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.
TRUE
B.
FALSE
Question #3
Almost ________ percent of all U.S. businesses have no more than 20 employees
A.
30
B.
90
C.
60
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.
retailers
C.
importers
D.
wholesalers
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.
exclusive
B.
simple
C.
niche
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.
business plan
B.
feasibility
C.
pareto
D.
swot analysis
Question #8
Select (3) advantages of sole proprietorships.,,
A.
Ease of setup
B.
Small business image
C.
Owner has personal liability for debt
D.
Taxes paid on personal tax rate
E.
Little or no recording by the state
F.
Limited access to credit
Question #9
Select (3) disadvantages of sole proprietorships.,,
A.
Owner has personal liability for debts
B.
Taxes paid on personal tax rate
C.
Small business image
D.
Limited access to credit
E.
Little or no recording by the state
F.
Ease of setup
Question #10
Select (3) advantages of partnerships.,,
A.
Combination of expertise and resources
B.
Taxes paid on personal tax rate
C.
Dissolution of partnership on death
D.
More than
E.
Owners have personal liability for debts
F.
Ease of setup
Question #11
Select (3) disadvantages of partnerships.,,
A.
Taxes paid on personal tax rate
B.
Ease of setup
C.
Owners have personal liability for debt
D.
More than one cook in the kitchen
E.
Dissolution of partnership on death
F.
Combination of expertise and resources
Question #12
A corporation may be defined as an artificial being, invisible, intangible, and existing only in contemplation of the law.
A.
FALSE
B.
TRUE
Question #13
Select (4) advantages of corporations.,,
A.
Ease of transfer
B.
Dual tax return preparation
C.
Continuity
D.
Liability limited to corporate asses only
E.
Separate legal entity
F.
Double taxation
Question #14
Select (4) disadvantages of corporations.,,
A.
Double taxation
B.
Dual tax return preparation
C.
Court may pierce the corporate veil
D.
Liability limited to corporate assets only
E.
More work to set up
F.
Separate legal entity
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
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