Business 001 - Introduction to Business » Fall 2020 » Chapter 3 Quiz
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Question #1
About 55.8 percent of small businesses are in the service industry because they require few resources and hence don't cost as much to start.
A.
FALSE
B.
TRUE
Question #2
In construction, small businesses usually can't compete because of the expense of specialized equipment needed to handle local jobs.
A.
TRUE
B.
FALSE
Question #3
Almost ________ percent of all U.S. businesses have no more than 20 employees
A.
60
B.
30
C.
90
D.
None of the above
Question #4
___________________________ buy products from in bulk form manufacturers and other producers and store them in quantities in locations convenient for selling them or retailers or end users.
A.
canvassers
B.
wholesalers
C.
retailers
D.
importers
Question #5
Entrepreneurs are typically people who can handle ___________ and ____________ .
A.
risk, uncertainty
B.
stress, pressure
C.
risk, opportunities
D.
pressure, risk
Question #6
A(n) _____________________ market is a segment of a market that is not currently being exploited.
A.
niche
B.
exclusive
C.
simple
D.
small
Question #7
A __________________________ is a tool in which the entrepreneur describes his or her business strategy for the new venture and demonstrates how it will be implemented.
A.
feasibility
B.
pareto
C.
business plan
D.
swot analysis
Question #8
Select (3) advantages of sole proprietorships.,,
A.
Ease of setup
B.
Little or no recording by the state
C.
Taxes paid on personal tax rate
D.
Limited access to credit
E.
Small business image
F.
Owner has personal liability for debt
Question #9
Select (3) disadvantages of sole proprietorships.,,
A.
Owner has personal liability for debts
B.
Ease of setup
C.
Small business image
D.
Little or no recording by the state
E.
Limited access to credit
F.
Taxes paid on personal tax rate
Question #10
Select (3) advantages of partnerships.,,
A.
Combination of expertise and resources
B.
More than
C.
Taxes paid on personal tax rate
D.
Ease of setup
E.
Dissolution of partnership on death
F.
Owners have personal liability for debts
Question #11
Select (3) disadvantages of partnerships.,,
A.
Taxes paid on personal tax rate
B.
Ease of setup
C.
Combination of expertise and resources
D.
More than one cook in the kitchen
E.
Dissolution of partnership on death
F.
Owners have personal liability for debt
Question #12
A corporation may be defined as an artificial being, invisible, intangible, and existing only in contemplation of the law.
A.
TRUE
B.
FALSE
Question #13
Select (4) advantages of corporations.,,
A.
Dual tax return preparation
B.
Continuity
C.
Ease of transfer
D.
Liability limited to corporate asses only
E.
Double taxation
F.
Separate legal entity
Question #14
Select (4) disadvantages of corporations.,,
A.
More work to set up
B.
Double taxation
C.
Liability limited to corporate assets only
D.
Separate legal entity
E.
Court may pierce the corporate veil
F.
Dual tax return preparation
Question #15
In a private corporation the stock is widely held and is available for sale. In a public corporation, the stock is held only by a few people and is not available for sale.
A.
FALSE
B.
TRUE
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