BUSINESS C01.V.9.1Viola wants to be a business owner, and is contemplating whether to start her own business or open a franchise

| April 14, 2018

1. Viola wants to be a business owner, and is contemplating whether to start her own business or open afranchise. Which of the following, if true, would be a compelling reason for Viola to open a franchiserather than start a new business?A. The franchiser requires $3,000 in start-up costs and a 5 percent monthly royalty fee.B. The franchiser tightly controls and monitors the service protocol.C. The franchisee is responsible for developing all marketing materials.D. The company has only recently become a franchise.2. Which of the following is federally licensed to borrow money from the Small Business Administrationto invest in or lend to small businesses?  A. SCOREB. SBICsC. SBDCD. FDIC3. Many governments require that products sold in their particular country be at least partly made there.This policy involves what type of laws?A. quota lawsB. local content lawsC. business practice lawsD. free trade laws4. Which of the following denotes a government order forbidding exportation and/or importation of aparticular product from a particular country?A. tariffB. embargoC. subsidyD. local content law5. Why is it difficult to compare relative job growth for different-sized businesses?A. Sourcing up-to-date employment figures is difficult.B. Many small businesses experience rapid unreported growth.C. Spheres of influence overlap between the small and big business sectors.D. It is hard to determine the cutoff point at which a small business becomes a large business.6. Shirley is opening a flower shop and has decided to operate as a sole proprietorship. Which of thefollowing is NOT an advantage Shirley will have in operating her business?  A. freedomB. simplicity of operationC. limited liabilityD. low start-up costs7. Which of the following is the most significant disadvantage of starting a business from scratch?A. having few employeesB. inability to franchiseC. having competitionD. the risk of failure8. Which of the following helps entrepreneurs gain skills that are essential for running a business?A. ESOPB. SBICsC. SECD. SBA9. Which of the following refers to tariffs that are imposed strictly to raise money for the government?A. revenue tariffsB. protectionist tariffsC. quota tariffsD. subsidy tariffs10. Which type of business is legally considered a separate entity from its owners and is liable for its owndebts?A. sole proprietorshipB. corporationC. limited partnershipD. cooperative11. Who are the owners of a corporation?A. board of directorsB. financial officersC. stockholdersD. top managers12. The U.S. government forbids the importation of cigars from Cuba. What is this practice called?A. embargoB. tariffC. subsidyD. business practice law13. Which of the following types of tariff is meant to discourage the import of particular products?A. revenue tariffB. quota tariffC. labor tariffD. protectionist tariff14. In which business sector are cooperatives still important?  A. manufacturingB. automotiveC. public utilitiesD. agriculture15. Olivia has found a viable business, a small furniture store, she is interested in purchasing. She haslearned that the store is supplied by reliable vendors and has a steady stream of local and online buyers.What should be Olivia’s next step at this point?A. Analyze the furniture store’s past financial statements.B. Start negotiating a purchase price with the current owner.C. Approach a banking institution about financing her purchase.D. Consult a marketing agency about ways to reach more customers.16. Who constitutes the membership of SCORE?A. retired executivesB. venture capitalistsC. company officersD. commercial lenders17. Which of the following denotes the practice of protecting domestic business at the expense of freemarket competition?A. fair tradeB. balanced tradeC. free tradeD. protectionism18. Which form of business ownership generates the most sales in the United States?A. sole proprietorshipB. general partnershipC. cooperativeD. corporation19. What is the most effective way for an entrepreneur to become a competent manager?A. working aloneB. relying on luckC. getting a college degreeD. working for a successful company first20. Which entity is defined as independent and has little influence on its market?A. corporationB. joint ventureC. small businessD. partnership

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