FBLA Entrepreneurship Test UPDATED
ACTUAL Exam Questions and CORRECT
Answers
The statement of purpose in a business plan should be: - CORRECT ANSWER - No more
than one or two paragraphs
The appendix to a business plan would likely include - CORRECT ANSWER - A copy of
the owner's resume
What type of business is the plan that manufactures polo clothing - CORRECT
ANSWER - Manufacturing business
Lexi decides to open a shoe store. She is operating a _____ business - CORRECT
ANSWER - Retailing
Things that a person owns are called: - CORRECT ANSWER - Assets
The list of people who receive salary or wage payments from a business is called a - CORRECT
ANSWER - Payroll
The ____ is a financial statement that shows how much money is available to pay bills -
CORRECT ANSWER - Cash flow statement
Cash sales and cash payments received from customers on their credit accounts are recorded in
the - CORRECT ANSWER - Cash receipts journal
Credit card fraud is an example of - CORRECT ANSWER - Human risk
, ___ is not one of the basic strategies for dealing with risk - CORRECT ANSWER -
Denying the risk exists
An insurance agent may not - CORRECT ANSWER - Earn greater commissions for less
claims on policies sold
___ is not a risk associated with doing business in another country - CORRECT
ANSWER - Insurance
Product characteristics that will satisfy consumer needs are called: - CORRECT
ANSWER - Features
Establishing informal ties with people who can help your business grow is called: - CORRECT
ANSWER - Networking
Conducting a risk assessment does not involve: - CORRECT ANSWER - Designing a plan
to cover risks
An entrepreneur will not use _____ for recruiting: - CORRECT ANSWER - Facebook
Freelancers provide specialty services to businesses: - CORRECT ANSWER - On an
hourly or by the job basis
Family medical leave act of 1993 requires businesses with more than fifty employees to provide
employees up to ____ months of unpaid leave if a serious health condition affects the employee,
the employee's child, or the employee's parent or spouse - CORRECT ANSWER -3
Payroll income taxes must be paid ____ by the employer - CORRECT ANSWER -
Quarterly
ACTUAL Exam Questions and CORRECT
Answers
The statement of purpose in a business plan should be: - CORRECT ANSWER - No more
than one or two paragraphs
The appendix to a business plan would likely include - CORRECT ANSWER - A copy of
the owner's resume
What type of business is the plan that manufactures polo clothing - CORRECT
ANSWER - Manufacturing business
Lexi decides to open a shoe store. She is operating a _____ business - CORRECT
ANSWER - Retailing
Things that a person owns are called: - CORRECT ANSWER - Assets
The list of people who receive salary or wage payments from a business is called a - CORRECT
ANSWER - Payroll
The ____ is a financial statement that shows how much money is available to pay bills -
CORRECT ANSWER - Cash flow statement
Cash sales and cash payments received from customers on their credit accounts are recorded in
the - CORRECT ANSWER - Cash receipts journal
Credit card fraud is an example of - CORRECT ANSWER - Human risk
, ___ is not one of the basic strategies for dealing with risk - CORRECT ANSWER -
Denying the risk exists
An insurance agent may not - CORRECT ANSWER - Earn greater commissions for less
claims on policies sold
___ is not a risk associated with doing business in another country - CORRECT
ANSWER - Insurance
Product characteristics that will satisfy consumer needs are called: - CORRECT
ANSWER - Features
Establishing informal ties with people who can help your business grow is called: - CORRECT
ANSWER - Networking
Conducting a risk assessment does not involve: - CORRECT ANSWER - Designing a plan
to cover risks
An entrepreneur will not use _____ for recruiting: - CORRECT ANSWER - Facebook
Freelancers provide specialty services to businesses: - CORRECT ANSWER - On an
hourly or by the job basis
Family medical leave act of 1993 requires businesses with more than fifty employees to provide
employees up to ____ months of unpaid leave if a serious health condition affects the employee,
the employee's child, or the employee's parent or spouse - CORRECT ANSWER -3
Payroll income taxes must be paid ____ by the employer - CORRECT ANSWER -
Quarterly
