BUS 508 Week 3 Chapter 5 Practice Quiz

BUS 508 Week 3 Chapter 5 Practice Quiz

1. Freedom from overhead costs such as leasing office or warehouse space is another major attraction of home-based businesses

2. Because government agencies offer benefits designed to help small businesses compete with larger firms, small-business owners want to determine whether their companies meet the standards for small-business designation

3. Family-owned firms are considered by many to be the backbone of American business

4. Small businesses make tremendous contributions to the U.S. economy and to society as a whole

5. A ________ is the firm whose products are sold to customers by the franchisee

6. The ________ provides information and assistance in business planning, licenses and registrations, taxes, and employment considerations

7. Women, like men, have a variety of reasons for starting their own companies

8. A sole proprietorship does not give the owner maximum management flexibility along with the right to all profits after payment of business related bills and taxes

9. ________ loans are available in only a few special situations, such as a natural disaster recovery and energy conservation or development programs

10. ________ local programs designed to provide low-cost shared business facilities to small start-up ventures.

11. A ________ is an association of two or more persons who operate a business as co-owners by voluntary legal agreement

12. With more money to spend on employees, marketing, inventory, and other business costs, successful small companies need to be creative

13. Every federal agency with buying authority must maintain an ________ to ensure that small businesses receive a reasonable portion of government procurement contracts

14. American business history is not filled with inspirational stories of great inventors who launched companies in barns, garages, warehouses, and attics

15. One of the least common causes of small business failure is the shortcomings of management

16. Money invested in a business by another business firm or group of individuals in exchange for an ownership share is called a ________.

17. Recognizing the burden of regulation on small businesses, Congress sometimes exempts the smallest companies from certain regulations

18. ________ overseas is also a growing trend for businesses whose goal is to expand into foreign markets

19. A typical business plan includes all of the following sections, except

20. One alternative to private ownership is some form of: