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11.  What percentage of small businesses survives the first five years of operations?

a. 35 percent

b. 40 percent

c. 50 percent

d. 60 percent

12.  A written document that provides a statement of a company’s goals, methods for achieving goals, and standards for measurement is called:

a.a business plan.c.an incorporation document.

b.a marketing plan.d.a financial blueprint.

13. An effective business plan should include:

a.the vision of the founder(s) and its mission.

b.a description of potential competitors.

c.a description of what makes the company unique.

d.all of these answers are correct.

14. The primary purpose for developing a business plan is:

a. to document the founding history of the business.

b. to obtain financing for the business.

c. to charter the new business with the state in which it is located.

d. to outline the qualifications of the new business owner(s).

15. Small-business loans often used to buy equipment or operate a business are called:

a.microloans.c.commercial bank loans.

b.credit cards.d.home equity loans.

16. Which of the following does not grant direct loans to small businesses?

a.Commercial banks

b.Small Business Investment Companies

c.Small Business Administration

d.Private lenders

17. Which of the following is not one of the customary services of the Small Business Administration?

a. Helping businesses apply for set-aside programs

b. Providing management training

c. Helping to write a business plan

d. Providing direct loans

18. With set-aside programs for small businesses, up to _____of certain government contracts are designated for small businesses.

a.23 percentc.33 percent

b.25 percentd.60 percent

19. _____ is an organization that provides temporary low-cost, shared facilities to small start-up ventures.

a.Small business administrationc.Business incubator

b.Loan specialistd.Venture capitalist

20. Which of the following is not a benefit to the franchisor in a franchise agreement?

a. A franchisor is in control of the daily operations of a much larger business.

b. A franchisor employs fewer direct employees.

c. A franchisor can make better buying deals because of quantity purchases.

d. A franchisor can handle a larger, more complex business.

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