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Starting a New Business Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. When starting a new business, what does it mean to 'jump in'?

Question 2 2. Which of the following might NOT be included in a start-up budget?

Question 3 3. What is crowdsourcing?

Question 4 4. What is a start-up budget?

Question 5 5. What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.

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Question 6 6. Which of the following information is never included in the financial management section of a business plan?

Question 7 7. What's a typical timeframe that a business plan addresses?

Question 8 8. Which parties typically request and research the start-up budget?

Question 9 9. What are some marketing materials you might want to have before starting your business?

Question 10 10. Which of the following is NOT a characteristic of a typical microfinanced loan?

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Question 11 11. Why is it important to create a business plan?

Question 12 12. Duffs McGee wants to open a small casino on the corner of Main and Elm Streets. It happens to be within 200 yards of an elementary school. In order for Duffs to open the gambling house, he would have to get which type of license or permit?

Question 13 13. Which section of a business plan is generally first but written last?

Question 14 14. Why are most companies interested in crowdsourcing?

Question 15 15. Which of the following groups of people does microfinancing help the most?

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Question 16 16. What is the purpose of requiring a bar to be licensed with the Alcohol and Tobacco Tax and Trade Bureau?

Question 17 17. Which of the following is NOT a typical usage of a microfinanced loan?

Question 18 18. What is the purpose of creating a team?

Question 19 19. Stevie wants to renovate his current storefront cafe to include an open BBQ pit and a brick oven pizza. What type of permit does he need?

Question 20 20. What is a pro of crowdsourcing?

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Question 21 21. What must a person seeking an occupational license do in order to obtain a license?

Question 22 22. What is the first step in starting a business?

Question 23 23. What is a con of crowdsourcing?

Question 24 24. Microfinancing firms focus their efforts in what part of the world?

Question 25 25. Which of the following permits are for businesses who comply with regulations concerning chemical spills and pollution?

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Question 26 26. What's the biggest mistake you can make when preparing a business plan?

Question 27 27. According to some microfinancing organizations, approximately what percentage of loans are repaid on time?

Question 28 28. What are two good examples of crowdsourcing?

Question 29 29. Name two additional expenses that should be considered for inclusion in the start-up budget.

Question 30 30. Which statement is correct regarding start-up budgets?

Starting a New Business Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

GACE Business Education (542): Practice & Study Guide  /  Business Courses
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