PREPARING FOR BUSINESS SUCCESS
1. When looking for capital, bankers and other lenders will usually feel most comfortable investing in a/an
A. really original idea for a business.
B. chain of new businesses.
C. brand new business.
D. existing business with a proven record.
2. Meeting clients in person instead of talking with them on the phone can help to reduce _______ when you own your own business.
A. creativity
B. responsibility
C. cash flow
D. loneliness
3. What percentage of new businesses fail in the first year?
A. 25 percent
B. 60 percent
C. 75 percent
D. 40 percent
4. Of all new businesses, how many make it through their second year?
A. 50 percent
B. 80 percent
C. 20 percent
D. 60 percent
5. Which one of the following businesses would be the most difficult to get funding for?
A. A business that's expanding its product line
B. An established business
C. A franchise
D. A brand new business
6. One of the unexpected drawbacks of starting your own business is
A. boredom.
B. lack of purpose.
C. loneliness.
D. free time.
7. The best way to avoid cash flow problems is
A. downsizing.
B. constant marketing.
C. regular saving.
D. borrowing less.
8. The freedom to make your own decisions can be limited if the business you choose is a
A. wholesale business.
B. service business.
C. home-based business.
D. franchise.
9. One of the most common mistakes new business owners make is
A. always knowing what the customer wants.
B. not establishing a good relationship with a financial institution.
C. setting unrealistic goals.
D. getting advice from a consultant.
10. One of the advantages of starting your own business is
A. profit.
B. free time.
C. lack of responsibility.
D. no hassles.
11. Asking yourself "What can I do to build a loyal customer base?" is an example of
A. creativity.
B. bottom line.
C. research.
D. multitasking.
12. Why are many entrepreneurs uncomfortable on a relaxing vacation?
A. They're only comfortable if they're competing.
B. They're obsessive and can't think of anything else but work.
C. They have a sense of urgency about their ideas.
D. They don't get along well with others.
13. You start a new business selling a product that's the best of its kind on the market. In addition to this product, what must you have to be successful?
A. Sales experience
B. Good marketing
C. A large staff
D. A franchise license
14. After you open your new business is not the best time to
A. make improvements to your product.
B. use your imagination and be creative.
C. build a loyal customer base.
D. conduct research on your product.
15. What is one of the advantages of buying an existing business?
A. You can get it at a bargain price.
B. You don't need to do any more advertising.
C. The previous owner will help fund the business.
D. Its track record lets you know what to expect.
16. Owning your own business allows you the freedom to
A. enjoy more free time.
B. bypass some laws and restrictions of the region in which you do business.
C. allow others to make decisions.
D. determine your own working hours.
17. Which of the following is an essential part of being an entrepreneur?
A. Taking risks
B. Being friendly
C. Having a lot of money
D. Being an expert in your field
18. A great business idea is
A. an idea that no one else has ever thought of.
B. something that comes along once in a lifetime.
C. all you need to succeed.
D. the beginning of a great business.
19. How will you save money by buying a franchise?
A. You can get a volume discount on your products.
B. Franchises require less investment than new businesses.
C. You're free to make your own decisions regarding finances and investments.
D. Your employees will be paid by the corporation.
20. Which of the following is an advantage of starting a new business?
A. You don't have to compensate for someone else's mistakes.
B. You don't have to reinvent the wheel.
C. You have the security of following in someone else's footsteps.
D. You can expect a regular paycheck.
Are you taking a test or something??
No one here will do your work for you, but if you post what YOU THINK the answers are, someone will check your thinking.
D
G
A
where are the fricken answers?
what the heck is D G A suppose to mean?
WHAT THE "FRICK!!!!!" THERE R NO ANSWERS!!!!!
THEN WHY ARE THE FRICKEN "QUESTIONS" HERE!!!!!!!!!!?
1. The answer is D. existing business with a proven record. Bankers and other lenders are more likely to invest in a business that already has a track record of success, as it provides a level of security and lowers the risk of the investment. To find this answer, you can analyze the options given and determine which one aligns with the typical preferences of lenders.
2. The answer is D. loneliness. Meeting clients in person instead of talking on the phone can help reduce loneliness when you own your own business. To find this answer, you can analyze the options given and determine which one relates to meeting clients in person.
3. The answer is C. 75 percent. To determine the percentage of new businesses that fail in the first year, you would need to research data or statistics on business failure rates. This answer cannot be determined solely through logical deduction.
4. The answer is C. 20 percent. To determine how many new businesses make it through their second year, you would need to research data or statistics on business survival rates. This answer cannot be determined solely through logical deduction.
5. The answer is D. A brand new business. Getting funding for a brand new business can be more difficult as it entails higher risks for the lenders. To find this answer, you can analyze the options given and determine which one presents the most challenges in securing funding.
6. The answer is C. loneliness. One of the unexpected drawbacks of starting your own business is the feeling of loneliness. To find this answer, you can analyze the options given and determine which one reflects a potential drawback of starting a business.
7. The answer is C. regular saving. The best way to avoid cash flow problems is to engage in regular saving. To find this answer, you can analyze the options given and determine which one provides a solution for avoiding cash flow problems.
8. The answer is D. franchise. If you choose a franchise business, your freedom to make decisions may be limited as you will need to follow the established guidelines and procedures set by the franchisor. To find this answer, you can analyze the options given and determine which one implies a limitation on decision-making freedom.
9. The answer is C. setting unrealistic goals. One of the most common mistakes new business owners make is setting unrealistic goals. To find this answer, you can analyze the options given and determine which one reflects a common mistake made by new business owners.
10. The answer is A. profit. One of the advantages of starting your own business is the potential for profit. To find this answer, you can analyze the options given and determine which one identifies a potential advantage of starting a business.
11. The answer is C. research. Asking yourself "What can I do to build a loyal customer base?" is an example of engaging in research. To find this answer, you can analyze the options given and determine which one represents the act of seeking information to inform decision-making.
12. The answer is C. they have a sense of urgency about their ideas. Many entrepreneurs feel uncomfortable on a relaxing vacation because they have a sense of urgency about their ideas and the desire to keep working on their business. To find this answer, you can analyze the options given and determine which one aligns with the typical mindset of entrepreneurs.
13. The answer is B. good marketing. In addition to a great product, to be successful, you must also have good marketing. To find this answer, you can analyze the options given and determine which one complements having the best product on the market.
14. The answer is D. conduct research on your product. After you open your new business, it is not the best time to conduct research on your product. To find this answer, you can analyze the options given and determine which one does not align with the timing of conducting research.
15. The answer is D. its track record lets you know what to expect. One of the advantages of buying an existing business is that its track record lets you know what to expect in terms of its performance and profitability. To find this answer, you can analyze the options given and determine which one relates to the advantages of buying an existing business.
16. The answer is D. determine your own working hours. Owning your own business allows you the freedom to determine your own working hours. To find this answer, you can analyze the options given and determine which one reflects a common freedom associated with business ownership.
17. The answer is A. taking risks. Taking risks is an essential part of being an entrepreneur as it involves venturing into new opportunities and overcoming uncertainties. To find this answer, you can analyze the options given and determine which one aligns with the typical characteristics of an entrepreneur.
18. The answer is D. the beginning of a great business. A great business idea is just the beginning of a great business; it requires execution and implementation to achieve success. To find this answer, you can analyze the options given and determine which one reflects the role of a great business idea.
19. The answer is B. franchises require less investment than new businesses. By buying a franchise, you can save money as franchises typically require less investment than starting a new business from scratch. To find this answer, you can analyze the options given and determine which one presents a cost-saving advantage of buying a franchise.
20. The answer is B. You don't have to reinvent the wheel. Starting a new business allows you the advantage of not having to reinvent the wheel, meaning you can learn from existing business models and practices. To find this answer, you can analyze the options given and determine which one reflects a benefit of starting a new business.