Business Final Multiple Choice
The following could be a Small Business:
A) A hairdresser
Which of the following is not a risk of entrepreneurship?
A) Fear of Success
Which of the following is a feature of a merchandising company?
A) Merchandising operations have 'inventories'
The majority small businesses are:
A) Owned and operated by one person
How would you directly poll a customers for their opinions on a product?
A) Primary data gathering
What is Net Income?
A) Revenues- Expenses
Which of the following is an example of merchandising operation?
A) Supermarket
Different laws apply to different business sizes. True of Flase?
A) True
One person can make a difference as an entrepenuer:
A) True
What is an elevator pitch?
A) a 20-60 second presentation about a business, product or project
What percentage of Entrepreneurs starting a business think their venture will be full time vs. Part time
B) 33% think it will be full time, 66% thinki it will be part time
Going onto a website to read an article about dog toys would be considered:
B) A secondary research technique
What is a major difference between debt and equity financing?
B) Debt must be paid back with interest and equity is when someone takes an ownership stake in your company.
What is not a primary purpose of a business plan?
B) Gets out there and sells for the business owner.
Until the 1800s, production in the US could be described as:
B) One product at a time
Which of the following below is not a a way to protect a creative idea?
B) Trademark
When does a business report a profit?
B) When a business's revenue in a given time period exceeds its expenses
How many small business are there in the US?
C) 28 million
Which of the following is a feature of a service organization?
C) A doctors office
Which of the following is a business?
C) A professional sports franchise
Being creative in business can support which of the following:
C) Both A and B A) Developing new ideas for products and services B)Staying ahead of competition
What is not one of the four primary sources of funding?
C) Credit Cards
Which of the following is a feature of manufacturing companies?
C) Manufacturing operations convert raw materials or components into finished products
Which of the following statements about market research is false?
C) SWOT stands fro "Strengths, Weaknesses, Options and Threats" (SWOT=Strengths, Weaknesses, Opportunities, and Threats)
Why are businesses formed?
C) To pursue owners shared economic goals
Within the Business Plan, what is an executive summary?
C) one-two pages highlighting each section of the plan.
Today, Small Business:
D) A and B A) Produces 60%-80% of all new jobs B) Pays 44 % of the US payroll
Which of the following is an example of manufacturing operation?
D) A factory that produces lunchboxes featuring characters from famous movies
Entrepreneurs who finish a business plan are twice as likely to
D) A&B Grow their business and obtain an investment or a loan.
Which of the following agencies might a business owner interact?
D) All of the Above A) A local zoning office B) The internal Revenue Service C) A state Corporation Commission
What does a tool like "Mind Mapping" help do?
D) All of the above A) Allows a future entrepreneur to understand their competition B) Allows a future entrepreneur to turn an interest area into a business idea. C) Allows a future entrepreneur to map a market landscape
The term "Entrepreneur" means:
D) All of the above A) One who organizes, manages and assumes the risks of a business or enterprise B) "To undertake" (the derivation of a French Word" C) Someone who pioneers change or wants to work for themselves
Which of the following best describes a mission statement?
D) All of the above accurately describes a mission statement A) A one r two sentence statement that summarizes the intent or an organization B) An overall guideline that serves to guide strategy for the organization C) A short description of an organization's high level goals
Which of the following is an economic goal?
D) All of the above are examples of economic goals? A) Keeping production costs low in order to make a profit B) Selling higher quality foods for higher prices in order to make a profit C) Increasing sales to achieve profit growth each year over year
Social Entrepreneurs:
D) B and C B) Have a mission focus C) Solve Social Problems
What is not a term associated with marketing or promotion?
E) Sidewalk Creeping
In gathering market information, which of the below are components you might seek?
G) All of the above A) Who is your market? B) What are your customers likes and dislikes? C) Where are your customers D) When should you start your business? E) How should you price your product/service? F) How are you different from our competition?
the following are traits of entrepreneur
H) A through F A) Action oriented B) Always strives to do things better C) Drive to achieve results D) Does not need supervision to get tasks done E) Likes to work the same hours everyday F) Incredibly persistent
What are common types of expenses in a business?
H) A, B, C, D, and E only A) Salaries B) Rent C) Utilities D) Telephone E) Equipment
