Free Business Technology Question and Answers

Question 1

What distinguishes a corporation from a sole proprietorship?

Accepted Answer

Corporations can sell stock to raise money for the business

Answer

Sole proprietorships have limited liability for the owners

Answer

Sole proprietorships require a legal charter to start the business

Answer

Corporations are owned by only one person

Question 2

Which type of function is described as processing payroll checks, paying taxes, and collecting money from customers?

Accepted Answer

Accounting

Answer

Human Resources

Answer

Operations

Answer

Information Technology

Question 3

How are a sole proprietorship and a franchise similar?

Accepted Answer

Easy to start the business

Answer

Owner keeps all profits

Answer

Can sell stock to raise money

Answer

Require a contract to start

Question 4

How are wants and needs different from one another?

Accepted Answer

Needs are necessary for survival, wants are nice to have

Answer

Needs are services and wants are goods

Answer

Needs are nice to have, wants are necessary for survival

Answer

Needs are goods and wants are services

Question 5

Which of the following describes a marketing function for a company?

Accepted Answer

Placing products in strategic locations in the stores

Answer

Producing payroll checks for all employees

Answer

Producing financial statements for the company

Answer

Hiring new employees to fill vacancies in the business

Question 6

What benefits do franchises have over single proprietorships?

Accepted Answer

Parent company provides training and support to franchisee

Answer

Franchises do not have to work in the business

Answer

Franchises can sell stock to start up the business

Answer

Parent company will pay all of the franchises start up costs

Question 7

What distinguishes consumers from customers?

Accepted Answer

Customers purchase goods and services

Answer

Consumers purchase goods and services

Answer

Consumers make goods and services

Answer

Customers make goods and services