EverFi - Business Venture Quiz

Which of the following is an example of a tax that you must pay?

• Checking Tax

• Registration Tax

• Life Tax

• Social Security

What are taxes?

• Taxes are sources of income for individuals

• Taxes are optional payments you make to state and local governments.

• Taxes are refunds you receive for overpayment

• Taxes are mandatory payments you make to state and local governments

When is a budget considered to be balanced?

• When the amount you earn is equal or less than to the amount that you spend.

• When the amount that you spend is greater than the amount you earn.

• When the amount you save is less than the amount you spend.

• When the amount you spend is equal to or less than the amount you earn.

In a balanced budget, the amount you ________ is ________ the amount you earn.

• save; less than

• spend; greater than

• save; greater than

• spend; equal to

What is one way to begin saving startup capital?

• Set aside a portion of hte money you owe in taxes each month

• Set aside a portion of your income each month

• Both A & B

• Neither A or B

Which is not an example of an asset?

• Time

• Credit Card Payment

• Money

• Car

Which of the following is not a true statement about business plans?

• They should never be revised

• They can help lower the risk of starting a new business

• They are created before starting a business

• They should include an overview of your business goals and how you think you are going to achieve them.

What is the main difference between a personal characteristic and a skill?

• You can learn a personal characteristic, but it is not possible to learn a new skill

• Personal characteristics become skills over time

• Many people are born with business skills but you cannot be born with characteristics

• Skills can be learned and developed while personal characteristics are inherent qualities within

What are the four parts of a SWOT Analysis

• Sales, Work Ethic, Organization, Training

• Strengths, Weaknesses, Obstacles, Threats

• Strengths, Weaknesses, Opportunities, Threats

• Strengths, Weaknesses, Options, Threats

George and Michael want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?

• Go online to find trade associations, listings of local and national competitors, and any information on financials.

• Explore websites of other shoe retail businesses and take notes.

• Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.

• All of the above.