Semester 1 - Final Exam (Virtual Enterprise)

40 Questions | Total Attempts: 57

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Company Quizzes & Trivia

Open book This is a multiple-choice test, please fill in the blanks. Please review your selections before submitting. You may only submit your final exam answers once. Each question is worth 2 points for a total possible score of 80 points. Good luck!

Questions and Answers
  • 1. 
    Which of the following is a concrete, practical reason for going into business?
    1. To see your creativity develop further.
    2. To prepare for retirement.
    3. To quit working for someone else.
    4. To have flexible hours.
  • 2. 
    1. What are the Five D's of Success?
      1. Desire, Dollars, Details, Determination, and Diligence.
      2. Details, Desire, Duty, Discipline, and Determination.
      3. Discipline, Desire, Dependency, Details, and Determination.
      4. Desire, Diligence, Details, Discipline, and Determination.
  • 3. 
    A dry cleaner is what type of business?
    1. A service business.
    2. A retail business.
    3. A manufacturing business.
    4. A distribution business
  • 4. 
    Which personal or business goal is most important for success?
    1. Making a lot of money.
    2. The biggest goal that generates the passion to start and continue in business.
    3. Giving back to the community.
    4. Spending time with family.
  • 5. 
    Like a marriage, what does a business need to be successful?
    1. A firm foundation, realistic expectations, and a total commitment.
    2. Lots of money to get the business started.
    3. Expectations about sales and prices from businesses 10 years ago.
    4. Only one person to control everything.
  • 6. 
    For an inexperienced entrepreneur, what is the most difficult option for starting a business?
    1. Buying a franchise.
    2. Starting from scratch.
    3. Buying an existing business.
    4. Going into business with a partner.
  • 7. 
     When starting a business from scratch, which of the following is a disadvantage?
    1. No publicity opportunities.
    2. Lack of market needs and wants.
    3. Financing limitations.
    4. Untrained employees.
  • 8. 
    Training and ongoing management assistance are an advantage of which business opportunity option?
    1. Franchising.
    2. Starting from scratch.
    3. Starting with a partner.
    4. Buying an existing business.
  • 9. 
      What is an advantage of purchasing an existing business?
    1. Ease of ownership transfer.
    2. Publicity opportunities.
    3. Reduced time to success.
    4. A current customer base.
  • 10. 
    What is one of the biggest disadvantages of purchasing a franchise?
    1. Strict contractual relationship.
    2. Publicity opportunities.
    3. Successful operating system.
    4. Site selection help.
  • 11. 
    What is a unique selling proposition?
    1. A marketing plan.
    2. The reason your customers should do business with you.
    3. A business plan.
    4. A special sale.
  • 12. 
    What tool can help a small business survive unforeseen events?
    1. A computer.
    2. Frequent sales.
    3. A client list.
    4. Employees.
  • 13. 
    What information should you collect from your clients?
    1. As much as you can.
    2. Name and e-mail address.
    3. Name and telephone number.
    4. Name and birthday.
  • 14. 
    What is the purpose of market research?
    1. To conduct a survey.
    2. To study demographics.
    3. To purchase a database.
    4. To find out what your customers want.
  • 15. 
    Which of the following is an example of a market demographic?
    1. The time of year a certain product or service is most often purchased.
    2. Other businesses that are currently selling your product or service.
    3. The age range of the people most likely to buy your product or service.
    4. How prices for your product or service have changed over time.
  • 16. 
    What does a business plan demonstrate to a financing source?
    1. Your potential ability to compete in the business arena.
    2. That your business is already fully funded.
    3. Your ability to write well.
    4. That your business is in the beginning stages of planning.
  • 17. 
    Which section of a business plan is a short synopsis of the entire plan?
    1. Products and services.
    2. Executive summary.
    3. Cover sheet.
    4. Table of contents.
  • 18. 
    What is the name of the document used to evaluate an idea or to get initial thoughts down on paper?
    1. Table of contents.
    2. Financial plan.
    3. Trademark.
    4. One-page business plan.
  • 19. 
    Which section of your business plan tells how you plan to use your initial funding?
    1. Marketing.
    2. Management.
    3. Financial.
    4. Suppliers and operations.
  • 20. 
    Who is the best person to write your business plan?
    1. An accountant.
    2. A professional writer.
    3. You.
    4. An attorney.
  • 21. 
    If you do not make a conscious decision about the legal structure of your business, how will your business operate by default?
    1. As a sole proprietorship.
    2. As a limited liability company (LLC).
    3. A corporation.
    4. An S-corporation
  • 22. 
    What is the biggest advantage of a partnership?
    1. The ability to use the partnership's assets without creating tax consequences.
    2. The greatly reduced personal liability created by having one or more partners.
    3. The ability to retain earnings to minimize taxes.
    4. The continued existence of the business after one of the partners dies or withdraws from the partnership.
  • 23. 
    Dennis Callahan wants to open a plumbing business. Which of the following names could he use for his business without having to register an assumed or fictitious business name? Callahan Plumbing. Dennis G. Callahan & Son Plumbing. Dennis G. Callahan Plumbing. DGC Plumbing.
  • 24. 
    Of the following individuals, which one would be considered an independent contractor?
    1. A temporary worker you hire to help during your busy season.
    2. The bookkeeper you hire to work part time.
    3. Your spouse.
    4. The company you hire to fix the copy machine.
  • 25. 
    To comply with federal and state regulations regarding compensation and taxes, what basic requirement must you maintain?
    1. Comply with human rights standards.
    2. Maintain adequate records.
    3. Comply with Occupational Health and Safety (OSHA) standards.
    4. Administer accurate benefits information.
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