MIE EXAM VERIFIED ANSWERS 2024-
2025
Which industry is best characterized by the acquiring of goods from producers or
wholesalers and then selling them to customers?
Retailing
Service
Nonprofit
Manufacturing (correct answer) Retailing
Nadia has decided to start a business selling her handmade jewelry. To start out, she is
hosting parties in the homes of her friends and family. At the parties Nadia can display
her jewelry indirectly interact with potential customers. This is an example of...
Direct marketing
Retailing
Manufacturing
Direct selling (correct answer) Direct selling
Which of the following functions are most typical of a wholesaler?
A Planning and negotiating for supplies
B Distributing
C Manufacturing
D promoting
E selling to end customers (correct answer) A B D
The Sector includes real estate, barbershops, banks, and computer repair shops.
(correct answer) Services
In a economy, entrepreneurs earn income by renting out in underutilized resource such
as lodging or vehicles (correct answer) Sharing
Pranav would be a direct seller if he....
Recruited other people to sell his products
managed to get his product line sold in major retail outlets
sold his product or media outlets like the Internet
sold his product through face-to-face sales presentations (correct answer) Sold his
product through face-to-face sales presentations
Supply products to industrial, retail, and institutional users for resale or for use and
making other products.
Direct marketers
, Marketers
Wholesalers
Servicers (correct answer) Wholesalers
Companies like Uber or Lyft are part of the....
Sharing economy
Manufacturing sector
Retailing industry
Direct marketing economy (correct answer) Sharing economy
Which of the following are considered debt financing?
A line of credit
B personal savings
C trade credit
D SBA loan (correct answer) A C D
Which of the following are concerns of small business owners I can contribute towards
high stress levels?
A employee problems
B worries about competition
C having too much flexibility
D changing market demand
E concerns about being too independent (correct answer) A B D
Saras decided that she is ready to start the small formalwear shoe store that she's
dreamed about four years. She is also where that approximately half of all new start up
firms fail within the first______ years (correct answer) 5
In order to take quick advantage of opportunities that require external funding, a
business owner who is short on cash may get a line of ______ from a bank or other
financial Institution. (correct answer) Credit
A micro entrepreneur is______
A an entrepreneur who develops products and ideas to address social problems
B an entrepreneur with five or fewer employees
C an entrepreneur that is employed by firm and develops a new product for that firm
D an entrepreneur that only produce a small quantities of a product (correct answer) B
With regards to franchising, who choirs of rights to name, logo, methods of operation,
national advertising, and products
A the franchiser
B the franchise
C the agent
D the franchisee (correct answer) D
2025
Which industry is best characterized by the acquiring of goods from producers or
wholesalers and then selling them to customers?
Retailing
Service
Nonprofit
Manufacturing (correct answer) Retailing
Nadia has decided to start a business selling her handmade jewelry. To start out, she is
hosting parties in the homes of her friends and family. At the parties Nadia can display
her jewelry indirectly interact with potential customers. This is an example of...
Direct marketing
Retailing
Manufacturing
Direct selling (correct answer) Direct selling
Which of the following functions are most typical of a wholesaler?
A Planning and negotiating for supplies
B Distributing
C Manufacturing
D promoting
E selling to end customers (correct answer) A B D
The Sector includes real estate, barbershops, banks, and computer repair shops.
(correct answer) Services
In a economy, entrepreneurs earn income by renting out in underutilized resource such
as lodging or vehicles (correct answer) Sharing
Pranav would be a direct seller if he....
Recruited other people to sell his products
managed to get his product line sold in major retail outlets
sold his product or media outlets like the Internet
sold his product through face-to-face sales presentations (correct answer) Sold his
product through face-to-face sales presentations
Supply products to industrial, retail, and institutional users for resale or for use and
making other products.
Direct marketers
, Marketers
Wholesalers
Servicers (correct answer) Wholesalers
Companies like Uber or Lyft are part of the....
Sharing economy
Manufacturing sector
Retailing industry
Direct marketing economy (correct answer) Sharing economy
Which of the following are considered debt financing?
A line of credit
B personal savings
C trade credit
D SBA loan (correct answer) A C D
Which of the following are concerns of small business owners I can contribute towards
high stress levels?
A employee problems
B worries about competition
C having too much flexibility
D changing market demand
E concerns about being too independent (correct answer) A B D
Saras decided that she is ready to start the small formalwear shoe store that she's
dreamed about four years. She is also where that approximately half of all new start up
firms fail within the first______ years (correct answer) 5
In order to take quick advantage of opportunities that require external funding, a
business owner who is short on cash may get a line of ______ from a bank or other
financial Institution. (correct answer) Credit
A micro entrepreneur is______
A an entrepreneur who develops products and ideas to address social problems
B an entrepreneur with five or fewer employees
C an entrepreneur that is employed by firm and develops a new product for that firm
D an entrepreneur that only produce a small quantities of a product (correct answer) B
With regards to franchising, who choirs of rights to name, logo, methods of operation,
national advertising, and products
A the franchiser
B the franchise
C the agent
D the franchisee (correct answer) D
