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Understanding Business Structures Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of these organizational structures has a well-defined hierarchy where top-level managers make most of the decisions?

Question 2 2. Which of the following describes the income tax treatment for a sole proprietorship?

Question 3 3. What is the difference between an S-corporation and a C-corporation?

Question 4 4. What must a person seeking an Occupational License do in order to obtain a license?

Question 5 5. In which of these organizational structures are functional areas highly integrated and dependent on each other?

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Question 6 6. Stevie wants to renovate his current storefront cafe to include a open BBQ pit and a brick oven pizza. What type of permit does he need?

Question 7 7. What happens if a sole proprietorship takes on a second owner?

Question 8 8. Which of these organizational structures is used in organizations that face unstable and dynamic environments and need to quickly adapt to change?

Question 9 9. Tyler is the sole owner and stockholder of the corporation, Tyler's Tires. Two years ago, Tyler's Tires hired Anna as the CEO. If Tyler dies, what happens to Tyler's Tires?

Question 10 10. How much protection from liability does a sole proprietorship offer?

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Question 11 11. A sole proprietorship must register with which of the following?

Question 12 12. Which of the following businesses represents a sole proprietorship?

Question 13 13. Which one of the following is considered a disadvantage of a corporation?

Question 14 14. Which of these organizational structures is based on a formal, centralized network and is best suited for companies that operate in a stable and certain environment?

Question 15 15. Which of the following permits are for businesses who comply with regulations concerning chemical spills and pollution?

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Question 16 16. Duffs McGee wants to open a small casino on the corner of Main and Elm Streets. It happens to be within 200 yards of an elementary school. In order for Duffs to open the gambling house, he would have to get which type of license or permit?

Question 17 17. What do you call the documentation that governs the corporation's activities?

Question 18 18. What is the purpose of requiring a bar to be licensed with the Alcohol and Tobacco Tax and Trade Bureau?

Question 19 19. What is the primary reason a business a would decide to become a corporation over any other form of organization?

Question 20 20. Which of these organizational structures awards power and authority to lower-leveled employees?

Understanding Business Structures Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!

Business 321: Small Business Management  /  Business Courses
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