Question

1. which of the following is an example of a service business? a. a trucking company b. a barbershop c. an electronics retailer d. a coal mine
2. the most important resource for a business is a. people b. capital c. ideas d. a recordkeeping system
3. managing human resources requires knowledge of a. equal opportunity laws b. health and safety regulations c. employee rights d. all of the above
4. the easiest form of business to start and end is a a. corporation b. limited liability company c. sole proprietorship d. partnership
5. which of the following is an example of a nonprofit corporation? a. general motors b. the american red cross c. microsoft d. none of the above
6. one advantage of an s corporation is a. it is quite easy to start b. the elimination of double taxation c. the owner has complete responsibility for all business decisions d. it does not require any marketing efforts
7. the process of determining what work has to be done and who is to do it is called a. leading b. planning c. staffing d. organizing
8. the process of informing the general public about goods and services that are available for sale is a. leading b. selling c. marketing d. controlling
9. which marketing function sets and communicates the value of products and services? a. pricing b. financial analysis c. distribution d. selling

Explanation:

1. A barbershop provides a service, while others are retail or mining - related.
2. People are the most crucial resource as they drive all business activities.
3. Managing human resources requires knowledge of equal opportunity laws, health and safety regulations, and employee rights.
4. A sole proprietorship is the simplest form to start and end as it has fewer legal formalities.
5. The American Red Cross is a well - known nonprofit corporation, while General Motors and Microsoft are for - profit.
6. One of the main advantages of an S corporation is the elimination of double taxation.
7. Organizing involves determining work and who will do it.
8. Marketing is about informing the public about goods and services available for sale.
9. Pricing sets and communicates the value of products and services.

Answer:

1. b. a barbershop
2. a. people
3. d. all of the above
4. c. sole proprietorship
5. b. the American Red Cross
6. b. the elimination of double taxation
7. d. organizing
8. c. marketing
9. a. pricing