of an internal audit; examining
opportunities and threats is considered part of an external audit.
B. Analysis of strengths and weaknesses is considered part of an external audit; examining
opportunities and threats is considered part of an internal audit.
C. Analysis of strengths and weaknesses and examination of opportunities and threats are both
considered part of an internal audit.
D. Analysis of strengths and weaknesses and examination of opportunities and threats are both
considered part of an external audit. - ANSA
Which of the following is a benefit to companies carrying business insurance?
A. The insurance allows the company to take more business trips.
B. The insurance ensures that the company will make a profit.
