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.
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.
retailers
B.
canvassers
C.
importers
D.
wholesalers
Question #5
Entrepreneurs are typically people who can handle ___________ and ____________ .
A.
stress, pressure
B.
pressure, risk
C.
risk, uncertainty
D.
risk, opportunities
Question #6
A(n) _____________________ market is a segment of a market that is not currently being exploited.
A.
exclusive
B.
small
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.
swot analysis
C.
feasibility
D.
pareto
Question #8
Select (3) advantages of sole proprietorships.,,
A.
Ease of setup
B.
Owner has personal liability for debt
C.
Small business image
D.
Limited access to credit
E.
Taxes paid on personal tax rate
F.
Little or no recording by the state
Question #9
Select (3) disadvantages of sole proprietorships.,,
A.
Little or no recording by the state
B.
Taxes paid on personal tax rate
C.
Limited access to credit
D.
Ease of setup
E.
Small business image
F.
Owner has personal liability for debts
Question #10
Select (3) advantages of partnerships.,,
A.
Combination of expertise and resources
B.
Ease of setup
C.
More than
D.
Owners have personal liability for debts
E.
Dissolution of partnership on death
F.
Taxes paid on personal tax rate
Question #11
Select (3) disadvantages of partnerships.,,
A.
Dissolution of partnership on death
B.
Ease of setup
C.
More than one cook in the kitchen
D.
Taxes paid on personal tax rate
E.
Combination of expertise and resources
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.
Ease of transfer
B.
Dual tax return preparation
C.
Liability limited to corporate asses only
D.
Continuity
E.
Separate legal entity
F.
Double taxation
Question #14
Select (4) disadvantages of corporations.,,
A.
Court may pierce the corporate veil
B.
Dual tax return preparation
C.
Double taxation
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.
TRUE
B.
FALSE
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