Deck 34: Running Your Own Business

Question 1

The tendency is to overestimate how long a project will take.

Answer 1

False

Question 2

A ____ is the easiest and least expensive business structure to set up and dissolve.

A) corporation
B) sole proprietorship
C) general partnership
D) limited liability company

Answer 2

B

Question 3

In a limited partnership, partners are personally liable for the business's debts, the amount of which is limited to the amount of their investment.

Answer 3

False

Question 4

Before making the decision to work for yourself, you need to determine if you have the characteristics of a successful ____.

A) manager
B) owner
C) capitalist
D) entrepreneur

Question 5

The corporation is run by a board of directors, which is elected from among the shareholders.

Question 6

Being a highly skilled craftsperson by itself can make you successful as an entrepreneur.

Question 7

When you believe you have what it takes to run a business, you need to define what your ____ needs are.

A) facility
B) insurance
C) start-up
D) marketing

Question 8

Successful business owners are self-starters, they can get along with many different personality types, and they are able to develop working relationships with various types of people.

Question 9

The sole proprietor owns all the assets of the business and all profits generated by it.

Question 10

It is very important to put details in writing when providing your customers with an estimate or when they place their order.

Question 11

A(n) ____ is a person who assumes the responsibility and the risk for a business operation with the expectation of making a profit.

A) entrepreneur
B) capitalist
C) owner
D) manager

Question 12

Corporations are the easiest type of business to set up.

Question 13

In a ____ structure, two or more people own the business.

A) corporation
B) proprietorship
C) partnership
D) limited liability company

Question 14

Before you choose your market, you must evaluate the competition.

Question 15

There are two main types of corporations, C corporations and S corporations.

Question 16

____ is the task of promoting and selling your product.

A) Entrepreneurship
B) Marketing
C) Promotion
D) Advertising

Question 17

A phrase often heard in articles about starting a business is "____."

A) find a need and fill it
B) find what you like to do
C) find a task that is easy
D) find a hole and plug it

Question 18

The simplest form of business structure is a ____, and most small businesses start out this way.

A) corporation
B) general partnership
C) limited liability company
D) sole proprietorship

Question 19

Before you choose your market, you must evaluate ____.

A) your product
B) your production method
C) the competition
D) your business plan

Question 20

When profits are shared among the partners, it is known as a ____.

A) corporation
B) general partnership
C) limited liability company
D) sole proprietorship

Question 21

Your ____ should clearly state what your business is, who you are, and how to contact you.

A) products
B) product plan
C) business plan
D) business card

Question 22

Having a ____ answers many of the questions that will arise in the course of starting your business.

A) business detail
B) detail plan
C) business plan
D) partnership plan

Question 23

Each piece you build and each job you undertake should have a detailed ____ with it, which must include all materials purchased and any time spent engaged in the various tasks associated with it.

A) paper trail
B) record trail
C) paper log
D) record log

Question 24

Good ____ skills are the foundation of promoting and marketing your business.

A) communication
B) advertising
C) business
D) production

Question 25

____ is a relatively new business structure that is a hybrid between a partnership and a corporation.

A) Limited liability corporation
B) Limited liability company
C) Limited liability proprietorship
D) Limited partnership

Question 26

Although a corporation can be taxed or sued, its owners, called ____, are not personally liable for the corporation's debts.

A) partners
B) flexible partners
C) managers
D) shareholders

Question 27

To build a successful business, you must build a ____ for being a good craftsperson, one who is honest and dependable.

A) standing
B) documentation trail
C) reputation
D) record

Question 28

It is also a good idea to have a ____ of your work to show potential customers.

A) reference list
B) portfolio
C) list
D) log

Question 29

By keeping a ____ of the time spent doing various tasks, you will have a reference for the future that will prove enormously useful.

A) ledger
B) log
C) list
D) plan

Question 30

A ____ is chartered by a state-often, but not always, the state in which it is located.

A) corporation
B) general partnership
C) limited liability company
D) sole proprietorship