Start a business!
Certificate Course Login









  Home > Take The Course > Quiz to Test Your Knowledge

Test your knowledge of business basics with this free quiz

  1. The most common and biggest mistake made by entrepreneurs is not having sufficient money.
    1. True
    2. False

  2. The primary reason to prepare a business plan before you begin is to create a tool to deal with investors and financing sources.
    1. True
    2. False

  3. In preparation of financial projections for your business plan, it is as important to estimate long range sales and earnings as it is to project short-term objectives.
    1. True
    2. False

  4. Pre-employment screening is of greatest importance when you're starting out.
    1. True
    2. False

  5. Self Insurance is an acceptable cost-saving strategy for a start-up business.
    1. True
    2. False

  6. 6. When you lease a space for an office, retail store or warehouse, how do you protect yourself from being tied into a lease even if you have outgrown the space?
    1. Become personal friends with your landlord.
    2. Plan to add space if necessary at a remote location.
    3. Plan to sublease your premises and relocate to larger quarters.
    4. Provide for this contingency in your lease.

  7. In the cash basis of accounting, you match revenue with expense regardless when the cash may or may not be collected.
    1. True
    2. False

  8. Personal liability for a business loan can be avoided by organizing the business as a corporation.
    1. True
    2. False

  9. The use of the Internet for conducting e-business will assure me of competing favorably with large established competitors paying rent on a store.
    1. True
    2. False

  10. In buying a business, it is usually recommended to purchase the stock of the business rather than the assets of the business.
    1. True
    2. False
  11. If you are planning to open a doughnut shop, it would be a good marketing strategy to sell ice cream during the summer when the doughnut business slows down.
    1. True
    2. False
  12. If your cash flow projection indicates a negative cash flow six months down the line, the FIRST remedy would be to:
    1. Attempt to sell the business.
    2. Begin looking for alterative business opportunities.
    3. Bring your cash flow projection back into "positive" by increasing sales, cutting costs and obtaining financing.

 Go to Start the Course: Click Here


Related Links:

  • Who Should Take This Course
  • Course Outline of 16 Business Disciplines
  • Video Visit with our Experts
  • Our Faculty
  • Take the Course
  • Back To Top


    •   

    Evaluating the Potential of Business | The Business Plan | Communication Tools | Business Organization | Licenses, Permits, Names | Business Insurance
    Location and Leasing | Accounting and Cash Flow | How to Finance Your Business | E-Commerce Business | Buying a Business | Opening and Marketing
    Expanding and Problems | International Trade | Managing Employees | Home Based Businesses

    The text of these materials, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storing in an informational retrieval system or otherwise, except for students own personal use.
    Please review Terms of Use and Copyright Info, Privacy Policy, and Linking Policy.
    Website - Sitemap

    © 2003- My Own Business, Inc. All Rights Reserved