JudgeDiscovery496
1. The four self-evaluation exercises when creating a business,…
1. The four self-evaluation exercises when creating a business, include
A. specific business goals & likes/dislikes
B. general and specific skills your business needs
C. your strong and weak points
D. All of the above
2. Restaurants, bakeries, computer stores and gas stations are businesses that are considered risky or have a higher than average failure rates.
A. True
B. False
3. The part of the business plan that explains exactly what you will provide for the customer as well as what you’ll exclude, and it affects the amount of money you’ll need to start/expand in sales revenue expected is called the
A. future trends statement
B. business description
C. financial forecast
D. problem statement
4. The dollar amount your business needs each week or month to pay for both direct product costs and fixed costs, but does not include any profit is called
A. gross profit for each sale
B. sales revenue
C. fixed costs
D. break-even sales revenue
5. Insurance, rent, and other set monthly expenses are called
A. sales revenue
B. break-even sales revenue
C. fixed costs
D. gross profit
6. What three things discussed in your textbook that can affect the future of your business?
A. manufacturing, projects and trends
B. taste, trends and technology
C. computers, news and stock market
D. likes, dislikes and tastes
7. What option(s) can an equity investor choose in sharing ownership in your small business?
A. All of the above
B. Limited Liability Company’s
C. Corporations
D. General partnerships
8. Fred worked at a McDonald’s for 20 years and wanted to buy it when it was for sale. He was able to buy it through a loan program aimed at businesses that provide jobs in rural America with towns (population of 50,000 or less) is called
A. Small Business Investment Companies (SBICs)
B. Overseas Private Investment Corporation (OPIC)
C. US Department of Agriculture’s Rural Development (USDA)
D. Economic Development Administration (EDA)
9. Congress created the ___________, a government organization specifically to help small businesses compete with larger corporations for loans.
A. Small Business Administration (SBA)
B. Overseas Private Investment Corporation (OPIC)
C. Federal Financial Development Administration (FFDA)
D. Trade Credit Association (TCA)
10. A written statement that describes and analyzes your business and detailed projections about its future, along with the financial aspects of starting or expanding your business is called a
A. financial plan
B. business plan
C. marketing plan
D. market analysis plan
11. If you plan to raise money by selling shares in a corporation or limited partnership, you’ll fall under state or federal securities regulations.
A. True
B. False
12. An item generated by your accounting system that is a snapshot at a particular moment in time that lists the money value of everything you own and everything you owe to someone else is called
A. business concept
B. balance sheet
C. profit margins
D. taxes
13. A venture capitalist is anyone who invests equity money in a business in the hope of future profits.
A. True
B. False
14. ________ buy merchandise from a variety of wholesalers and sell it directly to consumers. _____ buy merchandise in large lots and sell in smaller lots to businesses.
A. Wholesalers, Manufacturers
B. Wholesalers, Retailers
C. Retailers, Wholesalers
D. Manufacturers, Retailers
15. A business plan helps you get money and helps you keep on track, but it does not improve your odds of success and help you decide to proceed or stop.
A. True
B. False
