FBLA INTRODUCTION TO BUSINESS QUESTIONS &
ANSWERS
One of the disadvantages of having a partnership is - Answer -unlimited liability
An organization that is owned and operated by its members is a ______ - Answer -
cooperative
A contractual agreement to use the name and sell the products or services of a
company in a designated geographic area is called a ______ . - Answer -franchise
If one of your goals is to limit your personal liability, it would be best to organize your
business as a ______ . - Answer -cooperation
A business owned by ten people who share the risks and rewards of the business is a
____ - Answer -partnerships
3 c's - Answer -Capital, Capacity, Character,
makes a completely finished product out of raw or processed parts. - Answer -
manufacturer
packagers - Answer -processor
producer - Answer -make the before final product
moves finished goods, stores them, and resells them to a wholesaler - Answer -
intermediary
Which department in a company sets the price of a product? - Answer -marketing
The highest level of management in the organization; responsible for direction and
control of the organization as a whole (such as director; general manager; partner; chief
officer and executive manager). - Answer -top level management
Responsible for meeting the goals that senior management sets - Answer -middle
management
Responsible for monitoring the daily activities of the business - Answer -operational
management
Which managerial function comes first when executing business goals? - Answer -
planning
, Which is NOT an aspect of the organizing function? - Answer -creating strategies
Which is NOT part of the leadership function for a manager in charge of a project? -
Answer -hiring employees
In a large company, to whom would an operational manager generally report? - Answer
-a middle manager
the ability to make decisions on your own - Answer -initiative
integrity - Answer -honesty
Who makes the final decision in a democratic leadership situation? - Answer -the
democratic leader
Which kind of leader does the most delegating? - Answer -free-rein
leaders set goals for managers and employees, then allow them to make the decisions
to achieve those goals. - Answer -free rein
leader gets input from the group, then makes the final decision about a situation. -
Answer -democratic leader
When a country's currency is higher than another's, it has - Answer -more buying
power
NAFTA - Answer -North American Free Trade Agreement
business that takes place within the borders of one state. - Answer -interstate
commerce
OSHA - Answer -Occupational Safety and Health Administration
formed by a small number of companies rather than just one. - Answer -oligopoly
best for keeping money in a financial institution for a short period. - Answer -checking
accounts
financial institutions that hold customers' funds in interest-bearing accounts and invest
mainly in mortgage loans. - Answer -saving and loan associations
firms sell stocks and bonds, but not loans. - Answer -brokerage firms
how many regional banks are there for the federal reserve - Answer -12
ANSWERS
One of the disadvantages of having a partnership is - Answer -unlimited liability
An organization that is owned and operated by its members is a ______ - Answer -
cooperative
A contractual agreement to use the name and sell the products or services of a
company in a designated geographic area is called a ______ . - Answer -franchise
If one of your goals is to limit your personal liability, it would be best to organize your
business as a ______ . - Answer -cooperation
A business owned by ten people who share the risks and rewards of the business is a
____ - Answer -partnerships
3 c's - Answer -Capital, Capacity, Character,
makes a completely finished product out of raw or processed parts. - Answer -
manufacturer
packagers - Answer -processor
producer - Answer -make the before final product
moves finished goods, stores them, and resells them to a wholesaler - Answer -
intermediary
Which department in a company sets the price of a product? - Answer -marketing
The highest level of management in the organization; responsible for direction and
control of the organization as a whole (such as director; general manager; partner; chief
officer and executive manager). - Answer -top level management
Responsible for meeting the goals that senior management sets - Answer -middle
management
Responsible for monitoring the daily activities of the business - Answer -operational
management
Which managerial function comes first when executing business goals? - Answer -
planning
, Which is NOT an aspect of the organizing function? - Answer -creating strategies
Which is NOT part of the leadership function for a manager in charge of a project? -
Answer -hiring employees
In a large company, to whom would an operational manager generally report? - Answer
-a middle manager
the ability to make decisions on your own - Answer -initiative
integrity - Answer -honesty
Who makes the final decision in a democratic leadership situation? - Answer -the
democratic leader
Which kind of leader does the most delegating? - Answer -free-rein
leaders set goals for managers and employees, then allow them to make the decisions
to achieve those goals. - Answer -free rein
leader gets input from the group, then makes the final decision about a situation. -
Answer -democratic leader
When a country's currency is higher than another's, it has - Answer -more buying
power
NAFTA - Answer -North American Free Trade Agreement
business that takes place within the borders of one state. - Answer -interstate
commerce
OSHA - Answer -Occupational Safety and Health Administration
formed by a small number of companies rather than just one. - Answer -oligopoly
best for keeping money in a financial institution for a short period. - Answer -checking
accounts
financial institutions that hold customers' funds in interest-bearing accounts and invest
mainly in mortgage loans. - Answer -saving and loan associations
firms sell stocks and bonds, but not loans. - Answer -brokerage firms
how many regional banks are there for the federal reserve - Answer -12
