Week 3 - Station 8: Business and Financial Literacy Quiz

Which of the following is a common reason for business failure?

• Too many customers

• Not having enough experience

• Excessive marketing

• Unique products

What is a personal financial plan used for?

• To spend all your money

• To understand and manage your income and expenses

• To avoid paying taxes

• To invest in risky stocks

What can entrepreneurs lose if their business fails?

• Only time

• Both time and money

• Only money

• Nothing at all

What should entrepreneurs be careful with to avoid risking everything they have?

• Their competitors

• Their personal money and resources

• Their marketing strategies

• Their product prices

What is one of the long-term goals a personal financial plan can help achieve?

• Buying a small item

• Saving for college or a car

• Spending all income

• Avoiding all expenses

What is a reason to start a budget when you get your first full-time job?

• To increase spending

• To keep track of where your money is going

• To avoid saving

• To eliminate all expenses

What is one of the reasons for saving money mentioned in the text?

• To buy luxury items

• For emergencies

• To avoid budgeting

• To increase debt

What can a good financial plan help you understand?

• How to avoid taxes

• Your income and expenditures

• How to spend all your money

• How to eliminate all expenses

Starting your own business can have many rewards. Choose the three reasons why having your own business is a good idea.

• Be your own boss

• Keep most of the money

• You can make your own decisions

• You could lose your own money and time

What motivates entrepreneurs to start their own business?

• Financial independence

• Lack of other job opportunities

• Peer pressure

• Family tradition