4.10 Quiz - POB - Green

Approximately how many new small businesses does the Small Business Administration estimate close during their first year of operation?

• slightly more than three-fourths

• slightly less than one-fourth

• slightly more than one-half

• slightly less than one-third

While employers can decide which benefits they would like to offer, they have no choice when it comes to paying what at the state and federal level?

• Taxes

• Tuition Reimbursement

• Retirement

• Bonuses

Skilled employees will generally be paid less than unskilled employees.

• True

• False

Labor is often the smallest expense for businesses and is an area in which it can be very simple to control costs.

• True

• False

In a barter economy, it is not beneficial to have a more skilled person do the work for you.

• True

• False

If another country makes a product more efficiently and you can buy it cheaper than you can make it, _____ is likely the answer.

• subcontracting

• outsourcing

• theft

• trade

How much space does the average employee working in a traditional office require?

• 1000 square feet

• 200 - 250 square feet

• 500 - 600 square feet

• 100 - 125 square feet

What brand manufactures their product in Costa Rica and is the only authorized brand to produce balls for Major League baseball?

• Craftsman

• Stetson

• Rawlings

• Beats

Expense management is the key to profit.

• True

• False

Inventory control is important for all businesses, but it is particularly important if the business has products like food or flowers, otherwise known as what kind of products?

• Perisable

• Non-perishable

• expendable

• organic