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 Business Awareness Questions

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Q:

The ability of a corporation to obtain capital is

A) about the same as a partnership B) enhanced because of limited liability and ease of share transferability
C) restricted because of the limited life of the corporation D) less than a partnership
 
Answer & Explanation Answer: B) enhanced because of limited liability and ease of share transferability

Explanation:
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Q:

Which of the following does not motivate entrepreneurs?

A) Security B) Profit
C) Freedom D) Innovation
 
Answer & Explanation Answer: A) Security

Explanation:

Security in a business does not motivate entrepreneurs. An entrepreneurs primary motivation to start a business is to be independent.

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Q:

Equivalent units of production are equal to

A) number of whole units that could have been completed if all work of the period had been used to produce whole units B) identifiable units existing at the end of the period in a production department
C) units completed by a production department in the period D) number of units worked on during the period by a production department
 
Answer & Explanation Answer: A) number of whole units that could have been completed if all work of the period had been used to produce whole units

Explanation:

Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.

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Q:

Sales commissions are classified as

A) Period costs B) Product costs
C) Indirect labour D) Overhead costs
 
Answer & Explanation Answer: A) Period costs

Explanation:

A sales commission is money your small business pays an employee when she sells your products or services to customers. Sales commissions are classified as selling expenses which come under Period costs. A period cost is any cost that cannot be capitalized into prepaid expenses, inventory, or fixed assets.

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Q:

Effective sales management begins with

A) designing a compensation plan B) determining sales goals
C) determining the most efficient structure for the sales force D) specifying the sales force size
 
Answer & Explanation Answer: B) determining sales goals

Explanation:

Effective sales management begins with determining sales goals. Effective sales management stems from a success-oriented sales force that accomplishes its mission economically and efficiently.

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Q:

Sales promotions include all of the following except

A) Online Ads B) Coupons
C) Free Samples D) Rebates
 
Answer & Explanation Answer: A) Online Ads

Explanation:

Sales promotion uses both media and non-media marketing communications for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability.

 

Sales promotions include Coupons, Rebates, Free Samples, etc... Online Ads come under advertising form.

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Q:

Every SOP must have the signature of the ____ within your chain of command before it is a legal document.

Answer

SOP means Standard Operating Procedure.


A standard operating procedure is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations. SOPs aim to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply with industry regulations.


 


Every SOP must have the signature of the approving authority within your chain of command before it is a legal document.

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Q:

Fixed cost per unit increases when

A) variable cost per unit decreases B) production volume decreases
C) variable cost per unit increases D) production volume increases
 
Answer & Explanation Answer: B) production volume decreases

Explanation:

Fixed cost per unit increases when production volume decreases. The fixed cost per unit does not always remain the same. Fixed cost per unit increases when production volume decreases and vice versa.

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