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