STUDENTS SUCCESS
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct Ans ...
BUS 101 QUIZ 2 ACTUAL EXAM COMPLETE -
QUESTIONS AND CORRECT DETAILED ANSWERS
Quiz Articles of incorporation usually specify the life of a corporation as a certain
number of predetermined years.
Ans: False
Quiz The opposite of free trade is protectionism.
Ans: True
Quiz Which type of business organization experiences the least governmental
regulation?
Ans: Sole Proprietorship
Quiz _____ are products that are bought from one country for use in another just as
the U.S. buys wood pulp and timber from Canada.
Ans: Imports
Quiz The United States buys copper from Chile's Escondido copper mine. The
copper is used to make wiring for the U.S. telecommunications industry and for many
other purposes. For the U.S., the copper is an example of a(n):
Ans: Import
Quiz Mines in Colombia produce emeralds and sell them to jewelers in the United
States. To Colombia miners, emeralds are an export.
Ans: True
Quiz Jules Sylvester had always loved reptiles. When he was asked by a movie
producer if he could locate some anaconda snakes for a movie, a business was
born. Sylvester is the proud owner and operator of Reptile Rentals. The California-
based business, which he started with no financial help from anyone, is often called
, on to provide "creepy, crawly" moments in the movies. Jules Sylvester is an example
of a:
Ans: Sole Propietorship
Quiz The U.S. has one of the very few areas in the world where kaolin can be mined.
Kaolin is a necessary ingredient in many products ranging from stomach medication
to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for
the countries that purchase it.
Ans: Import
Quiz Which of the following is an advantage of sole proprietor ownership?
Ans: Freedom From Government Regulation
Quiz Of all forms of business ownership, corporations account for the largest share
of both:
Ans: Sales and Profits
Quiz What type of business organization generates the most total sales?
Ans: Corporation
Quiz Armenia had a favorable balance of trade in 2018 when it exported $800 million
in goods and services and imported $1.5 billion.
Ans: False
Quiz The form of business ownership that is easiest to dissolve is the:
Ans: Sole Proprietorship
Quiz Telecommunications equipment manufacturers in the United States sell their
products to people who live in Canada. To Canadians, the telecommunications
equipment is an export.
Ans: False
Quiz In a limited partnership, all of the partners have limited liability.
Ans: false
Quiz Dissolving a partnership is easier than dissolving a sole proprietorship.
Ans: False
Quiz When Linda McAnem began Stirya, a New York-based computer services
company, she ran it as a sole proprietorship. As a sole proprietor, McAnem:
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct Ans ...
BUS 101 QUIZ 2 ACTUAL EXAM COMPLETE -
QUESTIONS AND CORRECT DETAILED ANSWERS
Quiz Articles of incorporation usually specify the life of a corporation as a certain
number of predetermined years.
Ans: False
Quiz The opposite of free trade is protectionism.
Ans: True
Quiz Which type of business organization experiences the least governmental
regulation?
Ans: Sole Proprietorship
Quiz _____ are products that are bought from one country for use in another just as
the U.S. buys wood pulp and timber from Canada.
Ans: Imports
Quiz The United States buys copper from Chile's Escondido copper mine. The
copper is used to make wiring for the U.S. telecommunications industry and for many
other purposes. For the U.S., the copper is an example of a(n):
Ans: Import
Quiz Mines in Colombia produce emeralds and sell them to jewelers in the United
States. To Colombia miners, emeralds are an export.
Ans: True
Quiz Jules Sylvester had always loved reptiles. When he was asked by a movie
producer if he could locate some anaconda snakes for a movie, a business was
born. Sylvester is the proud owner and operator of Reptile Rentals. The California-
based business, which he started with no financial help from anyone, is often called
, on to provide "creepy, crawly" moments in the movies. Jules Sylvester is an example
of a:
Ans: Sole Propietorship
Quiz The U.S. has one of the very few areas in the world where kaolin can be mined.
Kaolin is a necessary ingredient in many products ranging from stomach medication
to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for
the countries that purchase it.
Ans: Import
Quiz Which of the following is an advantage of sole proprietor ownership?
Ans: Freedom From Government Regulation
Quiz Of all forms of business ownership, corporations account for the largest share
of both:
Ans: Sales and Profits
Quiz What type of business organization generates the most total sales?
Ans: Corporation
Quiz Armenia had a favorable balance of trade in 2018 when it exported $800 million
in goods and services and imported $1.5 billion.
Ans: False
Quiz The form of business ownership that is easiest to dissolve is the:
Ans: Sole Proprietorship
Quiz Telecommunications equipment manufacturers in the United States sell their
products to people who live in Canada. To Canadians, the telecommunications
equipment is an export.
Ans: False
Quiz In a limited partnership, all of the partners have limited liability.
Ans: false
Quiz Dissolving a partnership is easier than dissolving a sole proprietorship.
Ans: False
Quiz When Linda McAnem began Stirya, a New York-based computer services
company, she ran it as a sole proprietorship. As a sole proprietor, McAnem:
