Starting a Business

Question 1

In GA, if a company is doing over $5M, what type of accounting system should they legally have?

Accepted Answer

None of the above typically

Question 2

Which of the following is NOT one of the reasons why most small businesses fail?

Accepted Answer

Someone Stealing Idea

Question 3

Which of the following is not an essential skill a successful business owner must have?

Accepted Answer

Expert Knowledge in All Areas of Business

Question 4

What are the three accounting methods for businesses?

Accepted Answer

Accrual, Cash and Hybrid

Question 5

What percentage of U.S businesses are considered a small business?

Accepted Answer

99.7%

Question 6

What is the formula for estimating sales?

Accepted Answer

Market Potential × Average Purchase Intention × Unit Price

Question 7

Which of these companies would be a competitor to an online grocery service in Athens, GA?

Accepted Answer

All of the above

Question 8

Which of the following is the correct way to incorporate strategic planning into your business?

Accepted Answer

Any of the above & whatever works best for your business

Question 9

Financial statements generally include all but which of the following:

Accepted Answer

Federal Income Tax Return

Question 10

What is NOT an example of primary research?

Accepted Answer

Referencing the U.S. Census Bureau data

Question 11

PR applies to customers/clients while marketing deals with media and community members.

Accepted Answer

False

Question 12

At the absolute minimum, you should use computer software for which of the following:

Accepted Answer

Basic Accounting

Question 13

What are good ways to evaluate your competition?

Accepted Answer

All of the above

Question 14

What is NOT a reason that businesses don't get funded?

Accepted Answer

Using the wrong font

Question 15

Is it a good idea to extend your payment terms from 30 days to 90+ days for a big client?

Accepted Answer

No

Question 16

What business structure requires no registration with the state?

Accepted Answer

Sole proprietorship

Question 17

You own an online grocery delivery service. Which of the following customers should you target?

Accepted Answer

Working Moms

Question 18

Which of the following is NOT one of the four themes/strategies of marketing:

Accepted Answer

Matching the Competition

Question 19

Which components should be included in an effective marketing strategy?

Accepted Answer

All of the above

Question 20

Who must be verified through EVerify?

Accepted Answer

All Employees

Question 21

What two features should all financial records exhibit?

Accepted Answer

Timely and Accurate

Question 22

In Georgia, what is the advantage of forming a single person LLC vs. a Sole Proprietorship?

Accepted Answer

Limits Liability, Personal assets are not at risk

Question 23

Which personality type is least helpful when starting a business?

Accepted Answer

Thinker, The Dreamer

Question 24

Which of the following financial statements lists both interest and principle?

Accepted Answer

Statement of Cash Flows

Question 25

Which of the following would qualify as a liability on the balance sheet?

Accepted Answer

Salary that you owe your employees

Starting a Business

Questions 25

Starting a Business

Questions 25