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Business Management And Law Chapter 6 Part 1
Test Description: Chapter 6 - Entrepreneurship and Small Business Management
Instructions: Answer all questions to get your test result.
1) A government agency that helps entrepreneurs develop business plans and obtain financing.
A
Small Business Administration
B
Venture Capitalists
C
Service Corps of Retired Executives
D
Chamber of Commerce
2) Memos should be used in a business setting for
A
formal yet simple messages
B
long, complex information
C
personal, non-business related communication
D
short and informal messages
3) Which of these is NOT a main reason small businesses fail?
A
Too much start-up money
B
Underestimating expenses
C
Failure to control credit offered to customers
D
Lack of management experience
4) Which is the main source of money for most new small businesses?
A
personal savings and family and friends
B
the Small Business Administration
C
venture capital
D
bank loans
5) Money needed for the main resources of a business that will last for many years
A
venture capital
B
long-term financing
C
start-up financing
D
short-term financing
6) Racial and ethnic minorities own about what percent of small businesses in the US?
A
about a third
B
two-thirds
C
a little more than 20%
D
almost half
7) The amount of money needed to open a new business.
A
long-term financing
B
start-up financing
C
venture capital
D
short-term financing
8) The most important step in starting a business.
A
Formulating an idea.
B
Becoming a proficient manager.
C
Developing confidence.
D
Obtaining a bank loan.
9) What is the first step in developing a business plan?
A
Gather and review information.
B
Develop strategic alternatives.
C
Write the plan.
D
Ask an expert to review the plan.
10) Which of these is NOT a personal characteristic of most entrepreneurs?
A
competitive
B
pessimistic
C
inquisitive
D
persistent
*select an answer for all questions
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