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Gross profits __________ Net profits


A) are always greater than
B) are always less than
C) are equal to
D) cannot be compared with

Correct Answer

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Which of the following would NOT normally be a part of a business plan cover letter?


A) Name of business
B) Name of owner
C) Owner financial statement
D) Telephone number of owner

Correct Answer

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The Federal Wage and Hour Commission may audit your files with at least ______ notice.


A) one hour
B) 24 hours
C) 48 hours
D) 72 hours

Correct Answer

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Which section of the business plan is to be developed last?


A) Table of Contents
B) business Description
C) Market Analysis
D) Executive Summary

Correct Answer

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D

Which of the following is to be kept as part of a ledger?


A) Employee addresses
B) Parts sold
C) College transcripts
D) Insurance certificate

Correct Answer

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Which of the following is NOT considered a startup cost?


A) vehicle or truck
B) tools
C) insurance
D) escrow account

Correct Answer

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Which of the following is NOT included in a financial plan?


A) Start-up cost analysis
B) Credit Report
C) Break-even analysis
D) Profit/Loss statement

Correct Answer

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B

Which of the following is NOT a step in establishing a business?


A) Developing a business plan
B) Getting a truck or other vehicle
C) Getting a business license
D) Obtaining insurance

Correct Answer

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B

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