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Small Business Units 2 And 3 Review
Test Description: Review for Units 2 and 3
Instructions: Answer all questions to get your test result.
1) Characteristics of successful entrepreneurs include
A
indiscretion
B
self-control
C
independence
D
optimism
2) Setting specific financial goals before starting a business
A
helps you compare different business opportunities
B
ensures the business is able to earn the profits you want
C
is not necessary for most entrepreneurs
D
will increase your personal satisfaction
3) Aptitude is the ability to
A
work with people
B
all of these
C
learn a particular kind of job
D
be independent
4) Information about business opportunities is available from
A
the Small Business Administration
B
the Postal Service
C
none of these
D
most banks and credit unions
5) Problems in business often occur because people
A
take incomplete notes
B
fail to listen to each other
C
ask too many questions
D
do not speak loud enough
6) An advantage of buying an existing business is that
A
policies and procedures are already established
B
it is financially viable
C
it has a reputation with customers
D
a large amount of capital is not required
7) Entrepreneurs who work for their family businesses
A
cannot make all decisions themselves
B
enjoy working with relatives
C
must be prepared to compromise
D
all of these
8) Operating costs of a franchise
A
are paid by the franchisor
B
include a fee for advertising
C
include a fee for advertising
D
include a fee for writing the franchise agreement
9) There is very little government regulation for businesses that are
A
partnerships or S corporations
B
sole proprietorships or S corporations
C
partnerships or corporations
D
sole proprietorships or partnerships
10) Which of the following is not a purpose of a business plan?
A
to describe how you expect to achieve specific objectives
B
to spell out how your product or service will be sold
C
to explain how your product or service will be produced
D
to describe how you will locate reliable suppliers
*select an answer for all questions
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