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Intro To Business Ch6 II
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) Most Americans are employed by a small business.
A
True
B
False
2) A large number of small businesses in the US are service businesses.
A
True
B
False
3) Many small businesses fail simply because owners do not keep adequate records.
A
False
B
True
4) It is not wise to start a new business when demand for the product or service you plan to sell is high, because already established companies will have a clear advantage over you.
A
False
B
True
5) The most important step in starting a business is developing confidence.
A
True
B
False
6) The first step in developing a business plan is to gather and review info.
A
true
B
false
7) A business is owned and operated by only one person.
A
producer
B
intermediary
C
franchise
D
proprietorship
8) An automobile factory is this type of business
A
intermediary
B
franchise
C
service
D
producer
9) A grocery store is this type of business
A
retail
B
procedures
C
franchise
D
partnership
10) a business owned and controlled by at least two people who have entered into a written agreement.
A
franchise
B
proprietorship
C
producer
D
partnership
*select an answer for all questions
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