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