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Small Business Quiz

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

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

  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.

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

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

  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?

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

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

  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.

  10. In buying a business, it is usually recommended to purchase the stock of the business rather than the assets of the business.

  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.

  12. If your cash flow projection indicates a negative cash flow six months down the line, the FIRST remedy would be to:

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