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