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.
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.
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.
importers
B.
wholesalers
C.
canvassers
D.
retailers
Question #5
Entrepreneurs are typically people who can handle ___________ and ____________ .
A.
risk, uncertainty
B.
stress, pressure
C.
pressure, risk
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.
feasibility
D.
swot analysis
Question #8
Select (3) advantages of sole proprietorships.,,
A.
Little or no recording by the state
B.
Ease of setup
C.
Small business image
D.
Limited access to credit
E.
Taxes paid on personal tax rate
F.
Owner has personal liability for debt
Question #9
Select (3) disadvantages of sole proprietorships.,,
A.
Limited access to credit
B.
Owner has personal liability for debts
C.
Small business image
D.
Ease of setup
E.
Taxes paid on personal tax rate
F.
Little or no recording by the state
Question #10
Select (3) advantages of partnerships.,,
A.
Taxes paid on personal tax rate
B.
More than
C.
Ease of setup
D.
Dissolution of partnership on death
E.
Owners have personal liability for debts
F.
Combination of expertise and resources
Question #11
Select (3) disadvantages of partnerships.,,
A.
Taxes paid on personal tax rate
B.
Owners have personal liability for debt
C.
More than one cook in the kitchen
D.
Ease of setup
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.
TRUE
B.
FALSE
Question #13
Select (4) advantages of corporations.,,
A.
Liability limited to corporate asses only
B.
Continuity
C.
Dual tax return preparation
D.
Separate legal entity
E.
Double taxation
F.
Ease of transfer
Question #14
Select (4) disadvantages of corporations.,,
A.
Dual tax return preparation
B.
More work to set up
C.
Double taxation
D.
Separate legal entity
E.
Court may pierce the corporate veil
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
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