Small Business Part 1 (SB011)

Entrepreneurs can make money on fads, but they have to know

Question options:

when to get in and out in order to make a lot of money.

where the fad originated.

how to market the item once the fad has run its course.

how to manufacture the product themselves.

Question 2

0 / 5 points

Lamar is researching a business opportunity and has asked his acquisition team to help him review and verify all of the information about the business. This process of research and verification is called

Question options:

trust and verify.

due diligence.

truth and consequences.

due assessment.

Question 3

5 / 5 points

Because most businesses don't have a one-size-fits-all approach, what do you need to do?

Question options:

Add your own creativity to any concept.

Come up with something completely new.

Change your idea often.

Find a new model.

Question 4

0 / 5 points

Micah has been working as a fitness trainer at a gym. He plans on opening a new gym of his own three blocks down the street. However, if he does this he will be in violation of the _______ he signed when he took the job, which prevents him from starting a gym within five miles of his employer.

Question options:

taxpayer identification form

1099 form

noncompete agreement

exclusive account agreement

Question 5

5 / 5 points

Which of the following business opportunities allows a business to purchase and sell a company's products, but not the right to use that company's trade name as its own?

Question options:

Cooperative

Direct sales

Dealers/distributors

Licensees

Question 6

5 / 5 points

When you want to start a business, what is the first step?

Question options:

Figure out what you want to do.

Get a loan.

Seek counseling.

Find out which business make the most money.

Question 7

0 / 5 points

What is a good way to discover trends in the big cities to bring to your hometown?

Question options:

Ask people who have been there.

Read library books on big cities.

Watch TV.

Read newspapers from those cities online.

Question 8

0 / 5 points

How many businesses are started every year in the United States?

Question options:

250,000

More than 540,000

Fewer than 500,000

4,000,000

Question 9

0 / 5 points

When you're evaluating the risk of starting a new business, which risk is likely to be worth it?

Question options:

Losing your quality of life

Losing your home

Losing time, energy, and money

Losing your loved ones

Question 10

0 / 5 points

"Wouldn't it be great if we could get food delivered?" is an example of coming up with a business idea based on what?

Question options:

Your own personal frustration

Hunger

A spin on a familiar idea

Buying a franchise

Question 11

0 / 5 points

What prompted Reed Hastings to start Netflix?

Question options:

He decided to copy the success of iTunes.

He got tired of watching YouTube.

The Blockbuster near his house closed.

He got a big late fee for a movie rental.

Question 12

0 / 5 points

Purchasing a franchise can be a good way to

Question options:

become involved in a business that you can then customize.

start a business with no risk.

transition to becoming an entrepreneur in a supportive environment.

learn a business and then copy it.

Question 13

0 / 5 points

Which of the following is the most important trait of a successful business owner?

Question options:

Perseverance

Friendliness

Intelligence

Adaptability

Question 14

0 / 5 points

Gardening supplies are hot now, but they haven't always been. Why is this true of other businesses, too?

Question options:

A little gardening improves any business.

Hot businesses often go through cycles.

More businesses are hot now than ever before.

Traditional ideas are always the best.

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