Small Business Units 2 And 3 Review: Question Preview (ID: 4691)

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Characteristics of successful entrepreneurs include
a) optimism
b) indiscretion
c) self-control
d) independence

Setting specific financial goals before starting a business
a) helps you compare different business opportunities
b) will increase your personal satisfaction
c) ensures the business is able to earn the profits you want
d) is not necessary for most entrepreneurs

Aptitude is the ability to
a) work with people
b) all of these
c) be independent
d) learn a particular kind of job

Information about business opportunities is available from
a) the Postal Service
b) none of these
c) the Small Business Administration
d) most banks and credit unions

Problems in business often occur because people
a) fail to listen to each other
b) take incomplete notes
c) ask too many questions
d) do not speak loud enough

An advantage of buying an existing business is that
a) a large amount of capital is not required
b) it has a reputation with customers
c) it is financially viable
d) policies and procedures are already established

Entrepreneurs who work for their family businesses
a) must be prepared to compromise
b) all of these
c) enjoy working with relatives
d) cannot make all decisions themselves

Operating costs of a franchise
a) are paid by the franchisor
b) include a fee for advertising
c) include a fee for advertising
d) include a fee for writing the franchise agreement

There is very little government regulation for businesses that are
a) sole proprietorships or S corporations
b) partnerships or S corporations
c) sole proprietorships or partnerships
d) partnerships or corporations

Which of the following is not a purpose of a business plan?
a) to explain how your product or service will be produced
b) to spell out how your product or service will be sold
c) to describe how you will locate reliable suppliers
d) to describe how you expect to achieve specific objectives

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