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BML MidTerm 5
Test Description: BML Midterm, set 5
Instructions: Answer all questions to get your test result.
1) The largest source of revenue for the federal government is the
A
capital gains tax
B
inheritance tax
C
corporate income tax
D
personal income tax
2) A tax based on the value of goods or services collected by the seller at the time of a sale is called
A
transfer tax
B
sales tax
C
gift tax
D
purchase tax
3) Which of these is NOT a way a government can raise revenue?
A
sell bonds
B
administer fees
C
sell stock
D
collect taxes
4) Which of these is NOT generally true of entrepreneurs?
A
have a high tolerance for ambiguity
B
very results-oriented
C
almost always owned their first business as a teenager
D
come from all educational backgrounds and age categories
5) The most common source of funding for new businesses is
A
the Small Business Administration
B
the entrepreneur and his/her family and friends
C
bank loans
D
venture capitalists
6) The official designation of a small business is one with fewer than ___ employees.
A
100
B
1000
C
50
D
500
7) Small businesses
A
usually have the owner as a manager, are not dominant in their field, and serve a small market.
B
have the best locations and are more efficient than large businesses.
C
generally offer lower prices than their larger competitors.
D
operate in many business locations.
8) Which of these is NOT a reason location is important to most small businesses?
A
customers usually will not travel long distances to find what they need.
B
many customers will stay away if the business is not easy to find.
C
most retailers need good customer traffic to survive.
D
most owners will not drive to work if it is inconvenient.
9) Most successful small business owners
A
have never worked in their field before opening their business.
B
don't need to worry about what kind of workers they hire since they are the boss.
C
do not get along well with professionals such as bankers, lawyers and accountants.
D
know that a written business plan is important for getting financing and providing some direction
10) Which part of the business plan contains information about the short- and long-term financial needs of the business?
A
description of the business
B
operations plan
C
financial plans
D
customer analysis
*select an answer for all questions
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