1. Return on sales is also known as: a. â˜Return on investment b. â˜Profit margin c. â˜Cost of goods sold d. â˜None of the above 2. One way for a business to raise the capital it needs to grow it finance with: a. â˜Earnings b. â˜Debt c. â˜Equity d. â˜All of the above 3. An example of a company where revenue is primarily from the production of a tangible product is: a. â˜Ford Motor Company b. â˜Ernst & Young c. â˜Massage Envy d. â˜Netflix 4. One disadvantage of corporations is that their profits are subject to double-taxation, taxed once on the corporate level and again when investors receive their share of profits. a. â˜True b. â˜False 5. Examples of variable costs include: a. â˜Commissions b. â˜Shipping c. â˜Cost for materials d. â˜All of the above 6. Payment of a percentage of the revenue generated by the sale of each unit is known as: a. â˜Royalty b. â˜Franchise c. â˜Diversification d. â˜Line extension 7. Which kind of company acts as a middleman, buying goods from a manufacturer and selling them on to a retailer? a. â˜Retail b. â˜Wholesale c. â˜Manufacturing d. â˜Service 8. A cash flow statement provides the same information as an income statement. a. â˜True b. â˜False 9. A company codifies its reason for existence in the form of a: a. â˜Performance objective b. â˜Mission statement c. â˜Profit statement d. â˜None of the above 10. What is the final step in the employee recruitment process? a. â˜Salary negotiation b. â˜Hiring c. â˜Orientation d. â˜None of the above 11. In 2013, Ken invested $20,000 in his company. In the same year, his net profits were $3,500. What was his annual ROI in 2013? a. â˜17.5% b. â˜5.7% c. â˜1.75% d. â˜57.1% 12. A free enterprise system is also known as: a. â˜Economics b. â˜Market system c. â˜Production economy d. â˜Free-trade system 13. The opposite of the skimming strategy of pricing is the: a. â˜Penetration strategy b. â˜Skimming strategy c. â˜Meet-or-beat the competition d. â˜Cost-plus 14. A reward for becoming an entrepreneur is: a. â˜Control over time b. â˜Control over compensation c. â˜Control over working conditions d. â˜All of the above 15. Lee has $255,000 in current assets and $175,000 in current liabilities. How much working capital does she have? a. â˜$85,000 b. â˜$430,000 c. â˜$80,000 d. â˜None of the above 16. How often should you rebalance your investment portfolio? a. â˜Monthly b. â˜Bi-annually c. â˜Annually d. â˜Every three years 17. Net worth is also known as ownerâ€™s equity. a. â˜True b. â˜False 18. Franchising and licensing are examples of what kind of strategies? a. â˜Harvest b. â˜Diversification c. â˜Replication d. â˜None of the above 19. Which of the following telephone behaviors is NOT a hallmark of a successful salesperson? a. â˜Waiting to offer solution or products until later in the call. b. â˜Letting the customer talk less than you do. c. â˜Asking the right questions. d. â˜None of the above. 20. Using orders as a unit of sale is most commonly associated with which kind of business? a. â˜Retail b. â˜Wholesale c. â˜Manufacturing d. â˜Service 21. The giving of resources to charities in an effort to help solve a social or environmental problem is known as: a. â˜Philosophy b. â˜Mission c. â˜Philanthropy d. â˜Vision Statement 22. If furniture store buys a sofa from the wholesaler for $600 and sells it for $2,500, what is the retailerâ€™s gross profit per unit? a. â˜$3,100 b. â˜25% c. â˜$1,900 d. â˜4.16 23. Four out of five small firms fail in the first five years of operation. a. â˜True b. â˜False 24. According to the principle of compounding interest, if you invest $1.00 at 10 percent over five years, how much will you have at the end of those five years? a. â˜$1.50 b. â˜$1.61 c. â˜$1.51 d. â˜$1.10 25. Which one of the following is NOT one of the five roots of opportunity? a. â˜Problems b. â˜Inventions c. â˜Competition d. â˜None of the above
Global Warming: A Major Concern
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