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.
30
B.
60
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.
stress, pressure
B.
risk, opportunities
C.
risk, uncertainty
D.
pressure, risk
Question #6
A(n) _____________________ market is a segment of a market that is not currently being exploited.
A.
simple
B.
exclusive
C.
small
D.
niche
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.
swot analysis
B.
pareto
C.
business plan
D.
feasibility
Question #8
Select (3) advantages of sole proprietorships.,,
A.
Limited access to credit
B.
Owner has personal liability for debt
C.
Small business image
D.
Ease of setup
E.
Taxes paid on personal tax rate
F.
Little or no recording by the state
Question #9
Select (3) disadvantages of sole proprietorships.,,
A.
Owner has personal liability for debts
B.
Limited access to credit
C.
Ease of setup
D.
Small business image
E.
Little or no recording by the state
F.
Taxes paid on personal tax rate
Question #10
Select (3) advantages of partnerships.,,
A.
More than
B.
Dissolution of partnership on death
C.
Combination of expertise and resources
D.
Taxes paid on personal tax rate
E.
Ease of setup
F.
Owners have personal liability for debts
Question #11
Select (3) disadvantages of partnerships.,,
A.
Ease of setup
B.
Dissolution of partnership on death
C.
Taxes paid on personal tax rate
D.
Owners have personal liability for debt
E.
Combination of expertise and resources
F.
More than one cook in the kitchen
Question #12
A.
FALSE
B.
TRUE
Question #13
Select (4) advantages of corporations.,,
A.
Continuity
B.
Separate legal entity
C.
Ease of transfer
D.
Dual tax return preparation
E.
Double taxation
F.
Liability limited to corporate asses only
Question #14
Select (4) disadvantages of corporations.,,
A.
Separate legal entity
B.
Court may pierce the corporate veil
C.
Dual tax return preparation
D.
More work to set up
E.
Double taxation
F.
Liability limited to corporate assets only
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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