BML MidTerm 5: Question Preview (ID: 8050)

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The largest source of revenue for the federal government is the
a) inheritance tax
b) corporate income tax
c) personal income tax
d) capital gains tax

A tax based on the value of goods or services collected by the seller at the time of a sale is called
a) purchase tax
b) sales tax
c) transfer tax
d) gift tax

Which of these is NOT a way a government can raise revenue?
a) collect taxes
b) sell bonds
c) sell stock
d) administer fees

Which of these is NOT generally true of entrepreneurs?
a) have a high tolerance for ambiguity
b) come from all educational backgrounds and age categories
c) very results-oriented
d) almost always owned their first business as a teenager

The most common source of funding for new businesses is
a) bank loans
b) the entrepreneur and his/her family and friends
c) the Small Business Administration
d) venture capitalists

The official designation of a small business is one with fewer than ___ employees.
a) 1000
b) 500
c) 100
d) 50

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.

Which of these is NOT a reason location is important to most small businesses?
a) most retailers need good customer traffic to survive.
b) most owners will not drive to work if it is inconvenient.
c) many customers will stay away if the business is not easy to find.
d) customers usually will not travel long distances to find what they need.

Most successful small business owners
a) don't need to worry about what kind of workers they hire since they are the boss.
b) do not get along well with professionals such as bankers, lawyers and accountants.
c) have never worked in their field before opening their business.
d) know that a written business plan is important for getting financing and providing some direction

Which part of the business plan contains information about the short- and long-term financial needs of the business?
a) customer analysis
b) financial plans
c) description of the business
d) operations plan

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