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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
Venture Capitalists
B
Small Business Administration
C
Service Corps of Retired Executives
D
Chamber of Commerce
2) Memos should be used in a business setting for
A
short and informal messages
B
personal, non-business related communication
C
formal yet simple messages
D
long, complex information
3) Which of these is NOT a main reason small businesses fail?
A
Underestimating expenses
B
Lack of management experience
C
Too much start-up money
D
Failure to control credit offered to customers
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
bank loans
D
venture capital
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
two-thirds
B
about a third
C
almost half
D
a little more than 20%
7) The amount of money needed to open a new business.
A
start-up financing
B
short-term financing
C
long-term financing
D
venture capital
8) The most important step in starting a business.
A
Formulating an idea.
B
Becoming a proficient manager.
C
Obtaining a bank loan.
D
Developing confidence.
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
persistent
B
pessimistic
C
competitive
D
inquisitive
*select an answer for all questions
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