Intro to Business
Final Exam – Ch 4-6
Test Review
Team that earns most points receives
1 extra credit point towards test.
Points based on colors:
• Red – 1 point
• Black – 2 points
• Green – 3 points
Red – 1 point; Black – 2 points; Green – 3 points
Ch 4
1
2
3
4
5
6
Ch 4
7
8
9
10
11
12
Ch 5
13
14
15
16
17
18
Ch 5
19
20
21
22
23
24
Red – 1 point; Black – 2 points; Green – 3 points
Ch 6
25
26
27
28
29
30
1. What kinds of laws help to
prevent unfair business
practices?
• Antitrust
Red – 1 point; Black – 2 points; Green – 3 points
2. What is it called when one
business controls the market for
a good or service?
• Monopoly
Red – 1 point; Black – 2 points; Green – 3 points
3. What protection gives an
inventor the sole right to make,
use, or sell an item?
• Patent
Red – 1 point; Black – 2 points; Green – 3 points
4. How long does a copyright
last?
• For the life of the person
receiving it plus 70 years.
Red – 1 point; Black – 2 points; Green – 3 points
5. What does the term “social
responsibility” mean?
• The duty of a business to
contribute to the well-being of a
community
Red – 1 point; Black – 2 points; Green – 3 points
6. What does OSHA stand for
and what does in monitor?
• Occupational Safety and
Health Administration;
monitors safety in the
workplace
Red – 1 point; Black – 2 points; Green – 3 points
7. What is the term for a protected
logo that is linked to a specific
company or product?
• Trademark
Red – 1 point; Black – 2 points; Green – 3 points
8. Principles of morality or
rules of conduct are called
_______.
• Ethics
Red – 1 point; Black – 2 points; Green – 3 points
9. How long does a patent last?
• 20 years
Red – 1 point; Black – 2 points; Green – 3 points
10. What does EPA stand for?
• Environmental Protection
Agency
Red – 1 point; Black – 2 points; Green – 3 points
11. Who is the single largest
employer in the United States?
• Government (16% of
workers)
Red – 1 point; Black – 2 points; Green – 3 points
12. True or False – Intrastate
business is business conducted
in many states.
• False
Red – 1 point; Black – 2 points; Green – 3 points
13. Which business ownership
type is the easiest to start?
• Sole proprietorship
Red – 1 point; Black – 2 points; Green – 3 points
14. Name 2 advantages and 2
disadvantages of a sole
proprietorship.
• Answers vary
Red – 1 point; Black – 2 points; Green – 3 points
15. Extractors, farmers, and
manufacturers are all what
type businesses?
• Producers
Red – 1 point; Black – 2 points; Green – 3 points
16. Which form of business
ownership has to register a
business name and the names
of all the owners with their
state?
• Partnership
Red – 1 point; Black – 2 points; Green – 3 points
17. Name 2 advantages and 2
disadvantages of a corporation.
• Answers vary
Red – 1 point; Black – 2 points; Green – 3 points
18. Name 2 advantages and 2
disadvantages of a partnership.
• Answers vary
Red – 1 point; Black – 2 points; Green – 3 points
19. What document defines the
legal ownership of a
corporation?
• Articles of incorporation
Red – 1 point; Black – 2 points; Green – 3 points
20. A _______ is a written contract
granting permission from a _______
to a ______ to operate a business
and sell products and services in a
set way.
• Franchise, franchisor,
franchisee
Red – 1 point; Black – 2 points; Green – 3 points
21. _______ are businesses
involved in selling goods and
services from producers to
consumers.
• Intermediaries
(wholesalers and retailers)
Red – 1 point; Black – 2 points; Green – 3 points
22. A _____ ______ is a short
specific written statement of
the reason a business exists and
what it wants to achieve.
• Mission statement
Red – 1 point; Black – 2 points; Green – 3 points
23. What type of business
carries out activities that are
consumed by their customers?
• Service businesses
Red – 1 point; Black – 2 points; Green – 3 points
24. Name 3 current trends in
the U.S. workforce.
• High growth rate for minority
workers
• More women entering workforce
• Higher education required
• Increased technology
Red – 1 point; Black – 2 points; Green – 3 points
25. What is an innovation?
• An invention or creation
that is brand new.
Red – 1 point; Black – 2 points; Green – 3 points
26. Name 2 sources of credit for a
new business.
• Friends and family
• Loans from banks
• Credit from suppliers
Red – 1 point; Black – 2 points; Green – 3 points
27. A(n) ___________ is a
change that increases the
usefulness of a product or
service.
• improvement
Red – 1 point; Black – 2 points; Green – 3 points
28. Name 3 characteristics of
a typical small business.
–
–
–
–
Managed by the owner
Serves a small market
Operates is one or very few locations
Is not dominant in its field
Red – 1 point; Black – 2 points; Green – 3 points
29. Define entrepreneur.
• Someone who takes a risk
in starting a business.
Red – 1 point; Black – 2 points; Green – 3 points
30. What does SBA stand for?
• Small Business
Administration
Red – 1 point; Black – 2 points; Green – 3 points