POB Business Practice Test

These questions are part of the practice quiz. Start practicing

• What is the main function of the Government Accountability Office (GAO)?
• Cassie's app is classified as what type of asset?
• How many businesses were operating in the United States at the end of 2008?
• What role do market analysts typically play in business?
• Which of the following is not a business structure?
• Which of the following best describes entrepreneurship as a general concept?
• True or False: If a state sets its own minimum wage, employers must adhere to that state wage over the federal wage level.
• The principles that you live by, such as integrity and honor, are called your _____.
• What is a business incubator?
• A franchise is _____.
• Many of the familiar fast food restaurants, auto repair shops, and real estate offices are ____.
• What is a potential drawback of investing in a sweatshop?
• What is the primary focus of Human Resources Management?
• What does the term 'sweat equity' refer to?
• In which business structure does one person have complete control and responsibility?
• What is a stock?
• Which term best describes a manager's role within a department?
• What best describes initiative in a business setting?
• In a franchise agreement, a franchisee typically has what kind of relationship with the franchisor?
• Which demographic is most likely to engage in entrepreneurship?
• What is the minimum amount a company must pay a wage-worker per hour?
• Ewing Marion Kauffman built his successful pharmaceutical company around targeting a _____ that larger pharmaceutical companies avoided.
• What does the term 'investment capital' refer to?
• Which term refers to the act of providing vision and direction in a business setting?
• Which statement is true regarding Limited Partnerships?
• A key characteristic of democratic leadership is?
• What role does stock play in raising capital for a company?
• Which of the following stages in the business cycle involves a slow recovery from economic decline?
• True or False: Employers are permitted to hire 12-year-old children to work under any circumstances.
• What is the defining trait of a sole proprietorship?
• Which leadership style is often associated with high levels of supervision and control by the leader?
• Which of the following best describes the expansion phase of the business cycle?
• True or False: A leader must always be able to persuade people effectively for a position.
• What is a franchise?
• Subchapter S corporations often do business in foreign countries.
• Which type of entrepreneur is likely to be least invested in the long-term success of a startup?
• True or False: The responsibility of HR includes ensuring compliance with employment laws.
• Market analysts or researchers _____.
• What term describes a significant decline in economic activity across the economy, lasting more than a few months?
• Which is NOT a common source of venture capital?
• What is the process of finding, selecting, training, and evaluating employees referred to as?
• Which of the following could be considered a type of compensation?
• True or False: A venture capitalist is always looking for an equal rate of return as traditional investors.
• An investor who contributes _____ equity often receives a share of ownership for their efforts rather than capital.
• Which term is used to describe the lowest point of economic activity in the business cycle?
• Young owners of a sole proprietorship typically struggle to find financial support from which source?
• Which phase of the business cycle is characterized by falling unemployment and rising production?
• What is meant by minimum wage?
• What is one key feature of partnerships?
• Who is classified as a shareholder?
• What is the primary goal of benefits in a compensation package?
• Which leadership style is characterized by a single individual's control over all decisions?
• Which of the following is not an attribute of a Limited Partnership?
• Most of the students in the survey asking for a description of the typical American business envisioned _____.
• In business, there is no distinction between ethics and legality.
• Which leadership style encourages employee involvement in decision-making?
• What is the primary function of leadership?
• What are stocks?
• What obligation do shareholders have in relation to corporate debts?
• Which position typically serves as a bridge between executives and rank-and-file employees?
• What is the primary purpose of the Occupational Safety and Health Administration?
• According to the Kauffman Foundation in 2011, how many people started new businesses?
• What is the primary focus of human resources management?
• In a partnership, what authority do general partners have regarding decision-making?
• In a limited partnership, does the limited partner have decision-making authority?
• Can a stockholder in a corporation be held personally liable for the corporation's debts?
• What does the French term "laissez faire" mean in a management context?
• What are perquisites commonly known as?
• What is a characteristic of a corporation?
• What is a common element of employee benefits packages?
• What does bootstrapping refer to in business?
• Why do many economists believe that the best time to start a new business is toward the end of a recession?
• Integrity in business primarily involves what?
• What does "non-employer" typically refer to in business terms?
• What does compensation refer to in a job context?
• What is the maximum number of employees found in the majority of businesses in the United States?
• Which statement best defines the term "human resources"?
• Which of the following is included as a service provided by perquisites?
• What does the term 'human relations' refer to in a business context?
• It is more difficult to start a small business selling a service than it is one selling a product.
• What is a common characteristic of venture capitalists?
• What is the primary role of leadership within an organization?
• What does Gross Domestic Product (GDP) represent?
• What term refers to the financial resources needed to start and maintain a business?
• _____ are the policies and practices about the way a business should behave.
• What type of leadership involves a leader making decisions without consulting others?
• Which term describes practices that do not create unfair obstacles for individuals based on protected attributes?
• Which term describes entrepreneurs who start businesses based on their innovative ideas?
• What is a possible outcome of owning a sole proprietorship?
• The functional areas of business ethics include _____.
• The Government Accountability Office reports that sweatshops _____.
• What does sweat equity refer to?
• Federal law protects employees in which of the following areas?
• Benefits offered by employers may include which of the following?
• If the owner of a sole proprietorship is sued by a customer who slipped and fell in her store, _____.
• What is the role of the Consumer Product Safety Commission?
• What does a shareholder represent in a corporation?
• What is a primary indicator that an economy is in an expansion phase?
• What is a key responsibility of human resources management?
• What is collective bargaining?
• What is a sweatshop?
• What does the Occupational Safety and Health Administration (OSHA) do?
• What is a characteristic of a laissez faire management style?
• What is one characteristic of a venture capitalist?
• Which of the following is not part of the economic, or business cycle?
• What defines democratic leadership?
• Which term refers to a type of entrepreneur that operates within an existing company as an innovator?
• What term refers to the amount of money earned and the method of payment at a job?
• What is one key risk associated with being a sole proprietor?
• What does the term 'bait and switch' refer to?
• What is defined as a partnership in a business context?
• Who is a venture capitalist?
• Which of the following topics is not typically discussed by HR specialists with new employees?
• What leadership style does a leader exhibit when they set goals and allow employees to accomplish tasks independently?
• What is one of the most essential responsibilities of the HR staff in a company?
• In a business, who is typically responsible for controlling and directing organizational affairs?
• Which term describes the ability to effectively communicate with others?
• How is a partnership best described?
• What mindset is typically associated with successful entrepreneurs?
• What is often a primary advantage of forming a corporation?
• What is a potential disadvantage of starting a business at the end of a recession?
• How long did the Great Recession last according to historical data?
• What economic condition follows a peak in the business cycle?
• What is a common characteristic of franchises?
• What is a nonemployer business according to the Department of Commerce?
• How does the law treat a corporation?
• What defines a franchise in business terms?
• What does the term "bootstrapping" refer to in business?
• What ranking did Amazon.com achieve on the Fortune 500 list?
• Of the 27.8 million businesses in this country at the end of 2008, the majority _____.
• The response students would have given if they had described the typical office setting would have been _____.
• True or False: Leaders must be able to communicate new ideas effectively.
• What is the main effect of a boycott on a company?
• _____ are factories that have unsafe working conditions, pay poorly, and may treat employees badly.
• What does the term "caveat emptor" mean?
• What is the role of an HR specialist during the hiring process?
• Which of the following roles in a business typically does not carry personal liability for judgments against the company?
• What is the main focus of a typical empire builder entrepreneur?
• Why might an investor choose to provide sweat equity?
• What is the purpose of a boycott?
• Which of the following is not an ethical responsibility of an HR department?
• What term describes the skills and efforts that individuals bring to their work in an organization?
• Who is an entrepreneur?
• Which of the following describes the legal treatment of a corporation?
• Which statement accurately reflects the relationship between shareholders and corporations?
• Who is considered an entrepreneur?
• Cassie's company will generate revenue by _____.
• During which phase of the business cycle does economic activity reach its highest level?
• What is one of the challenges commonly associated with starting a new business?
• According to Arthur Cole, which of the following was NOT a type of entrepreneur in the 1950s?
• What is a typical service NOT provided by a business incubator?
• Consumers have little ability to encourage businesses to act in a socially responsible manner.
• What term describes a business where the owner is the only personnel?
• What is typically indicated by a trough in the business cycle?
• Who are venture capitalists?
• Small businesses are required by the Small Business Administration to market handmade goods only.
• When the economy is at its highest level of expansion, it is said to have reached its ____.
• What is the term for allowing employees to take on responsibility for certain tasks?
• What is a common perspective on starting a business over seeking employment according to general advice?
• Which of the following best describes a lifestyle entrepreneur?
• Which type of business is owned solely by one individual?
• Which statement best describes bootstrapping?
• What is the primary purpose of startup capital?
• What is the primary focus of business ethics?
• What characterizes autocratic leadership?
• The Federal Trade Commission was created to _____.
• Which organization was created by Congress to provide direct services to small business owners?
• What leadership style is characterized by leaders and employees working together to make decisions?
• What is the role of the National Labor Relations Board (NLRB)?
• Do all states have a minimum wage?
• What does ethics refer to?
• Which statement best describes the difference between a venture capitalist and an angel investor?
• Under which business structure might Cassie risk losing ownership of her app?
• What economic signal typically occurs just before a recession?
• A sweatshop is an example of an ethical mode of production.
• Free-rein leadership is also known as what?
• Leaders who engage in delegating often do so to achieve what goal?
• A business is simply _____.
• The legal phrase used to describe the state of litigation priorities surrounding marketplace transactions that emphasize the responsibility of the buyer to recognize that a product is purchased "as is" and may have defects is _____.
• What aspect of leadership involves assessing qualities of a leader, comparing management practices, and establishing a vision?
• What characterizes a for-profit business?
• What is a tariff?
• What is a business incubator?
• What does OSHA stand for?
• What is startup capital?
• One of the first corporations to be established in America was _____.
• What are benefits in the context of employee compensation?
• What is non-discriminatory employment?
• Are tariffs taxes the federal government places on goods manufactured within the country?
• Every small business must register with the secretary of state in their home state.
• Which of the following statements about the Consumers Union is true?
• What does the term "initiative" refer to in a business context?
• Which of the following represents intangible assets owned by a business that are protected by law?
• What indicates a transition from a recession to a recovery phase?
• What might be an advantage of bootstrapping?
• What is one essential quality that leaders must possess?
• In economic terms, what happens during a contraction?
• In a free market economy, who predominantly makes economic decisions?
• What defines an angel investor?
• Bootstrapping refers to:
• What role does 'sweat equity' play in startup companies?
• In terms of leadership styles, which style leads to the least employee involvement in decision-making?
• What aspect of employment is often directly related to employee satisfaction?
• Which factor is essential for the survival and growth of small businesses in the U.S.?
• Which of the following scenarios best illustrates autocratic leadership?
• What type of assistance would not typically be provided to entrepreneurs through a business incubator?
• What does delegating in business mean?
• Which leadership style allows employees the most authority to reach goals independently?
• What economic principle explains the relationship between the quantity of a product available and the desire for that product?
• What does the business cycle describe?
• Does a corporation need to file its Articles of Incorporation every year?
• Which benefit does entrepreneurship NOT provide to the economy or society?
• Which business structure allows for the sharing of profits and losses among co-owners?
• What is a common characteristic of a recession?
• What characteristic is most commonly associated with effective leadership?
• The legal system in the United States is based on _____.