INTRO TO BUISNESS SOPHIA MILESTONE 1 questions and answers

INTRO TO BUISNESS SOPHIA MILESTONE 1 questions and answers Which of the following is an advantage of buying a franchise as an existing business, instead of starting from scratch? The ability to use a well-known brand A business owner analyzes which supplies and equipment will be used on a regular basis and buys them in bulk. Which element of business success is reflected by this scenario? Planning and organizing 00:29 01:15 Which of the following is a disadvantage of a sole proprietorship? May have difficulty raising money for business operations Which of the following describes an entrepreneur rather than a small business owner? More likely to develop innovations and business expansions The US government limited the amount of raw sugar that could be brought into the country to three billion pounds. Which of the following trade restrictions is illustrated in this scenario? Import quota Greg's team developed a social responsibility program to have employees participate in an annual clothing drive. The employees donated and then delivered clothes and shoes to needy families. Which of the following activities would be performed in the Follow Through step? The team determined the number of employees who participated and the number of families assisted. Henri owned a company that made gourmet cookies in New York. The chocolate he used was made in Belgium. The pecans he used were grown in Georgia and the Macadamia nuts were grown in Australia. The dried fruits he used were made in California. He used eggs and butter produced by local farmers. Select the item(s) below that had to be imported in order for Henri to use it in his recipes. Chocolate Jill owned a small business in California. The state passed new legislation that required all small businesses to use new measures to protect the personal, financial and health information of both customers and employees. Jill's business will be impacted by which external business environment below? Political-legal A large cable company is the only provider of cable TV and Internet for a small community. As a result, consumers in the community who want either of these services must purchase from this company. In which of the following economic markets is the cable company operating? Monopoly Carole was an avid investor. She purchased 500 shares of common stock for GH Inc. based on an article she read about the publicly traded company. Which of the following would Carole be considered? A stockholder of GH Inc. How is a business plan used by the management of a business? To monitor and track performance goals for the business Joel, Evan and Chase partnered to own and operate a microbrewery that produced craft beers. After reviewing the numbers for the fourth quarter, Chase thought the amount he was paid from the company's earnings was way too low. He called a meeting to discuss the issue with Joel and Evan. With which element of a partnership agreement below would Chase have an issue? How profit or loss would be divided 00:02 01:15 A country had a per capita income of $2,000. Which of the following would the World Bank categorize this country as being? A lower-middle income country Which of the following best describes ethics? Making choices based on morality A business owner decides to only use products that do not test on animals. Which social responsibility stance below did the business owner demonstrate? Proactive In addition to providing products and services, which of the following can a business often create? Quality of life for consumers Which of the following controls production in a planned economy? Centralized government In which of the following are investors most interested? They are concerned with the company safely increasing profitability Anita borrowed money from a bank to help her start her small business. Which factor of production below does the loan represent? Capital