BSM 100: WEEK 1 Solved Exam
Questions and Answers (Complete
Practice Papers)
Revenue - Correct Answers ✅Total amount of many
received for goods sold and services rendered from other
financial sources
Loss - Correct Answers ✅A loss occurs when a business's
expenses are more than its revenues
Profits - Correct Answers ✅The difference between a
business's revenues and its expenses. The rewards owners
get for risking their money and time (rev-expenses=profit)
Small Business - Correct Answers ✅A business that is
independent (not part of a larger business) and that has
relatively little influence in its market
The Importance of Small Business in the Canadian Economy -
Correct Answers ✅- Job creation
- Innovation
- Contributions to big business (Suppliers of specialized
services and raw materials + Sellers of larger firms' products)
What are the characteristics of small businesses? - Correct
Answers ✅- Ones with 100 or fewer employees
- Independently owned and operated
, BSM 100: WEEK 1 Solved Exam
Questions and Answers (Complete
Practice Papers)
What percent of the private labour force works in small
businesses? - Correct Answers ✅50%
How are small businesses established? - Correct Answers
✅- Starting a new business
- Buying an existing business
- buying and running a franchise
Entrepreneurship - Correct Answers ✅The process of
designing, launching and running a new business, which
typically begins as a small business, such as a startup
company, offering a product, process or service for sale or
hire
Entrepreneur - Correct Answers ✅One who accepts the
risks and opportunities of creating, operating and growing a
new business
Small Business Owner - Correct Answers ✅A person who
independently owns a business that has relatively little
impact in its market
Successful Entrepreneur Characteristics - Correct Answers
✅- Are resourceful
- Desire to be their own boss
Questions and Answers (Complete
Practice Papers)
Revenue - Correct Answers ✅Total amount of many
received for goods sold and services rendered from other
financial sources
Loss - Correct Answers ✅A loss occurs when a business's
expenses are more than its revenues
Profits - Correct Answers ✅The difference between a
business's revenues and its expenses. The rewards owners
get for risking their money and time (rev-expenses=profit)
Small Business - Correct Answers ✅A business that is
independent (not part of a larger business) and that has
relatively little influence in its market
The Importance of Small Business in the Canadian Economy -
Correct Answers ✅- Job creation
- Innovation
- Contributions to big business (Suppliers of specialized
services and raw materials + Sellers of larger firms' products)
What are the characteristics of small businesses? - Correct
Answers ✅- Ones with 100 or fewer employees
- Independently owned and operated
, BSM 100: WEEK 1 Solved Exam
Questions and Answers (Complete
Practice Papers)
What percent of the private labour force works in small
businesses? - Correct Answers ✅50%
How are small businesses established? - Correct Answers
✅- Starting a new business
- Buying an existing business
- buying and running a franchise
Entrepreneurship - Correct Answers ✅The process of
designing, launching and running a new business, which
typically begins as a small business, such as a startup
company, offering a product, process or service for sale or
hire
Entrepreneur - Correct Answers ✅One who accepts the
risks and opportunities of creating, operating and growing a
new business
Small Business Owner - Correct Answers ✅A person who
independently owns a business that has relatively little
impact in its market
Successful Entrepreneur Characteristics - Correct Answers
✅- Are resourceful
- Desire to be their own boss
