logo image

BUS Test 1

Trey has a T-shirt business that buys shirts from a wholesaler for four dollars each and sells them to retailers for eight dollars each. He imprints each shirt with a picture of a musical artist that costs him two dollars. He also pays his cousin to do the printing at five dollars an hour. LaShawn prints five shirts per hour. A retailer offers to buy 1000 shirts at seven dollars each. Should Tray agree to the deal?
No, Tray will not make a profit at this price.
A business plan can help a company ________
All of these
Total gross profit = ________.
Total revenue – Total cost of goods sold
In a corporation, all profits go to ________.
The owners and the shareholders
A competitive advantage can be based on any of six factors. Which of the following is not one of the six?
Opportunity
Your ________ is a concise communication of your strategy including your business definition and your competitive advantage.
Mission statement
Which of the following is not necessary for a contract to be binding?
________ is/are the core values of an organization in action.
________ is/are the core values of an organization in action.
$16.25
To protect against lawsuits brought by anyone injured by your product, you will need to buy ________.
Correct Liability insurance
To help determine whether your business will be profitable, calculate your ________.
Correct Economics of one unit
A(n) ________ is a document that thoroughly explains a business idea and how it will be carried out.
Correct Business plan
Every corporation is recognized and treated under the law as ________.
Correct An entity, much like a person, that has expenses and earnings
The number of stockholders in a Subchapter S Corporation is limited to ________.
100
It is best for ________ to write a new venture’s business plan.
The entire team
Cash flow ________ be negative before debt and equity infusions and ________ be negative after them.
Can, cannot
________ are the building blocks of business.
Contracts
________ insurance compensates employees for loss of income and for medical expenses due to job-related injuries.
Correct Worker’s compensation
A typical unit of sale for a wholesaler would be ________.
One dozen
The ________ section of the business plan should be written last.
Correct Executive Summary
Which of the following is not a strong method of identifying business opportunities?
A person has a talent for making something and decides that they should go into business.
A(n) ________ is a group of people or organizations that may be interested in buying a given product or service, has the resources to purchase it, and is permitted by law and regulation to do so.
Market
Tax-exempt, nonprofit corporations ________.
Are set up with a specific mission to improve society
A ________ is an official document that gives you the right to carry out a specific activity, such as an outdoor Festival.
Permit
To protect against lawsuits brought by anyone injured by your product, you will need to buy ________.
Liability insurance
Bankers and other potential investors will often refuse to see an entrepreneur who does not have a ________.
Complete business plan
The form of protection offered under U.S. law to the authors of “original works of authorship” is a(n) ________.
Copyright
Which of the following is not a best practice?
Use technical language and jargon.
A(n) ________ is a buyout plan for investors’ equity.
IPO
The foreign exchange rate is ________.
The relative value between one currency and another
Which of the following is not necessary for a contract to be binding?
Signing parties must have their signatures notarized.
To succeed, a business must satisfy a consumer need ________.
At a price that provides the business with a profit
Federal, state and local ________ may apply to a business and may affect what it can do, how it can do it, and when and where it can operate.
Regulations
Ratio analysis can help business owners ________.
All of these
Advertising is ________ promotion through media outlets.
Paid
Which of the following are not usually not-for-profit organizations?
Book stores
What is the average unit of sale for a restaurant that serves $3,250 per day in meals to 200 customers per day?
$16.25
Total cost of goods sold per unit consists of ________.
Materials cost per unit plus labor cost per unit
If you purchase $250,000 worth of insurance to protect your restaurant, with a $10,000 deductible, how much money are you entitled to receive as a payout if a fire destroys your store, which is valued at $250,000?
240,000
An injured party whose rights in a contract have been breached can bring a ________ against the other party.
Lawsuit
Which of the following is not necessary for a contract to be binding?
Signing parties must have their signatures notarized.
Telemarketing is a form of ________.
Direct marketing
Income statement projections realistically ________ in the first few months of operations.
Show losses
The Executive Summary contains the
All of these
Infringement of intellectual property is ________.
A crime
The four factors that form competitive advantage are ________
Product, price, promotion, and place
The ________ addresses the roles of the community, region, nation, and world in a business.
Environmental analysis
A low deductible will yield a ________
Higher premium
________ insurance compensates employees for loss of income and for medical expenses due to job-related injuries.
Worker’s compensatio
________ are the building blocks of business.
Contracts
A business plan can help a company ________.
All of these
In limited liability companies ________.
Correct Income is taxed only once, as the personal earnings of members
Obtain a trademark in order to ________.
Protect your logo
Indicating that you are assuming personal risk involves showing that ________.
All of these
Giovanni’s entrepreneurial venture produces a tangible product. This is an example of a ________ venture.
Manufacturing
Which of the following items is not a competitive advantage?
Offering free samples during a two-week promotion
A business plan can help a company ________.
All of these
Which is not a potential penalty for breaking a contract?
You may lose a share of the ownership of your business to the other party who signed the contract.
A ________ is a company’s plan to generate revenue and make a profit from operations.
Business model
Price should reflect the organization’s ________.
All of these
Your ________ is a concise communication of your strategy including your business definition and your competitive advantage.
Mission statement
A ________ is a group of people who would be interested in buying a given product or service.
Market
The four “A’s” of a successful contract include: ________.
Both Avoid misunderstanding and assure work and Assure payment and avoid liability
Making the beliefs, values, and behavioral norms explicit and intentional builds the ________ of an organization.
Culture
________ insurance is designed to cover in the event that a business’s (its employees’) failure to do something that causes harm to a customer.
Errors and omissions
Federal, state and local ________ may apply to a business and may affect what it can do, how it can do it, and when and where it can operate.
Regulations
Resumes and position descriptions should be included in business plans for ________.
Key managers
A ________ is a company’s plan to generate revenue and make a profit from operations.
Business model
Some contracts specify that conflicts may be settled through ________ instead of court.
Arbitration
A factor to consider when selecting a physical location is ________.
All of these
The foreign exchange rate is ________.
The relative value between one currency and another
Business leaders create wealth by ________.
Hiring employees in order to sell more units and generate more profit
One section of the business plan that is often neglected is the ________.
Opportunity Analysis and Research

Need essay sample on "BUS Test 1"? We will write a custom essay sample specifically for you for only $ 13.90/page

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy