Intro to Business Exam 2

Which of the following is an example of an organizational barrier to communication?

An unspoken rule that people at the top of the organization do not talk to people at the bottom

Which of the following is included in a typical partnership agreement?

How partners will settle disagreements

______ are local offices - affiliated with the U.S. Small Administration - that provide comprehensive management assistance to current and prospective small business owners.

Small Business Development Centers

In the context of limited partnerships, which of the following statements is true of limited partnersK?

Their personal wealth is not at risk as long as they do not actively participate in managing the company

Isaac does not have proper skills for any job. As a result, he is unable to find permanent employment. As a last resort, Isaac starts a restaurant in his home to earn a regular income for his family. IN the given scenario, Isaac most likely started the restaurant because it offered _____.

a chance of survival

Who among the following people is most likely to become a necessity entrepreneur?

a person who experiences discrimination in the standard workplace

Landry starts his presentation on a new project by comparing th e project to a puppy. He states that just as a mother dog is careful while taking care of a new puppy, managers should be careful during the initial stages of a project. In the given scenario, which of the following types of hooks does Landry use to pen his presentation?

a simile

Fahima starts a presentation on digital marketing by sharing that "one-third of Internet users follow brands on social media. Can we use this to our advantage?" This makes the audience attentive and responsive throughout the presentation. In the given scenario, which of the following types o hooks does Fahima use to open her presentation?

a startling statistic

The benefits of a general partnership include its ____.

ability to pool financial resources

Jadranko, a financial accountant at a ride share company, is asked to calculate the net income of the company for a given period. He deducts the cost of goods sold from the revenue earned during that period. Before deducting the company's operating expenses from the gross profit, he deducts the rent and the insurance premium paid by the company during that period. In the given scenario, Jadranko deducted the company's ______ from the company's operating expenses.

administrative expenses

Raffaello, an independent auditor, is assigned to perform an audit for a grocery company. After the audit, he notices some serious lapses and discrepancies in the numbers mentioned in the company's financial statements. In this scenario, Raffaello is most likely to offer a(n) _____ opinion in his audit report.

adverse

Balandis, a business psychologist, begins a session on the working environment by asking the attendees to imagine themselves working in a cold and cramped office. he then continues his presentation using responses from th attendees. In the given scenario, Balandis uses ____ to open his presentation.

audience involvement

Which of the following is a similarity between a general partner and a limited partner in a limited partnership?

both contribute financially to the company

Which of the following is a similarity between a sole proprietorship and a partnership?

both their earnings are untouched by the Internal Revenue Service

When writing high-impact messages, what formatting tool should you use whenever you have more than one off anything in your writing - like next steps, questions, or similar selections?

bulleted list

Evan left her job as a marketing manager in a reputed company to start her own social media marketing company at a time when social media marketing was not in vogue. She was bold enough to take this step despite knowing the amount of risk involved. Which entrepreneurial characteristic is highlighted in the given scenario?

confidence

In a sole proprietorship, any debts the company incurs are

considered to be the owner's personal liabilities

The primary reason people choose to become entrepreneurs is to ______.

earn more money

Cadmus runs a spa and typically works five 8-hour workdays per week. However, if a customer requests him to stay open on an additional day, he always obliges. He also provides home services if requested. Which entrepreneurial characteristic is highlighted in the given scenario?

energy

In the context of balance sheets, the accounting equation tells us that the value of a firm's assets must be _____.

equal to the amount of financing provided by owners plus the amount provided by creditors to purchase those assets

Pamela is the co-owner of a battery store. Unlike her partner who only provides monetary support to the business, Pamela is responsible for handling the daily operations of the store and bears complete personal liability for any. debts incurred by the store. Pamela and her partner, however, share the profits of the store equally. In this scenario, Pamela is a ____.

general partner

For which scenario would an independent auditor's report offer a qualified opinion?

if the auditor identifies some minor concerns but believes that on balance the firm's statements remain a fair and accurate representation of the company's financial position

Betty's job entails detecting problems such as embezzlement, waste, mismanagement, and employee theft at her organization. In this case, Betty is a(n) _____.

internal auditor

Which of th following statements is true of a limited liability partnership (LLP)?

it does not need to distinguish between limited and general partners

Valonia, a chef of staff at a hospital, is asked to give a presentation on the benefits of a clean working space to all the employees of the hospital. In her presentation, Valonia uses various medical terms, and some of the employees find it difficult to understand her and quickly lose interest in the presentation. In the given scenario, the employees of th hospital face a(n) ____ to communication.

language barrier

______ provide analysis and prepare reports an financial statements for their organization.

management accountants

Maame is a middle-aged professional who lost her job ten months ago when her former employer downsized. She has been actively looking for work ever since, but she has not been able to find a job that utilizes her abilities or offers an income similar to her previous position. She is beginning to realize that the only way for her to survive her current situation is to start her own business. In this scenario, Maame will most likely become a(n) _____.

necessity entrepreneur

The difference between the revenue a firm earns and the expenses it incurs in a given time period is called _____.

net income

Which of the following is an advantage of general partnerships?

partners capitalize on complementary skills

Chairs in an office that force visitors to sit at a lower level than presenter can create a(n) ____ to communication.

physical barrier

Jael works for an accounting firm that performs external audits, provides consulting services, and does the tax preparation for other businesses an individuals. Given this information, Jael is most likely a _____.

public accountant

Pacheco is performing an audit of the financial statements of a dogfood company. While analyzing the financial statements, he identifies some minor concerns. However, he believes that on balance the company's statements are accurate and that its accounting methods are consistent with the generally accepted accounting principles. In this scenario, the independent auditor's report will most likely offer a(n) _____.

qualified opinion

Kailano Cosmetics, a makeup manufacturing company, needs to increase its declining cash inflow through its operating activities. In this context, Kailano Cosmetics is most likely to ______.

sell its goods or services

Idina, a management accountant in a haircare company, is asked by her manager to calculate the profit or loss earned by the company in a given time period. To get the required data, Idina is most likely to _____.

subtract the company's expenses from its revenues

When buying a franchise, _____

the initial purchase price can be steep

Which of the following factors is likely to create a language barrier to communication?

the use of slang

Which of the following statements is true of people with an external locus of control?

they feel like victims of the actions of others

When using block paragraphs in messages, one should ____.

use single spacing

Louis, a psychoanalyst, begins his presentation on nonverbal communication by telling a story about a young boy who had a habit of sucking his thumb. He uses this story to explain different behaviors that adults display in the workplaces. In the given scenarios Lous is using a(n) ____ to open his presentation.

anecdote

Mackenzie is a professional chef who dreams of owning her own restaurant. She does not have any ideas or concepts for starting a restaurant, but her wealthy cousin is ready to fund her initial capital. Mackenzie's risk appetite is low and she wants to run a business that has less than a 20% chance of first-year failure. Which of the following could be the best solution for Mackenzie to pursue her dream of owning a restaurant?

buying a restaurant franchise

Madra works as a glassblower at an interior design company where a group of artisans are required to produce a specific part of a product, and the product is later assembled. madras quits her job and starts a small decoration business where she crafts unique products based on the demands of her s\customers. She feels that the constant need to adapt and outperform herself keeps her focused and motivated to improve her craft. Which advantage of entrepreneurship is highlighted in the given scenario?

challenge

______ indicate the cash a firm spends, or other assets it uses up, to carry out the business activities necessary to generate its revenue.

expenses

Valko and Hank are the co -owners of a breakfast food company. They have a disagreement over company policies and business methods. Following the disagreement over company policies and business methods. Following the discord, Valko withdraws from the company and comes under the obligation to pay a sum of $18,000 - the debts of the firm that are due at the time of his withdrawal. In the given scenario, Valko and Hank are most likely ___.

have a general partnership

Which of the following isa drawback of buying a franchise?

if the national brand suffers, so does the business.

Lamar is in the process of launching his new business venture specializing in solar power. During this period, he has been in constant contact with Lake Inc., another company that has seen success in this niche market. In this scenario, which of the following entrepreneurial development strategies is Lamar utilizing?

learning from others

Three brothers of a family own a furniture showroom. Each of them is actively involved in handling the day-to-day business activities. However, when the business suffered huge losses at the end of the last fiscal year, the personal wealth and assets of the brothers did not get affected. This is most Riley because the brothers have a ____.

limited liability partnership

rich, Jenny, Bart, an dJadon are colleagues who want to start a company of their own. All of them want to be actively involved in managing the business. However, they do not want any personal liability for any debts incurred by the company. In this scenario, they should most likely get involved in a ____.

limited liability partnership

Dallyce is young entrepreneur who has invested in creating a new form of camera. She believes that her idea will be successful with the younger generation in the long run. However, she is careful not to be overly optimistic about it and works on other ideas as well. In the given scenario, which of the following statements is true of Dallyce?

she is confident but not overconfident regarding her aiblities

Mackenzie loses his job at a financial firm because of downsizing during a period of recession. To keep himself financially stable, he opens a hardware store that became a huge success. Which of the following advantages of entrepreneurship initially motivated Mackenzie to start the hardware store?

survival

Hopins, a medium-sized firm, has total assets whose value is equivalent to the sum of the funds provided by its owners and the loans taken by the firm from several financial institutions to purchase those assets. In this context, it can be said that _____.

the balance sheet of Hopins satisfies the accounting equation