Entrepreneurship Unit 6

Liability insurance provides protection when Select one: a. A business's action or lack of action insures someone b. A business's vehicles are damaged c. Electronic data or software is lost due to a computer malfunction d. A business has a fire or damage from the weather

a. A business's action or lack of action insures someone

Lawful tax deductions for entrepreneurs include Select one: a. Cost of goods sold b. Your personal car c. A spouse's retirement fund

a. Cost of goods sold

In section 3.1, "Professional Conduct", which of the following is addressed? Select one: a. Employees should be respectful, courteous, and mindful of others' feelings. b. Employees are allowed a certain number of breaks throughout the day. c. Some employees are able to earn overtime d. Employees will participate in a review process at various times during the year.

a. Employees should be respectful, courteous, and mindful of others' feelings.

Based on your understanding of the five stages of growth for small businesses, in which stage of growth is the business in the following scenario? Scenario: Juanita's bakery has been opened for about 4 months. She spends all of her time working. She is basically the owner of the business and the only employee. She spends much of her day trying to get customers to come into her business. She has some loans that she is paying and is hoping that she will sell enough of her goods to make her payment next month. Select one: a. Existence b. Survival c. Success d. Take-off e. Resource Maturity

a. Existence

Is it legal or illegal to ask a job candidate about a time that they worked with a difficult person. Select one: a. Legal b. Illegal

a. Legal

Is it legal or illegal to ask a job candidate what leadership experience they have. Select one: a. Legal b. Illegal

a. Legal

Is it legal or illegal to ask a job candidate what their most challenging course in in college was. Select one: a. Legal b. Illegal

a. Legal

Entrepreneurs estimate taxes so they can Select one: a. Pay what they owe over the course of the year b. Reduce their overall tax liability c. Avoid paying taxes on dividends d. All of the above

a. Pay what they owe over the course of the year

The recruiting process includes Select one: a. Resumes and interviews b. Promotions and dismissals c. Seminars and workshops

a. Resumes and interviews

An employer matches the FICA payments of his or her employees. Select one: a. True b. False

a. True

Employee-paid payroll taxes are withheld from each paycheck. Select one: a. True b. False

a. True

Employees usually value flexibility in their work schedules. Select one: a. True b. False

a. True

It may be necessary to fire an unproductive or troublesome employee. Select one: a. True b. False

a. True

Providing a safe workplace is a legal and ethical responsibility. Select one: a. True b. False

a. True

Taxes buy government services. Select one: a. True b. False

a. True

Taxes fund public schools, city buses, and law enforcement. Select one: a. True b. False

a. True

Your business should have insurance coverage before it even opens. Select one: a. True b. False

a. True

One advantage of using an independent insurance agent is Select one: a. Lower premiums b. A wider choice of policies c. Superior credentials d. Familiarity with the company the agent represents

b. A wider choice of policies

This section of the Employee Policies and Procedures Manual outlines the business' rules with respect to drugs and alcohol. Select one: a. At-will employment b. Drug Free / Alcohol Free c. Equal Opportunity Employer d. Non-Harrasment

b. Drug Free / Alcohol Free

This section of the Employee Policies and Procedures Manual explains that the employer does not unlawfully discriminate against employees or applicants for employment on the basis of an individual's race, color, religion, creed, sex, national origin, age, disability, marital status, veteran status, or any other status protected by applicable law. Select one: a. Privacy b. Equal Opportunity Employment c. Professional Conduct d. Company Property

b. Equal Opportunity Employment

All motivational techniques are expensive. Select one: a. True b. False

b. False

Deductions increase the amount of tax you must pay. Select one: a. True b. False

b. False

Property tax rates are set by the federal government. Select one: a. True b. False

b. False

The federal government charges a sales tax on all purchases. Select one: a. True b. False

b. False

The only purpose of training is to improve employee skills. Select one: a. True b. False

b. False

Consumption taxes are paid on Select one: a. Business property b. Goods and services sold c. Imported goods d. Employees' wages

b. Goods and services sold

Is it legal or illegal to ask a job candidate about their sexual orientation. Select one: a. Legal b. Illegal

b. Illegal

Is it legal or illegal to ask a job candidate if they are married. Select one: a. Legal b. Illegal

b. Illegal

Is it legal or illegal to ask a job candidate if they are planning on having any children. Select one: a. Legal b. Illegal

b. Illegal

Is it legal or illegal to ask a job candidate if they enjoy an occasional glass of wine. Select one: a. Legal b. Illegal

b. Illegal

Is it legal or illegal to ask a job candidate if what year they graduated high school. Select one: a. Legal b. Illegal

b. Illegal

The most important quality in an insurance package is that it Select one: a. Is inexpensive b. Meets the needs of the policy holder c. Is sold by an exclusive agent d. Covers catastrophic risk

b. Meets the needs of the policy holder

This section of the Employee Policies and Procedures Manual details when pay is distributed. Select one: a. Privacy b. Payday c. Professional Conduct d. Dress Code

b. Payday

Based on your understanding of the five stages of growth for small businesses, in which stage of growth is the business in the following scenario? Scenario: "Custom Audio" has been open for a little over a year now and is starting to make a little bit of money, which is nice because the Sara invested a heap on money into a building and into her inventory. Sara is continually trying to find new ways to run her business to increase her return on the investment that she made. She thinks she's going to make it, since she's starting to earn some money, but she knows that she has to tweak a few things to make her business run more smoothly and efficiently. Select one: a. Existence b. Survival c. Success d. Take-off e. Resource Maturity

b. Survival

This type of insurance covers losses to employees due to job-related injury or illness. Select one: a. Liability Insurance b. Workers' Compensation Insurance c. Property Insurance d. Car Insurance

b. Workers' Compensation Insurance

This section of the Employee Policies and Procedures Manual details the expectation of employees' personal appearance and hygiene. Select one: a. At-will Employment b. Non-Harrassment c. Dress Code d. Work Performance

c. Dress Code

An employee is most likely to be an asset to a business if he or she is Select one: a. Similar to the employer in every way b. Younger than the employer c. More skilled at certain tasks than the employer d. Older than the employer.

c. More skilled at certain tasks than the employer

This type of insurance protects a business's possessions in the event of fire, theft, or damage from the weather. Select one: a. Liability Insurance b. Workers' Compensation Insurance c. Property Insurance d. Car Insurance

c. Property Insurance

Based on your understanding of the five stages of growth for small businesses, in which stage of growth is the business in the following scenario? Scenario: Enriuqe at "Mellow Transitions" skate shop has been doing well. He has several people on staff who sells his goods from skateboards to skate accessories and clothing. He has his day to day procedures well in place and is thinking that he might be able to make a bit of money if he sells the shop. Select one: a. Existence b. Survival c. Success d. Take-off e. Resource Maturity

c. Success

Taxes pay for Select one: a. Roads b. The National Guard c. Unemployment Insurance d. All of the Above

d. All of the Above

FICA taxes are paid by Select one: a. Sole proprietors b. Corporations c. Employees d. All of the above

d. All of the above

Which section of the Employee Policies and Procedures Manual explains that equipment, vehicles, telephones, computers, and and software that belongs to the company are not for private use. Select one: a. Privacy b. Payday c. Professional Conduct d. Company Property

d. Company Property

If a goat bites a visitor at a petting zoo, the owner would be covered by Select one: a. Workers' compensation b. Property insurance c. Renter's insurance d. None of the above

d. None of the above

Based on your understanding of the five stages of growth for small businesses, in which stage of growth is the business in the following scenario? Scenario: "I'm really happy with the business that we've been doing at 'Laura's Lawns'. We have well over 15 neighborhoods and a large number of the downtown businesses that come to us for their landscaping needs. I've got 3 different crews that go out every morning to make our city and suburbs more beautiful! I am now trying to decide if I want to hire on two more crews and take out a loan for trucks, trailers, lawnmowers, and other equipment for them. If I do, I could expand this business into the largest landscaping company in my area." Select one: a. Existence b. Survival c. Success d. Take-off e. Resource Maturity

d. Take-off

Based on your understanding of the five stages of growth for small businesses, in which stage of growth is the business in the following scenario? Scenario: Brodie's T-shirt print shop has been open and running well for about 12 years now. He has many clients that request screenprinted t-shirts on a regular basis. Brodie realizes that many of his customers and potential customers could use other promotional materials like patches, key chains, coozies, and other types of merchandise. With his solid customer base, Brodie is ready to provide these other related products to get even more customers. Select one: a. Existence b. Survival c. Success d. Take-off e. Resource Maturity

e. Resource Maturity