Small Business

ORIENTATION QUIZ

1. Evaluation of my performance depends on weekly quizzes and the final exam: false

2. The lectures are based on the textbook so I don’t need to buy or read it: false

3. I can do the quizzes at any time during the semester: false

The next four questions are based on the following scenario: “light a candle”

Working as an accountant in the local government agency, Elizabeth has always had a liking for candles. She collects thousands of candles over the years – different shapes, sizes, occasions, and colors. After talking to a few co-workers, Elizabeth decided to get a kiosk at the flea market for four weeks before Christmas to sell her candles with her business name: “light a candle”

4. Elizabeth can be described as a: part-time self-employed

5. “Light a Candle” can be described as: standing retailing

6. Elizabeth should know that the challenge or disadvantage of her choice of business is the: variable income

7. If Elizabeth starts to take days off from work to staff the kiosk at the flea market, she may be: facing conflict of interests

8. All of the following are reasons for the large numbers of home-based businesses in the United States EXCEPT: they generally give customers the strongest sense of legitimacy

9. One advantage of consignment approaches is that they permit full-time sales with only a part-time involvement from you: true

10. Part-time self-employment represents a very minor portion of all current entrepreneurship: false

11. __________ is probably the ultimate resource, and starting a business can tax it heavily: true

12. Which of the following statements about a business plan is false: estimates suggest that a business plan may take anywhere from 10 to 20 hours or more if you are new to business

CHAPTER 1 and 20

1. According to the text, small business involves _____ people and has its owner managing the business on a day-to-day basis: 1-50

2. Entrepreneurial success is measured with all of these...