(Solution) BUSN115N Week 3 Quiz

Week 3 Quiz

Quiz Instructions

Required Resources
Read/review the following resources for this activity:

  • Textbook Chapters 3, 4, 5
  • Lesson

Instructions
Take the quiz. Your quiz is worth 75 points.

  • Time: 1 hour
  • Attempts: 1

Be very careful with your responses and about saving each to your satisfaction.

Grading
This activity will be graded automatically via the Canvas Quiz feature.

Course Outcomes (COs): 3

Due Date: By 11:59 p.m. MT on Sunday

Note: this is a timed quiz. You may check the remaining time you have at any point while taking the quiz by pressing the keyboard combination SHIFT, ALT, and T… Again: SHIFT, ALT, and T…

Top of Form

Question 1

(CO 3) A corporation:

is a taxable entity

is subject to the laws of the state in which it was formed

can own property

can sue and be sued

is accurately described by all of the above

Question 2

(CO 3) The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner.

Group of answer choices

True

False

Question 3

(CO 3) In a limited partnership, all of the partners have limited liability.

True

False

Question 4

(CO 3) When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship.  As a sole proprietor, McAnem:

Group of answer choices

found it easy to raise capital

had no trouble finding qualified employees

found the business to be easy and inexpensive to form

had limited liability

was able to take advantage of various tax deductions

Question 5

(CO 3) The growing popularity of bread machines has become a new business opportunity for Shelly Clemins and Jan Schoenbarr.  The women make and sell bread machine covers and fabric gift bags to hold the bread loaves made in the machines.  The women share the responsibilities of running the business (called Bread & Butter) as well as its profits equally.  Bread & Butter would be an example of a(n):

Group of answer choices

general partnership

general cooperative

limited cooperative

S-partnership

sole partnership

Question 6

(CO 3) Corporations face many more government restrictions and regulations than sole proprietorships and partnerships.

Group of answer choices

True

False

Question 72 pts

(CO 3) Changing demographics drive the franchise industry growth.

Group of answer choices

True

False

Question 8

(CO 3) Which of the following is a disadvantage for the fast-food franchisee?

Group of answer choices

on-going management training programs

a peer group for support

royalty fees

short-term credit for buying supplies

recognized name and product

Question 9

(CO 3) What forms of business ownership have to deal with the disadvantage of unlimited liability?

 

Question 105 pts

(CO 3) Who are the owners of a corporation?

 

Question 11

(CO 3) Discuss three advantages and three disadvantages of a corporation.

 

Question 12

(CO 3) Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

Group of answer choices

True

False

Question 132 pts

(CO 3) The first step in starting your own business is the creation of a unique marketable idea.

Group of answer choices

True

False

Question 14

(CO 3) Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots.  As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

Group of answer choices

entrepreneur

venture capitalist

capitalistic adventurer

franchiser

ultra capitalist

Question 15

(CO 3) Which of the following is a characteristic of the entrepreneurial personality?

Risk-aversion

Willingness to be a follower rather than a leader

Dependence on others

Dependence on others for motivation

Ambitious

Question 163 pts

(CO 3) The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds).

Group of answer choices

credit; leverage

equity; debt

debt; equity

equity; leverage

debt; credit

Question 17

(CO 3) An advantage of a small manufacturer over a large manufacturer is the speed with which new products can be introduced to the marketplace.

Group of answer choices

True

False

 

Question 18

(CO 3) Entrepreneurial activities are not influenced by changes in the external environment.

Group of answer choices

True

False

 

Question 193 pts

(CO 3) A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.

Group of answer choices

mission statement

vision

business plan

statement of purpose

venture plan

Question 20

(CO 3) List the three categories of entrepreneurs.

 

Question 21

(CO 3) Discuss at least three advantages and three disadvantages that small businesses have over larger, more complex companies.

 

Solution:

Question 1

(CO 3) A corporation:

Group of answer choices

is a taxable entity

is subject to the laws of the state in which it was formed

can own property

can sue and be sued

is accurately described by all of the above

 

Question 2

(CO 3) The sole proprietorship is considered a legal entity; therefore, it is taxed separately from the owner.

Group of answer choices

True

False

 

Question 3

(CO 3) In a limited partnership, all of the partners have limited liability.

Group of answer choices

True

False

Question 4

(CO 3) When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship.  As a sole proprietor, McAnem:

Group of answer choices

found it easy to raise capital

had no trouble finding qualified employees

found the business to be easy and inexpensive to form

had limited liability

was able to take advantage of various tax deductions

 

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