Small Business Final Test
-
Please insert your full name
-
About This Quiz
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.
Quiz Preview
- 2.
Which of the following would not be held personally liable?
-
Sole propriter
-
Partnership
-
Corporation
Correct Answer
A. CorporationExplanation
A corporation would not be held personally liable because it is a separate legal entity from its owners or shareholders. This means that the owners or shareholders are not personally responsible for the debts, liabilities, or obligations of the corporation. Instead, the corporation itself is responsible for its own actions and debts. This limited liability protection is one of the main advantages of forming a corporation, as it helps to protect the personal assets of the owners or shareholders.Rate this question:
-
- 3.
A sole proprietor is entitled to 100% of the business profits
-
True
-
False
Correct Answer
A. TrueExplanation
A sole proprietor is entitled to 100% of the business profits because they are the sole owner of the business. Unlike other business structures, such as partnerships or corporations, where profits are shared among multiple owners or shareholders, a sole proprietor has complete control and ownership over the business. This means that they are entitled to receive all of the profits generated by the business.Rate this question:
-
- 4.
________ 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.
Correct Answer
Dual, CorporateExplanation
Dual taxation occurs when profits of a business are taxed at the entity level before profits are distributed to owners, and these distributions are reported on the individual tax returns as dividends and are taxed a second time. This means that the business is subject to corporate taxation, and the owners or shareholders are also subject to individual taxation on the dividends received.Rate this question:
- 5.
In bookkeeping, if you have limited purchases and/or sales and they come out of one bank account, this is called:
-
Double entry bookkeeping
-
Dual bookkeeping
-
Pass entry bookkeeping
-
Single entry bookkeeping
Correct Answer
A. Single entry bookkeepingExplanation
Single entry bookkeeping is the correct answer because it refers to a simple method of recording financial transactions where only one entry is made for each transaction. This method is commonly used by small businesses or individuals who have limited transactions and do not require the complexity of double entry bookkeeping. In single entry bookkeeping, transactions are recorded in a cash book, which tracks cash inflows and outflows, and there is no need for balancing multiple accounts or maintaining a general ledger.Rate this question:
-
- 6.
If you trademark a a business name, it will be good in Canada for 25 years.
-
True
-
False
Correct Answer
A. FalseExplanation
Trademark registration in Canada is valid for 15 years, not 25 years. After the initial 15-year period, the registration can be renewed indefinitely in subsequent 15-year intervals. Therefore, the statement that trademarking a business name will be good in Canada for 25 years is incorrect.Rate this question:
-
- 7.
Which of the following is put in place to protect a consumer from a business causing harm to either themselves or their property?
-
Business deregulation
-
Insolvency act
-
Tort's law
-
Bankruptcy
Correct Answer
A. Tort's lawExplanation
Tort's law is put in place to protect a consumer from a business causing harm to either themselves or their property. Tort law allows individuals to seek compensation for harm or injury caused by the wrongful actions of others. It covers a wide range of situations, including negligence, intentional harm, and strict liability. By holding businesses accountable for their actions, tort law aims to ensure that consumers are protected and have a legal recourse in case of harm or damage caused by a business.Rate this question:
-
- 8.
In market research, primary data is second hand information that was already existing that you collected.
-
True
-
False
Correct Answer
A. FalseExplanation
The given statement is incorrect. Primary data refers to the firsthand information that is collected directly from the source for the purpose of a specific research project. It is original and new data that is gathered by the researcher, rather than being pre-existing or second hand information. Therefore, the correct answer is false.Rate this question:
-
- 9.
MOQ stands for
-
Most Order Quantity
-
Maximum Order Quantity
-
Minimum Order Quantity
-
Maximum Order Quality
Correct Answer
A. Minimum Order QuantityExplanation
MOQ stands for Minimum Order Quantity. This term is commonly used in business and refers to the smallest quantity of a product that a supplier is willing to sell to a buyer. It is set to ensure that the supplier's costs are covered and to make the order economically viable. By setting a minimum order quantity, suppliers can manage their inventory and production more efficiently, as well as reduce costs associated with processing small orders.Rate this question:
-
- 10.
Lead time is the time that it takes for a mill to create your fabric and send it to you.
-
True
-
False
Correct Answer
A. TrueExplanation
Lead time refers to the time it takes for a mill to produce and deliver a fabric to the customer. It is the duration between placing an order and receiving the finished product. Therefore, the statement "Lead time is the time that it takes for a mill to create your fabric and send it to you" is accurate and true.Rate this question:
-
- 11.
The location of my factory should not impact my decision if I use the factory or not.
-
True
-
False
Correct Answer
A. FalseExplanation
The location of a factory can have a significant impact on the decision of whether to use it or not. Factors such as proximity to raw materials, transportation costs, access to markets, availability of skilled labor, and local regulations can all be influenced by the factory's location. Therefore, it is incorrect to say that the location of a factory should not impact the decision of using it.Rate this question:
-
- 12.
If a factory knows how to sew one thing, then they can pretty much sew anything.
-
True
-
False
Correct Answer
A. FalseExplanation
The statement suggests that if a factory knows how to sew one thing, they can sew anything. However, this is false. Just because a factory is skilled in sewing one particular item does not mean they have the expertise or knowledge to sew anything else. Different products may require different materials, techniques, and equipment, which the factory may not possess. Therefore, the statement is incorrect.Rate this question:
-
- 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.
-
True
-
False
Correct Answer
A. FalseExplanation
It is not advisable to forego putting together a contract with the factory and assume everything will work out. A contract serves as a legal agreement that outlines the rights, responsibilities, and expectations of both parties involved. Without a contract, there is a higher risk of miscommunication, disputes, or breaches of agreement. It is important to have a written contract to protect both parties' interests and ensure clarity in the business relationship.Rate this question:
-
- 14.
A mill will always sew my garments for me.
-
True
-
False
Correct Answer
A. FalseExplanation
The statement implies that a mill will always sew the garments for the person. However, this is not necessarily true as there could be various factors that could prevent a mill from sewing the garments, such as availability, capacity, or cost. Therefore, the statement is false.Rate this question:
-
- 15.
Putting an ad in the news paper is a form of digital marketing.
-
True
-
False
Correct Answer
A. FalseExplanation
The statement is false because putting an ad in a newspaper is not a form of digital marketing. Digital marketing refers to advertising and promoting products or services through digital channels such as websites, social media platforms, search engines, and emails. However, putting an ad in a newspaper is a traditional form of advertising and falls under print marketing, not digital marketing.Rate this question:
-
- 16.
Which of the following are examples of digital marketing.
-
Instagram, Facebook, Twitter, Emails
-
Sponsored events, print ads, pop ups
-
Fashion show, speaking event, hosting a party
Correct Answer
A. Instagram, Facebook, Twitter, EmailsExplanation
The examples listed in the answer - Instagram, Facebook, Twitter, and Emails - are all platforms and methods commonly used in digital marketing. These platforms allow businesses to reach a wide audience and engage with potential customers through various digital channels. Instagram, Facebook, and Twitter are social media platforms that businesses can utilize for advertising, promotion, and customer engagement. Emails are a common tool for email marketing campaigns, where businesses can send targeted messages and promotions directly to customers' inboxes. Overall, these examples demonstrate the use of digital platforms and channels for marketing purposes.Rate this question:
-
- 17.
Facebook is the best choice to use if you have a young target market and you want to show them photos.
-
True
-
False
Correct Answer
A. FalseExplanation
Facebook may not necessarily be the best choice to use if you have a young target market and want to show them photos. While Facebook is popular among young people, there are other social media platforms like Instagram and Snapchat that are more focused on visual content and are particularly popular among younger demographics. These platforms may provide better options for showcasing photos to a young target market.Rate this question:
-
- 18.
SEO stands for:
-
Search Entry Optimization
-
Search Engine Optimization
-
Simple Example Organization
-
Standard Entry Organization
Correct Answer
A. Search Engine OptimizationExplanation
SEO stands for Search Engine Optimization. This is the process of optimizing a website or online content to improve its visibility and ranking on search engine results pages. By implementing various strategies such as keyword research, on-page optimization, and link building, SEO helps websites attract organic traffic from search engines like Google. It involves optimizing both the technical aspects and the content of a website to make it more relevant and valuable to search engine algorithms.Rate this question:
-
- 19.
Email List is not a good area of marketing because you might loose all your contacts one day.
-
True
-
False
Correct Answer
A. FalseExplanation
The statement suggests that Email List is not a good area of marketing because you might lose all your contacts one day. However, this is not necessarily true. While it is possible to lose contacts in an email list, there are measures that can be taken to prevent this, such as regularly backing up the list and implementing proper data management practices. Additionally, email marketing can still be an effective strategy for reaching and engaging with a targeted audience.Rate this question:
-
- 20.
The best way to build content that will improve your SEO within your website would be to:
-
Tell people by word of mouth how great your site is
-
Put up well edited photos
-
Write a weekly blog article on your site that relates to your clothing
-
Write a weekly blog article on a separate site
Correct Answer
A. Write a weekly blog article on your site that relates to your clothingExplanation
Writing a weekly blog article on your site that relates to your clothing is the best way to build content that will improve your SEO within your website. By regularly publishing blog articles, you can provide valuable and relevant information to your audience, which can increase engagement and drive more organic traffic to your site. Additionally, incorporating relevant keywords and optimizing the blog articles for search engines can further enhance your website's SEO performance.Rate this question:
-
- 21.
Being proactive is as important as being reactive in the world of PR (public relations).
-
True
-
False
Correct Answer
A. TrueExplanation
Being proactive in the world of PR is crucial because it involves taking initiative and anticipating potential issues or opportunities before they arise. By being proactive, PR professionals can develop strategies to prevent or mitigate negative situations, as well as identify and capitalize on positive ones. This approach helps to maintain a positive image, build strong relationships with stakeholders, and effectively manage communication. Additionally, proactive PR efforts can help organizations stay ahead of competitors and adapt to changing trends and circumstances. Therefore, being proactive is just as important as being reactive in the world of PR.Rate this question:
-
- 22.
What is an example of a charge back.
-
It was required that you send an item with hangers and you did not
-
When an item is returned to the store but is still sellable
-
If an item they bought doesn't merchandise well in their store
Correct Answer
A. It was required that you send an item with hangers and you did notExplanation
An example of a chargeback is when a customer is required to send an item with hangers, but fails to do so. In this case, the customer did not comply with the specific requirement set by the store, resulting in a chargeback. This could happen if the store has a policy that all items must be returned in their original condition, including having hangers attached. Failing to meet this requirement may result in the store charging the customer for the missing hangers or deducting the cost from the refund.Rate this question:
-
- 23.
Wholesale is when you sell your items at full price directly to customers.
-
True
-
False
Correct Answer
A. FalseExplanation
Wholesale is not when you sell your items at full price directly to customers. Wholesale refers to the sale of goods or products in large quantities, typically to retailers or other businesses, at a lower price than the retail price. The customers who buy wholesale products are usually not the end consumers, but rather businesses or individuals who will resell the products. Therefore, the statement is false.Rate this question:
-
- 24.
What does PK stand for?
-
Project knowledge
-
Product knowledge
-
Pattern knowledge
-
Prospect knowledge
Correct Answer
A. Product knowledgeExplanation
The acronym PK stands for Product knowledge. This refers to the understanding and familiarity that an individual or organization has about a particular product. It includes knowledge about the features, benefits, uses, and specifications of the product. Having product knowledge is important for salespeople, customer service representatives, and anyone involved in marketing or promoting a product, as it allows them to effectively communicate and educate potential customers about the product's value and advantages.Rate this question:
-
- 25.
If I am working out of my house sewing items, I do not need insurance.
-
True
-
False
Correct Answer
A. FalseExplanation
Working out of your house sewing items still carries risks, such as injuries or accidents that could occur while using sewing machines or handling sharp objects. Additionally, there is a possibility of damage to the items being sewn or potential liability issues if the items cause harm to others. Therefore, having insurance is important to protect against these potential risks and liabilities.Rate this question:
-
- 26.
If you were going to be creating a Facebook ad, what would be the best way to start?
-
Make one ad and run it for a long period of time
-
Make a bunch of ads for different things and put them at the same time
-
Create a few ads and test them for short periods of time at different times in the week
-
Make a bunch of ads for a long period of time
Correct Answer
A. Create a few ads and test them for short periods of time at different times in the weekExplanation
The best way to start creating a Facebook ad is to create a few ads and test them for short periods of time at different times in the week. This approach allows you to gather data and analyze the performance of each ad to determine which one is most effective. By testing multiple ads and monitoring their performance, you can make data-driven decisions and optimize your ad campaign for better results.Rate this question:
-
Quiz Review Timeline (Updated): Mar 15, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 15, 2023Quiz Edited by
ProProfs Editorial Team -
May 20, 2020Quiz Created by
Sara
- Accounting Quizzes
- Advertising Quizzes
- Agriculture Quizzes
- Automotive Quizzes
- Brand Quizzes
- Business Accounting Quizzes
- Business Analyst Quizzes
- Business Development Quizzes
- Business Environment Quizzes
- Business Etiquette Quizzes
- Business Finance Quizzes
- Business Math Quizzes
- Business Organization Quizzes
- Business Plan Quizzes
- Business Process Quizzes
- Business Study Quizzes
- Business Technology Quizzes
- CEO Quizzes
- Collaboration Quizzes
- Company Quizzes
- Construction Quizzes
- Consumer Quizzes
- CSR Quizzes
- Customer Quizzes
- Customer Service Quizzes
- Development Quizzes
- Ecommerce Quizzes
- Employment Quizzes
- Entrepreneurship Quizzes
- Finance Quizzes
- Hospitality Quizzes
- Human Resources Quizzes
- Industry Quizzes
- International Business Quizzes
- Introduction To Business Quizzes
- Investment Quizzes
- Logistics Quizzes
- Management Quizzes
- Manufacturing Quizzes
- Marketing Quizzes
- Material Quizzes
- Media Quizzes
- Office Quizzes
- Organization Quizzes
- Principles Of Business Quizzes
- Printing Quizzes
- Product Quizzes
- Publishing Quizzes
- Real Estate Quizzes
- Retail Quizzes
- Sales Quizzes
- SAP Business One Quizzes
- Small Business Quizzes
- Source Quizzes
- Supply Quizzes
- Survey Quizzes
- Telecommunication Quizzes
- Trade Quizzes
- Training Quizzes
- Transportation Quizzes
- Warehouse Quizzes
- Welding Quizzes
Back to top