BUSA 1105 Chapter 5 Test Questions and Correct Answers
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Course
BUSA 1105
Institution
BUSA 1105
BUSA 1105 Chapter 5 Test Questions and Correct Answers
A small business that buys flowers from a local grower and sells them to a grocery store is an example of a wholesaler. - Answer- True
The largest areas of the goods-producing sector are construction and manufacturing. - Answer- True
Be...
BUSA 1105 Chapter 5 Test
Questions and Correct
Answers
A small business that buys flowers from a local grower and sells them to a grocery store
is an example of a wholesaler. - Answer- True
The largest areas of the goods-producing sector are construction and manufacturing. -
Answer- True
Because an owner can delegate both authority and responsibility, entrepreneurs often
have more free time than people who work for someone else. - Answer- False
The first step before actually starting a business is to get financing. - Answer- False
Franchises are considered an easy, cost-efficient way to start your own business. -
Answer- False
When buying a franchise, the business owner must pay a monthly royalty fee but
typically reserves the right to buy core products from other suppliers. - Answer- False
The "Management Plan" section of the business plan provides information about the
qualifications of each member of the management team. - Answer- True
A business plan explains the goods and services that you intend to sell and specifies
the qualifications of your management team. - Answer- True
The most common use of a business plan is to persuade potential customers to buy
your goods or services. - Answer- False
The critical financial concept of cash flow tracks money coming in as well as money
going out of a business. - Answer- True
Unfortunately, most small business owners ultimately fail and regard the decision to
start a small business as an unwise choice. - Answer- False
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