Business 001 - Introduction to Business » Fall 2020 » Chapter 3 Quiz
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Business 001 - Introduction to Business ] course for $25 USD.
Existing Quiz Clients Login here
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.
TRUE
B.
FALSE
Question #2
In construction, small businesses usually can't compete because of the expense of specialized equipment needed to handle local jobs.
A.
FALSE
B.
TRUE
Question #3
Almost ________ percent of all U.S. businesses have no more than 20 employees
A.
60
B.
90
C.
30
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.
importers
B.
wholesalers
C.
retailers
D.
canvassers
Question #5
Entrepreneurs are typically people who can handle ___________ and ____________ .
A.
pressure, risk
B.
stress, pressure
C.
risk, uncertainty
D.
risk, opportunities
Question #6
A(n) _____________________ market is a segment of a market that is not currently being exploited.
A.
small
B.
exclusive
C.
simple
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.
business plan
B.
pareto
C.
swot analysis
D.
feasibility
Question #8
Select (3) advantages of sole proprietorships.,,
A.
Ease of setup
B.
Small business image
C.
Limited access to credit
D.
Taxes paid on personal tax rate
E.
Owner has personal liability for debt
F.
Little or no recording by the state
Question #9
Select (3) disadvantages of sole proprietorships.,,
A.
Taxes paid on personal tax rate
B.
Little or no recording by the state
C.
Small business image
D.
Ease of setup
E.
Owner has personal liability for debts
F.
Limited access to credit
Question #10
Select (3) advantages of partnerships.,,
A.
Owners have personal liability for debts
B.
Taxes paid on personal tax rate
C.
Ease of setup
D.
Combination of expertise and resources
E.
More than
F.
Dissolution of partnership on death
Question #11
Select (3) disadvantages of partnerships.,,
A.
Taxes paid on personal tax rate
B.
Owners have personal liability for debt
C.
Combination of expertise and resources
D.
Ease of setup
E.
More than one cook in the kitchen
F.
Dissolution of partnership on death
Question #12
A.
TRUE
B.
FALSE
Question #13
Select (4) advantages of corporations.,,
A.
Ease of transfer
B.
Double taxation
C.
Dual tax return preparation
D.
Continuity
E.
Liability limited to corporate asses only
F.
Separate legal entity
Question #14
Select (4) disadvantages of corporations.,,
A.
Dual tax return preparation
B.
More work to set up
C.
Court may pierce the corporate veil
D.
Double taxation
E.
Separate legal entity
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.
TRUE
B.
FALSE
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Business 001 - Introduction to Business ] course for $25 USD.
Existing Quiz Clients Login here