Business Test Exam Questions with Answers: Small Business Startup and Economics, Exams of Business Economics

Download Business Test Exam Questions with Answers: Small Business Startup and Economics and more Exams Business Economics in PDF only on Docsity! Business Test Exam Questions with Answers Latest Update Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following - Correct answer Expansion capital What is the first and primary question you should ask yourself before starting a small business? - Correct answer Do I have what it takes According to the segment, which of the following was NOT an issue in taking over a business? - Correct answer Market share According to the segment, which of the following is NOT a question asked in the strategy and development process? - Correct answer Where will we buy equipment When starting a new business, you should be prepared for which of the following? - Correct answer 12 hour workdays six to seven days each week The phenomenon demonstrating individuals desire to get along and avoid conflict is known as which of the following? - Correct answer Groupthink Which type of market test engages the snowball effect? - Correct answer Networking Which section of the business plan should be the bulk of the plan? - Correct answer Service and/or product line Which section of the business plan discusses how owner(s) plan to enter the industry and grow the business? - Correct answer Marketing and sales Which section of the business plan identifies a target market? - Correct answer Market analysis According to Greg Bazar, which of the following should an entrepreneur expect from his or her job? - Correct answer Taking complete responsibility of a business According to Greg Bazar, which of the following is a challenge of an entrepreneur? - Correct answer Finding a balance between work and family According to Greg Bazar, which of the following should an entrepreneur NOT do? - Correct answer Take "no" as an answer Which of the following did Greg Bazar NOT mention as one of the daily responsibilities of an entrepreneur? - Correct answer Giving solutions to every problem According to Greg Bazar, one should go back to school after leaving the industry after how long? - Correct answer 18 months Which of the following enhances value by having a product or service available to consumers during a certain time of day, month or year? - Correct answer Time utility Advertising which informs consumers about a new product is an example of which of the following? - Correct answer Information utility Which of the following are materials used in producing goods or providing services? - Correct answer Economic resources Which of the following is the theories, principles and models which deal with production, distribution and consumption of goods and services? - Correct answer Economics Which of the following is the rule which states at some point adding more factors to a production process will not improve returns? - Correct answer Law of diminishing returns Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender? - Correct answer Interest rate The amount of product available to the market is known as which of the following? - Correct answer Supply Which of the following is an economic system in which businesses are privately owned and product development is proportionate to the accumulation and reinvestment of profits gained in free market? - Correct answer Capitalism Which of the following shows an economic decline when high and an economic expansion when low? - Correct answer Unemployment rate Economic Success can NOT be measured in the following ways? - Correct answer DGP Which phase in the business cycle is defined as the period of lowest economic activity? - Correct answer Trough Which of the following countries is NOT a member of the EU? - Correct answer Turkey Which of the following is defined as two or more consecutive fiscal quarters of decreasing GDP? Responses - Correct answer Recession