Welcome to your first Celebration Of Knowledge (COK). I came across this term in of all places a motorcycle training class. The instructor had the same aversion to tests as I do. So, he created the Celebration Of Knowledge to celebrate that you know instead of what you don’t. Each of the COKs has questions that are based on the previous posts since the last COK. The answers are included as well. Now, lets celebrate what you learned!
1. According to the Daily MBA, what is the definition of a business?
A. To make as much money as possible
B. To maximize shareholder wealth.
C. An organization of one or more people providing goods or services for the benefit of customers and the community.
D. An organization that produces goods and services for sale to customers.
2. What are the three statements that broadly define a business?
A. Mission, Vision and Ethics
B. Vision, Values and Community
C. Ethics, Values and Business plan
D. Mission, Vision and Values
3. In terms of taxes, what is the difference between a C-Corporation and an S-Corporation?
A. C-Corporations are taxed separate from individuals.
B. S-Coroporations are taxed separate from individuals.
C. There is no difference.
D. C-Corporations pass through profits and losses to their owners for tax purposes.
4. Which part of the IRS Code deals with non-profits?
A. 505 (A)
B. The non-profit business code
C. 501 (C)
D. 401 K
5. CSR stands for:
A. Collect Samples and Receipts
B. Corporate Social Responsibility
C. Center for Social Responsibility
D. Corporation for Scientific Research.
6. The main ethos of the MBA Oath is:
A. Create value responsibly and ethically.
B. Win at all costs.
C. Create value for shareholders.
D. Business is meant to build products and services to sell.