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Business Management And Law Chapter 6 Part 2
Test Description: Chapter 6 - Entrepreneurship and Small Business Management
Instructions: Answer all questions to get your test result.
1) About ___ of all Americans aged 18-64 is involved in some type of entrepreneurial activity.
A
one in four
B
one in two
C
one in twenty
D
one in ten
2) A written description of a business idea and how it will be carried out is called a(n)
A
business plan
B
entrepreneurship form
C
loan application
D
tax return
3) Which of these is the least common type of small business?
A
retail trade
B
educational services
C
construction
D
professional, scientific and technical services
4) Which of these is NOT a common source of information for people who want to open a business?
A
local chambers of commerce
B
the Small Business Administration
C
business departments of colleges and universities
D
existing similar businesses
5) The part of a business plan that describes and schedules major marketing activities and necessary resources.
A
Marketing Plan
B
Description of the Business
C
Operations Plan
D
Customer Analysis
6) Which of these is an example of an entrepreneur?
A
CEO of the Walt Disney Company
B
feed shop owner
C
professional basketball player
D
President of the United States
7) An invention or creation that is brand new.
A
innovation
B
immolation
C
innovention
D
innoculation
8) Which of these is not a reason many businesses fail?
A
lower than expected sales
B
lack of management experience
C
failure to control operating expences
D
not enough employees to accomplish the work
9) A good time to start a business is
A
when nobody has heard of the product or service you want to sell.
B
noon on Tuesday.
C
when demand for the product or service you plan to sell is high.
D
when everyone has purchased the product or service you want to sell.
10) Most new business owners are
A
in their teens
B
under 25
C
over 40
D
retired
*select an answer for all questions
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