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A great business idea is A. an idea that no one else has ever thought of. something that comes along once in a lifetime. all you need to succeed....

1. 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.

2. One of the advantages of starting your own business is

A. free time.

B. profit.

C. no hassles.

D. lack of responsibility.

3. What is one of the advantages of buying an existing business?

A. Its track record lets you know what to expect.

B. You can get it at a bargain price.

C. The previous owner will help fund the business.

D. You don't need to do any more advertising.

4. When looking for capital, bankers and other lenders will usually feel most comfortable investing in a/an

A. chain of new businesses.

B. brand new business.

C. existing business with a proven record.

D. really original idea for a business.

5. 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. A large staff

C. A franchise license

D. Good marketing

6. Setting a goal, reaching it, and then setting a bigger goal is a characteristic trait of a


A. forthright

B. realistic

C. responsible

D. self-motivated

7. One of the most common mistakes new business owners make is

A. not establishing a good relationship with a financial institution.

B. always knowing what the customer wants.

C. setting unrealistic goals.

D. getting advice from a consultant.

8. Owning your own business allows you the freedom to

A. enjoy more free time.

B. allow others to make decisions.

C. determine your own working hours.

D. bypass some laws and restrictions of the region in which you do business.

9. Of all new businesses, how many make it through their second year?

A. 20 percent

B. 80 percent

C. 60 percent

D. 50 percent

10. Which of the following is an essential part of being an entrepreneur?

A. Being friendly

B. Being an expert in your field

C. Having a lot of money

D. Taking risks

11. Which of the following is an example of a franchise?

A. Branson, Manson & Hanson law office

B. Main St. Car Wash

C. Sam's Club

D. Radio Shack

12. As a noncommissioned employee in a company, your pay rate is most likely based on

A. the going rate for your job.

B. your working speed.

C. your volume of work.

D. your quality of work.

13. How will you save money by buying a franchise?

A. You're free to make your own decisions regarding finances and investments.

B. Franchises require less investment than new businesses.

C. You can get a volume discount on your products.

D. Your employees will be paid by the corporation.

14. Asking yourself "What can I do to build a loyal customer base?" is an example of

A. multitasking.

B. creativity.

C. research.

D. bottom line.

15. What percentage of new businesses fail in the first year?

A. 60 percent

B. 40 percent

C. 25 percent

D. 75 percent

16. One of the unexpected drawbacks of starting your own business is

A. loneliness.

B. boredom.

C. free time.

D. lack of purpose.

17. The best way to avoid cash flow problems is

A. regular saving.

B. borrowing less.

C. downsizing.

D. constant marketing.

18. The freedom of working for yourself is necessarily limited by

A. what your manager tells you to do.

B. your own skills and abilities.

C. the needs of your family and friends.

D. your local competitors.

19. What is the failure rate for a franchise?

A. 50 percent

B. 30 percent

C. 15 percent

D. 5 percent

20. The number one reason for the failure of new businesses is

A. taking too many risks.

B. poor management.

C. poor marketing.

D. insufficient cash.

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