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9 Steps for Starting a Small Business

Total questions: 22

Worksheet time: 8mins

Name
Class
Date
1.

An entrepreneur has 3 investors that have contributed money towards the start of his business. This type of funding is known as ___.

a)

credit

b)

capital

c)

liabilities

d)

expenses

2.

If you complete the 9 steps for starting your small business, you are guaranteed to have a successful and profitable business.

a)

true

b)

false

3.

An entrepreneur has proposed his business plan to a bank with the intention to receive a loan to start his business. This type of funding is known as ____.

a)

capital

b)

credit

c)

liabilities

d)

expenses

4.

Which method of funding will develop with mentors and advisers who are supportive?

a)

credit

b)

capital

c)

liabilities

d)

expenses

5.

Money that is used to start a business can be obtained by

a)

capital

b)

debt

c)

equity

d)

credit

e)

all of the above

6.

Method used when aspiring entrepreneurs quickly and clearly explain their differentiating vision to encourage potential investors to learn more about their business.

a)

business meeting

b)

business plan

c)

financial statement

d)

elevator pitch

7.

Another term for capital is ____.

a)

debt

b)

credit

c)

equity

d)

all of the above

8.

Which method of funding will have more support for the business to succeed?

a)

credit

b)

capital

c)

liabilites

d)

expenses

9.

Another term for credit is ____.

a)

debt

b)

capital

c)

equity

d)

all of the above

10.

A detailed to do list of steps you’ll need to take to go from concept and funding all the way to business launch.

a)

geaux biz portal

b)

credit

c)

capital

d)

launch plan

11.

It is necessary to provide specific tasks that need to be completed in order to register the company through Geaux Biz.

a)

true

b)

false

12.

As an entrepreneur that is starting a business, it is necessary to have all permits and licenses before registering on Geaux Biz.

a)

true

b)

false

13.

As long as financial records are maintained, it is not important for them to be recorded electronically or written documentation.

a)

true

b)

false

14.

Another term or meaning of an invoice is:

a)

bank account

b)

payment check

c)

equity

d)

bill or charge

15.

Managing payroll involves:

a)

monitoring credit

b)

ensuring bills are paid

c)

paying employees for their time worked

d)

all of the above

16.

A necessary service to protect a business from closing due to an unplanned and costly accident or event is ____.

a)

insurance

b)

launch plan

c)

capital

d)

accounting system

17.

Insurance for a business should be purchased:

a)

before a business opens

b)

after a business opens

c)

either of the above options is acceptable

18.

The annual cost for insurance is called

a)

invoice

b)

premium

c)

launch plan

d)

deductible

19.

The amount paid before the insurance company reimburses you for a claim is called,

a)

deductible

b)

premium

c)

invoice

d)

launch plan

20.

The front glass window for your store is damaged, and it will cost $2,500 for the repairs. You must pay $1,000 before the insurance company pays the rest. The amount that you paid is known as the ___.

a)

capital

b)

equity

c)

deductible

d)

premium

21.

It costs $7,250 per year for your company's insurance policy. This amount reflects the insurance policy's ____.

a)

deductible

b)

capital

c)

equity

d)

premium

22.

If you want to lower your premium, then you must:

a)

increase the insurance coverage

b)

increase the amount of the deductible

c)

decrease the amount of the deductible