Small Business Final Test

26 Questions | Total Attempts: 23

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Small Business Final Test

Please note that you have 1 hour to complete the below test. This test is timed and will close after the 1 hour is up so please make sure you submit before it is too late.


Questions and Answers
  • 1. 
    Please insert your full name
  • 2. 
    Which of the following would not be held personally liable? 
    • A. 

      Sole propriter 

    • B. 

      Partnership

    • C. 

      Corporation

  • 3. 
    A sole proprietor is entitled to 100% of the business profits
    • A. 

      True

    • B. 

      False

  • 4. 
    [BLANK] taxation occurs when profits of a business are taxed at the entity level before profits are distributed to owners, distributions are reported on the individual tax returns as dividends and are taxed a second time.
  • 5. 
    In bookkeeping, if you have limited purchases and/or sales and they come out of one bank account, this is called:
    • A. 

      Double entry bookkeeping

    • B. 

      Dual bookkeeping

    • C. 

      Pass entry bookkeeping

    • D. 

      Single entry bookkeeping

  • 6. 
    If you trademark a a business name, it will be good in Canada for 25 years.
    • A. 

      True

    • B. 

      False

  • 7. 
    Which of the following is put in place to protect a consumer from a business causing harm to either themselves or their property?
    • A. 

      Business deregulation 

    • B. 

      Insolvency act

    • C. 

      Tort's law

    • D. 

      Bankruptcy 

  • 8. 
    In market research, primary data is second hand information that was already existing that you collected.
    • A. 

      True

    • B. 

      False

  • 9. 
    MOQ stands for 
    • A. 

      Most Order Quantity

    • B. 

      Maximum Order Quantity

    • C. 

      Minimum Order Quantity 

    • D. 

      Maximum Order Quality

  • 10. 
    Lead time is the time that it takes for a mill to create your fabric and send it to you.
    • A. 

      True

    • B. 

      False

  • 11. 
    The location of my factory should not impact my decision if I use the factory or not. 
    • A. 

      True

    • B. 

      False

  • 12. 
    If a factory knows how to sew one thing, then they can pretty much sew anything. 
    • A. 

      True

    • B. 

      False

  • 13. 
    I do not need to put together a contract with my factory. I should just let them do what they think is best and assume it will work out.
    • A. 

      True

    • B. 

      False

  • 14. 
    A mill will always sew my garments for me.
    • A. 

      True

    • B. 

      False

  • 15. 
    Putting an ad in the news paper is a form of digital marketing.
    • A. 

      True

    • B. 

      False

  • 16. 
    Which of the following are examples of digital marketing.
    • A. 

      Instagram, Facebook, Twitter, Emails

    • B. 

      Sponsored events, print ads, pop ups

    • C. 

      Fashion show, speaking event, hosting a party

  • 17. 
    Facebook is the best choice to use if you have a young target market and you want to show them photos.
    • A. 

      True

    • B. 

      False

  • 18. 
    SEO stands for:
    • A. 

      Search Entry Optimization 

    • B. 

      Search Engine Optimization 

    • C. 

      Simple Example Organization

    • D. 

      Standard Entry Organization

  • 19. 
    Email List is not a good area of marketing because you might loose all your contacts one day.
    • A. 

      True

    • B. 

      False

  • 20. 
    The best way to build content that will improve your SEO within your website would be to:
    • A. 

      Tell people by word of mouth how great your site is

    • B. 

      Put up well edited photos

    • C. 

      Write a weekly blog article on your site that relates to your clothing 

    • D. 

      Write a weekly blog article on a separate site

  • 21. 
    Being proactive is as important as being reactive in the world of PR (public relations).
    • A. 

      True

    • B. 

      False

  • 22. 
    What is an example of a charge back.
    • A. 

      It was required that you send an item with hangers and you did not 

    • B. 

      When an item is returned to the store but is still sellable

    • C. 

      If an item they bought doesn't merchandise well in their store

  • 23. 
    Wholesale is when you sell your items at full price directly to customers.
    • A. 

      True

    • B. 

      False

  • 24. 
    What does PK stand for?
    • A. 

      Project knowledge

    • B. 

      Product knowledge 

    • C. 

      Pattern knowledge 

    • D. 

      Prospect knowledge 

  • 25. 
    If I am working out of my house sewing items, I do not need insurance.
    • A. 

      True

    • B. 

      False

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