Business And Economics Quiz Questions And Answers

10 Questions | Total Attempts: 167

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Business And Economics Quiz Questions And Answers

This a quiz over ALL of Chapter 6! There can be more than one correct answer


Questions and Answers
  • 1. 
    Which of these answers is a source of income for entrepreneurs?
    • A. 

      Family

    • B. 

      Friends

    • C. 

      Venture Capital

  • 2. 
    The small business administration considers a business small if it employs fewer than--- employees
    • A. 

      5

    • B. 

      20

    • C. 

      100

    • D. 

      500

  • 3. 
    True or False. everyone who owns or manages a business is an entrepreneur.
    • A. 

      True

    • B. 

      False

  • 4. 
    Evry business begins with a(n)
    • A. 

      Customer

    • B. 

      Profit

    • C. 

      Idea

    • D. 

      Invention

  • 5. 
    Which of the following is not one of the reasons small business fail?
    • A. 

      Poor customer credit practices

    • B. 

      The owner soes not have adequate experience

    • C. 

      A poor business location

    • D. 

      Not enough employeepto do the work

  • 6. 
    True or False most small business owners enjoy being part of a team
    • A. 

      True

    • B. 

      False

  • 7. 
    True or False a business plan does not have to be written since the business owner is well aware of the information in the plan
    • A. 

      True

    • B. 

      False

  • 8. 
    True or False the primary reason that businesses started by entrepreneurs close is disagreements with business partners.
    • A. 

      True

    • B. 

      False

  • 9. 
    Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable is known as
    • A. 

      A loan

    • B. 

      Credit

    • C. 

      Venture capital

    • D. 

      Start up funding

  • 10. 
    A conpetitive advantage that small businesses have over larger businesses is
    • A. 

      Lower costs

    • B. 

      more consumer research

    • C. 

      Lower prices

    • D. 

      Attentionto unique customer needs