SMALL POTATOES
True or False
Large corporations are more likely to create new jobs than small businesses.
What is false?
Multiple Choice
An example of an uncontrollable risk is:
A. choosing the location for the business
B. raising prices in the business
C. entering into a franchise agreement
D. a change in government regulations
What is D, a change in government regulations?
The difference between entrepreneur and entrepreneurship.
What is.. ?
An entrepreneur is a person who organizes, operates, and assumes the risk in a business?
AND
Entrepreneurship is the process of starting and running a business?
The type of business that does not require an attorney to set up.
What is sole proprietorship?
The primary indicator for a country's economic success, within its borders. The total dollar value of goods and services produced over a specific period of time (usually 1 year).
What is Gross Domestic Product?
True or False
Almost half the private-sector jobs in this country come from small businesses.
What is true?
A series of blizzards that reduces sales significantly is this type of risk.
What is natural risk?
Multiple Choice
The percentage of businesses in America which are home businesses:
--10%
--33%
--52%
--67%
--None of the above
What is 52%?
Multiple Choice
In partnerships, when partners should determine how profits will be divided.
A. Once the business is profitable
B. When they consult an attorney
C. After the first year in business
D. When setting up the business
What is D, setting up the business?
Not following these causes businesses to go bankrupt, be fined, and/or lose their license.
What are regulations?
3 reasons why small businesses are good for the economy.
What are... ?
It serves its local community rather than a national market.
Small businesses create jobs and innovation.
Big businesses rely on small business.
The fact that personal dynamics are more likely to be a problem in a family business is an example of this type of risk.
What is human risk?
Multiple Choice
Making sure that your business has something special and distinct to offer is known as:
--differentiation
--diffusion
--distinction
--distancing
What is differentiation?
LLC
What is a Limited Liability Company?
Multiple Choice
Intellectual property law deals with:
A. plans for buildings.
B. use of historic texts.
C. complex disputes between businesses and suppliers.
D. concepts with monetary value.
What are D, concepts with monetary value?
Multiple Choice
For a small business, when hiring a new employee, it's the most important thing to consider:
A. Will the employer have to pay for benefits.
B. The employer will have less work to do.
C. Making sure that the income gained from new business is more than the cost of the employee.
D. Making sure that all relevant economic indicators suggest that the national economy is getting better.
E. All of the above
What is C, making sure that the income gained from new business is more than the cost of the employee?
Multiple Choice
Natural risks would be an example of:
A. hidden costs
B. core values
C. insurable risks
D. uninsurable risks
What is D, insurable risks?
Multiple Choice
What it means to start a business out of necessity:
A. Someone is otherwise unemployed.
B. Someone finds a way to improve an existing business.
C. Someone needs to find a business to invest in.
D. Someone recognizes an unfulfilled need.
E.,All of the above
What is D, someone recognizes an unfulfilled need?
Multiple Choice
A franchise can be among the more expensive businesses to start because:
A. it takes longer to make money than starting a business from scratch.
B. it has to charge more for products than other kinds of services.
C. it requires a franchise fee on top of the usual business expenses.
D. it requires a lot of advertising to get the brand name out to the public.
E. All of the above.
What is C, it requires a franchise fee on top of the usual business expenses?
The difference between a contract and an agreement.
What is a contract is legally binding?
The maximum number of employees small businesses can have.
What is 500?
Multiple Choice
The potential consequences if a business does not follow regulations:
A. The business can go bankrupt.
B. The business can be fined.
C. The business can lose its license.
D. All of the above.
What is D, all of the above?
Multiple Choice
One reason why a small business might do better than a large business in a difficult economy:
A. he small business will likely have more money to see it through difficult times.
B. A small business serves its local community rather than a national market.
C. A small business will have a more professional management and staff.
D. There are no circumstances in which a small business would fare better than a large one.
What is B, a small business serves its local community rather than a national market?
A business or organization owned by and operated for the benefit of its members.
What is a co-op?
True or False
Due Process requires that all parties have a lawyer in all cases.
What is false?
Due Process includes:
--letting the person know of the case against them.
--a neutral judge.
--using evidence to prove facts.
It does not require that all parties have a lawyer.