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Ownership
Assistance
Roles of Government
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100
Which is a major disadvantage to buying a franchise?   1-Equipment and supplies are less expensive. ?2-No management or technical assistance is provided. ?3-The impact of other franchises' performance on the franchisee. ?4-There is no guarantee of product consistency.
3-The impact of other franchises' performance on the franchisee.
100
Which federal agency helps small businesses secure government contracts?   1-FTC ?2-IRS ?3-SBA ?4-SBDC  
3-SBA
100
Providing aid for dependent children illustrates the government’s role as a:   1-Provider of public goods. ?2-Provider of social programs. ?3-Redistributor of income. ?4-Regulator.  
2-Provider of social programs.
100
Vaccinations against communicable diseases illustrates the government’s role as a:   1-Competitor. ?2-Provider of public goods. ?3-Redistributor of income. ?4-Regulator.  
2-Provider of public goods.
100
Dillon’s Corner sponsored a raffle to help raise funds for a new school press box. This represents ethical responsibility towards:   1-Community. ?2-Customers. ?3-Employees. ?4-Suppliers.
1-Community.
200
A local manufacturer has agreed to produce Gale’s new product. This will relieve Gale from having to set up a manufacturing plant. This type of partnership is a/n:   1-General partnership. ?2-Joint venture. ?3-Limited partnership. ?4-Strategic alliance.
4-Strategic alliance.
200
Which federal agency provides social and economic statistics to small businesses?   1-Department of Commerce ?2-Internal Revenue Service ?3-Small Business Administration ?4-Small Business Development Center
1-Department of Commerce
200
To protect consumers, the government must place some restrictions on private companies. This illustrates the government’s role as a:   1-Provider of public goods. ?2-Provider of social programs. ?3-Redistributor of income. ?4-Regulator.  
4-Regulator.
200
Business owners must be able to get along with their employees, make customers feel welcome, and maintain a working relationship with business associates. These are:   1-Communication skills. ?2-Human relations skills. ?3-Management skills. ?4-Planning skills.
2-Human relations skills.
200
Which section of the business plan discusses the personal qualifications of the entrepreneur?   1-Industry/market analysis ?2-Management team plan ?3-Marketing plan ?4-Operational plan
2-Management team plan
300
Why is sole proprietorship the most common form of business ownership?   1-Legal assistance is needed for start up in this form. ?2-Limited liability of sole proprietorships is a desirable benefit. ?3-Money can be raised easily by issuing shares of stock. ?4-The government assumes little control over sole proprietorships.
4-The government assumes little control over sole proprietorships.
300
The federal agency which provides assistance and advice on how small businesses can increase revenues and profits is the:   1-FTC. ?2-IRS. ?3-SBA. ?4-SBI.  
3-SBA.
300
Each year the government spends millions of dollars on medical research. This is an example of the government’s role as a:   1-Provider of public goods. ?2-Provider of social programs. ?3-Redistributor of income. ?4-Regulator.
2-Provider of social programs. ?
300
Entrepreneurs are willing to work until the job is finished. In this respect entrepreneurs are said to be:   1-Independent. ?2-Persistent. ?3-Responsible. ?4-Self-confident.
2-Persistent.
300
Which section of the business plan contains information about the personal and non-personal promotion for the business?   1-Industry/market analysis ?2-Marketing plan ?3-Operational plan ?4-Organizational plan
2-Marketing plan
400
Which is a major advantage to buying a franchise?   1-Freedom in making business decisions ?2-Guaranteed profit on all goods sold ?3-High cost of supplies and equipment ?4-Management training and technical assistance provided
4-Management training and technical assistance provided
400
Which state agency provides businesses with information regarding employer responsibilities in relation to unemployment insurance?   1-Department of Development ?2-Office of the Secretary of State ?3-State Department of Labor ?4-Workers’ Compensation Board
3-State Department of Labor
400
In North Carolina, day care centers are required to obtain licenses. This illustrates the government’s role as a:   1-Provider of public goods. ?2-Provider of social programs. ?3-Redistributor of income. ?4-Regulator.
4-Regulator.
400
Entrepreneurs generally have high expectations for themselves and strive to achieve those expectations. Thus, they are characterized as:   1-Action-oriented. ?2-Independent. ?3-Inquisitive. ?4-Self-demanding.
4-Self-demanding.
400
The proposed business organization, including the form of business ownership, is included in which section of the business plan?   1-Executive summary ?2-Financial plan ?3-Industry/market analysis ?4-Organizational plan
4-Organizational plan
500
Which is a major disadvantage of a corporation?   1-Difficult to leave the business ?2-Difficult to raise capital ?3-Double taxation ?4-Unlimited liability
3-Double taxation
500
Which organization has as its purpose the stimulation of local economic growth?   1-Chamber of Commerce ?2-Internal Revenue Service ?3-Small Business Development Center ?4-State Department of Labor  
1-Chamber of Commerce
500
OSHA inspects factories to ensure safe working conditions for employees. This illustrates the government’s role as a:   1-Provider of public goods. ?2-Provider of social programs. ?3-Redistributor of income. ?4-Regulator.
4-Regulator.
500
Jessica asks many questions and conducts research when attempting to solve problems related to her business. What personal characteristic does this represent?   1-Creativity ?2-Inquisitiveness ?3-Persistence ?4-Responsibility
2-Inquisitiveness
500
A business owner attempts to enforce a certain level of acceptable behavior for those who represent the business by creating a:   1-Code of ethics. ?2-Legal code. ?3-List of disciplinary actions. ?4-Standard of operation.
1-Code of ethics.