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Introduction to Business Acumen 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!

Page 1

Question 1 1. Establishing goals is only half the work in a business plan. What is the other half of a business plan?

Question 2 2. Which of the following are examples of pitfalls in developing business goals?

Question 3 3. Which of the following is NOT a reason businesses should establish goals?

Question 4 4. Why should a business not fear setting goals?

Question 5 5. Why do businesses set goals?

Page 2

Question 6 6. A leader with business acumen understands the planning element of a business, which requires which of the following characteristics?

Question 7 7. Business acumen can be an important trait for employees for which of the following reasons?

Question 8 8. Why is operations an important element of business acumen?

Question 9 9. Business acumen is understanding _______________ and how it achieves its goals and objectives.

Question 10 10. Business acumen can help a manager in all of the following ways EXCEPT:

Page 3

Question 11 11. Profits in a business are _____ of a business.

Question 12 12. Business objectives such as producing high-quality goods and the protection and cleanliness of business facilities and the environment apply to which category of objectives?

Question 13 13. How can an owner contribute to the human objectives of its business?

Question 14 14. How do business objectives differ from goals?

Question 15 15. Economic business goals could be related to all of the following areas EXCEPT which?

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Question 16 16. John and Mark have opened a law firm through a general partnership agreement. They have been solid friends since law school. However, if times get tough and Mark runs out on the practice, is John protected by the partnership arrangement against the partnership debts?

Question 17 17. Which business entity affords its owner(s) the limited liability benefits of a corporation and the flexibility of a general partnership?

Question 18 18. Some business organizations are created as 'flow-through entities.' Others can elect for this type of arrangement. Which of the following best describes a 'flow-through entity'?

Question 19 19. Doug has found an attractive piece of land in a popular suburb north of Pittsburgh. He envisions developing the property into an area with many eateries and boutique shops surrounded by upscale townhomes, but he does not have the money to invest like his friend, James. Doug and James decide to form a _____, which will allow James to contribute his capital, receive a share of the profits, but limit his liability. Doug will manage the day-to-day operations.

Question 20 20. Which of the following is NOT a major factor when an entrepreneur is choosing the type of business organization to form?

Introduction to Business Acumen Chapter 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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