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Exam
Name___________________________________
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Carla has just started a business and is asking herself the following question. Where do I want my 1)
business to be in five years? Carla is in the process of
A) determining how to write a functional plan.
B) establishing basic parameters for her business.
C) analyzing her financial requirements.
D) establishing the basic control functions for her business.
E) developing a strategic plan.
Answer: E
Explanation: A)
B)
C)
D)
E)
2) Gathering all of the monetary requirements that a firm will need in order to support each 2)
functional plan is the process of
A) budgeting.
B) monetary planning.
C) controlling.
D) accounting.
E) financial planning.
Answer: E
Explanation: A)
B)
C)
D)
E)
3) Which of the following forms of business ownership is the most prevalent for a buy-sell 3)
agreement?
A) LLC B) Sub Chapter S Corporation
C) corporation D) partnership
Answer: D
Explanation: A)
B)
C)
D)
5) Which of the following pertain to the external factors which are outside the control of a company? 5)
A) strengths and threats
B) opportunities and weaknesses
C) strengths and weaknesses
D) strengths and opportunities
E) opportunities and threats
Answer: E
Explanation: A)
B)
C)
D)
E)
2
8) In identifying your form of business ownership the following should be included 8)
A) your ownership structure. B) reasons for your selection.
C) advantages of your choice. D) all of the above.
Answer: D
Explanation: A)
B)
C)
D)
10) George is analyzing the market for his bagel business. He saw an advertisement for a new bagel 10)
shop which has just opened one mile from his bagel shop. For George's bagel business, this
represents a(n)
A) weakness.
B) strength.
C) opportunity.
D) obligation.
E) threat.
Answer: E
Explanation: A)
B)
C)
D)
E)
11) Which of the following holds true for the Small Business Adminstration? 11)
A) The SBA actually loans money to small business and is a bank.
B) A 504 Loan Program requires a 25 percent minimum down payment.
C) The SBA does not guarantee small business loans.
D) The SBA requires that you create your business plan or loan proposal prior to applying for an
SBA guaranteed loan.
Answer: D
Explanation: A)
B)
C)
D)
3
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