1. Which of the following types of businesses is most common in the United States?
A. sole proprietorships
B. general partnerships
C. cooperatives
D. corporations
Which of the following represents the fastest-growing segment of minority business ownership?
A. African Americans
B. Asians
C. Hispanics
D. Pacific Islanders
Which entity is defined as independent and has little influence on its market?
A. corporation
B. joint venture
C. small business
D. partnership
4. Suppose that the United States requires that products sold here be at least 51 percent made here. Which of the following denotes this type of policy?
A. business practice law
B. deregulation law
C. business practice law
D. local content law
5. Which of the following refers to associations of producers that control supply and prices?
A. independent agencies
B. cartels
C. trade alliances
D. multinational firms
6. Which of the following helps entrepreneurs gain skills that are essential for running a business?
A. ESOP
B. SBICs
C. SEC
D. SBA
7. Which of the following refers to the practice of selling a product abroad for less than the cost of production?
A. exporting
B. importing
C. dumping
D. safeguarding
8. In which business sector are cooperatives still important?
A. manufacturing
B. automotive
C. public utilities
D. agriculture
9. What does a start-up company need in order to estimate the required size of a plant, store, or office, to decide how much inventory to carry, and to determine how many employees to hire?
A. sales forecast
B. tax estimate
C. business objective
D. stock options
10.Viola wants to be a business owner, and is contemplating whether to start her own business or open a franchise. Which of the following, if true, would be a compelling reason for Viola to open a franchise rather than start a new business?
A. The franchiser requires $3,000 in start-up costs and a 5 percent monthly royalty fee.
B. The franchiser tightly controls and monitors the service protocol.
C. The franchisee is responsible for developing all marketing materials.
D. The company has only recently become a franchise.
11. Which of the following refers to tariffs that are imposed strictly to raise money for the government?
A. revenue tariffs
B. protectionist tariffs
C. quota tariffs
D. subsidy tariffs
12. Who are the owners of a corporation?
A. board of directors
B. financial officers
C. stockholders
D. top managers
13. Who constitutes the membership of SCORE?
A. retired executives
B. venture capitalists
C. company officers
D. commercial lenders
14. Shirley is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT an advantage Shirley will have in operating her business?
A. freedom
B. simplicity of operation
C. limited liability
D. low start-up costs
15. The U.S. government forbids the importation of cigars from Cuba. What is this practice called?
A. embargo
B. tariff
C. subsidy
D. business practice law
16. Olivia has found a viable business, a small furniture store, she is interested in purchasing. She has learned that the store is supplied by reliable vendors and has a steady stream of local and online buyers. What should be Olivia's next step at this point?
A. Analyze the furniture store's past financial statements.
B. Start negotiating a purchase price with the current owner.
C. Approach a banking institution about financing her purchase.
D. Consult a marketing agency about ways to reach more customers
17. Why is it difficult to compare relative job growth for different-sized businesses?
A. Sourcing up-to-date employment figures is difficult.
B. Many small businesses experience rapid unreported growth.
C. Spheres of influence overlap between the small and big business sectors.
D. It is hard to determine the cutoff point at which a small business becomes a large business.
18. Which form of business ownership generates the most sales in the United States?
A. sole proprietorship
B. general partnership
C. cooperative
D. corporation
19. A new business should have enough capital to operate at least how many months without earning a profit?
A. 1
B. 2
C. 4
D. 6
20. Which of the following is the most significant recent trend in small-business start-ups?
A. entrepreneurs who cross over from big business
B. increased opportunities for minorities
C. increased opportunities for women
D. emergence of e-commerce
A. sole proprietorships
B. general partnerships
C. cooperatives
D. corporations
Which of the following represents the fastest-growing segment of minority business ownership?
A. African Americans
B. Asians
C. Hispanics
D. Pacific Islanders
Which entity is defined as independent and has little influence on its market?
A. corporation
B. joint venture
C. small business
D. partnership
4. Suppose that the United States requires that products sold here be at least 51 percent made here. Which of the following denotes this type of policy?
A. business practice law
B. deregulation law
C. business practice law
D. local content law
5. Which of the following refers to associations of producers that control supply and prices?
A. independent agencies
B. cartels
C. trade alliances
D. multinational firms
6. Which of the following helps entrepreneurs gain skills that are essential for running a business?
A. ESOP
B. SBICs
C. SEC
D. SBA
7. Which of the following refers to the practice of selling a product abroad for less than the cost of production?
A. exporting
B. importing
C. dumping
D. safeguarding
8. In which business sector are cooperatives still important?
A. manufacturing
B. automotive
C. public utilities
D. agriculture
9. What does a start-up company need in order to estimate the required size of a plant, store, or office, to decide how much inventory to carry, and to determine how many employees to hire?
A. sales forecast
B. tax estimate
C. business objective
D. stock options
10.Viola wants to be a business owner, and is contemplating whether to start her own business or open a franchise. Which of the following, if true, would be a compelling reason for Viola to open a franchise rather than start a new business?
A. The franchiser requires $3,000 in start-up costs and a 5 percent monthly royalty fee.
B. The franchiser tightly controls and monitors the service protocol.
C. The franchisee is responsible for developing all marketing materials.
D. The company has only recently become a franchise.
11. Which of the following refers to tariffs that are imposed strictly to raise money for the government?
A. revenue tariffs
B. protectionist tariffs
C. quota tariffs
D. subsidy tariffs
12. Who are the owners of a corporation?
A. board of directors
B. financial officers
C. stockholders
D. top managers
13. Who constitutes the membership of SCORE?
A. retired executives
B. venture capitalists
C. company officers
D. commercial lenders
14. Shirley is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT an advantage Shirley will have in operating her business?
A. freedom
B. simplicity of operation
C. limited liability
D. low start-up costs
15. The U.S. government forbids the importation of cigars from Cuba. What is this practice called?
A. embargo
B. tariff
C. subsidy
D. business practice law
16. Olivia has found a viable business, a small furniture store, she is interested in purchasing. She has learned that the store is supplied by reliable vendors and has a steady stream of local and online buyers. What should be Olivia's next step at this point?
A. Analyze the furniture store's past financial statements.
B. Start negotiating a purchase price with the current owner.
C. Approach a banking institution about financing her purchase.
D. Consult a marketing agency about ways to reach more customers
17. Why is it difficult to compare relative job growth for different-sized businesses?
A. Sourcing up-to-date employment figures is difficult.
B. Many small businesses experience rapid unreported growth.
C. Spheres of influence overlap between the small and big business sectors.
D. It is hard to determine the cutoff point at which a small business becomes a large business.
18. Which form of business ownership generates the most sales in the United States?
A. sole proprietorship
B. general partnership
C. cooperative
D. corporation
19. A new business should have enough capital to operate at least how many months without earning a profit?
A. 1
B. 2
C. 4
D. 6
20. Which of the following is the most significant recent trend in small-business start-ups?
A. entrepreneurs who cross over from big business
B. increased opportunities for minorities
C. increased opportunities for women
D. emergence of e-commerce
