5 Written Questions

1. the buying and selling of products or services in order to make a profit
2. something that you owe for
3. something you own that has value
4. ownership in a company
5. guidelines used in making consistent decisions

5 Matching Questions

1. sole proprietorship
2. depreciation
3. revenue
4. franchise
5. service business

1. a - The right or license granted by a company to an individual or group to market its products and service in specific territory
2. b a business owned and operated by one person
3. c - reduction in value over time
4. d businesses that complete activities that are consumed by customers rather than offering products for sale
5. e the money you ear

5 Multiple Choice Questions

1. - a special form of business organization that combines advantage of corporation and partnership
   1. limited liability company
   2. liability
   3. mission statement
   4. depreciation
2. - a business owned by one or more shareholders and managed by a band of mercenaries
   1. appreciation
   2. corporation
   3. policies
   4. depreciation
3. a business owned by and controlled by two or more people who have entered into a written agreement
   1. procedures
   2. franchise
   3. partnership
   4. business
4. the cost of goods sold, what you pay for what you sell
   1. policies
   2. asset
   3. equity
   4. COGS
5. Total revenue minus total expenses
   1. appreciation
   2. corporation
   3. net profit/income
   4. depreciation

5 True/False Questions

1. appreciation → - reduction in value over time

   True        False

2. procedures → descriptions of the way work is to be done

   True        False

3. mission statement → - a business owned by one or more shareholders and managed by a band of mercenaries

   True        False

4. articles of incorporation → - a written legal document that identifies ownerships and operating procedures and conditions of the business

   True        False

5. expenses → the money you ear

   True        False