Quiz 1

Question 1

Which of the following parts of a Business Plan should contain the Mission statement?
  Marketing
  Executive Summary
  Economic Conditions
  Financials

Answer 1

Executive Summary

Question 2

Employer contributions to unemployment insurance are ______________.
Mandatory
Non-Mandatory

Answer 2

Mandatory

Question 3

All of the following should be included in the marketing portion of a business plan except:
  Pricing
  Organizational Chart
  Packaging
  Advertising

Answer 3

Organizational Chart

Question 4

A \_\_\_\_\_\_\_\_\_\_\_\_ may have no more than 100 stockholders.
  Sole Proprietorship
  Partnership
  Corporation
  S Corporation

Answer 4

S Corporation

Question 5

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ usually requires part ownership in a business in exchange for start up money.
  The SBA
  A Commercial Bank
  A Venture Capitalist
  A Credit Union

Answer 5

A Venture Capitalist

Question 6

All of the following are population characteristics that should be considered when selecting a site for your business: Culture, Income, Vocation, and Age.

True or False

Answer 6

True

Question 7

THe U.S. Eyewear usage for people over 65 years old is approximately \_\_\_\_\_\_\_\_\_%.
  96%
  75%
  60%
  25%

Answer 7

96%

Question 8

Gross Profit is equal to the Unit Sale minus \_\_\_\_\_\_\_\_.
  Equity
  Assets
  Cost of goods
  Overhead

Answer 8

Cost of goods

Question 9

Local franchisees share in the advertising costs spent by the franchisers when advertising nationally and/or regionally.

True / False

Answer 9

True

Question 10

A \_\_\_\_\_\_\_\_\_\_\_\_\_ is the simplest form of business entity.
  Sole Proprietorship
  Partnership
  S Corporation
  Corporation

Answer 10

Sole Proprietorship

Question 11

A mission statement should be written __________ but appear ________ in a business plan.
First / Last
Last / First

Answer 11

Last / First

Question 12

The value of good will is most important when ______________.
Buying a franchise
Buying an existing business
Starting a business from scratch

Answer 12

Buying an existing business

Question 13

As a general partner you are not allowed to participate in the management of the business.
True / False

Answer 13

False

Question 14

Overhead divided by the profit margin equals your sales goal.

True / False

Answer 14

True

Question 15

Eyewear' product life cycle is approximately \_\_\_\_\_\_\_\_ . 
  One
  Two
  Three
  Five

Answer 15

Two