Small Business Management Lesson 3
Exam UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
The mission statement of your business should contain all of the following elements EXCEPT the
_____.
A.) Business of your organization.
B.) Expected profit margin.
C.) Values of your organization.
D.) Purpose of your business - CORRECT ANSWER expected profit margin.
Your business plan is a _____.
A.) Brief description of your business.
B.) Blueprint for the achievement of your goals.
C.) Selection of your best business ideas.
D.) Strategy for opening your business - CORRECT ANSWER blueprint for the achievement
of your goals.
Owens Finest Mattress Co., Inc. Decided to employ an anti-mission. Which of the following phrases
did they use?
A.) We'll decrease production to save money.
A.) We'll make the finest even finer.
D.) We'll strive to outsell every other mattress manufacturer.
D.) We'll destroy Sealy. - CORRECT ANSWER We'll destroy Sealy.
Maureen, a talented painter, started a business making handmade furniture with customized designs
painted on each piece. Because she knows nothing about marketing, you'd advise her to _____.
A.) Ask a relative to handle marketing for her.
B.) Rely on word-of-mouth to sell her furniture.
C.) Teach herself how to market the products.
D.) Hire an outsider with marketing experience. - CORRECT ANSWER hire an outsider with
marketing experience
, One way to make it easier to track your progress toward success is _____.
A.) Offer stock to the public.
B.) Improve your product.
C.) To set very specific short-and long-term goals.
D.) To keep adapting to the change business environment - CORRECT ANSWER to set very
specific short-and long-term goals
"To get out the vote" is an example of what type of mission statement?
A.) The grand scale statement
B.) The partisan statement
C.) The anti-mission statement
D.) The social values statement - CORRECT ANSWER The social values statement
Earl's Health Emporium, a sole proprietorship, has a mission that includes promoting health and
harmony through organic foods and meditation. The statement is evidence of _____.
A.) The owner's goals and values.
B.) A mature business.
C.) It's intention to expand it's services.
D.) The CEO's short-term goals. - CORRECT ANSWER the owner's goals and values.
A business usually becomes listed in the Fortune 500 during its______ stage.
A.) Final
B.) Successful
C.) Mature
D.) Stability - CORRECT ANSWER stability
"To make a profit while benefiting humanity' is an example of a mission statement that _____.
A.) Is too humanitarian.
B.) Confuses the fundamental goal.
C.) Is too vague.
Exam UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
The mission statement of your business should contain all of the following elements EXCEPT the
_____.
A.) Business of your organization.
B.) Expected profit margin.
C.) Values of your organization.
D.) Purpose of your business - CORRECT ANSWER expected profit margin.
Your business plan is a _____.
A.) Brief description of your business.
B.) Blueprint for the achievement of your goals.
C.) Selection of your best business ideas.
D.) Strategy for opening your business - CORRECT ANSWER blueprint for the achievement
of your goals.
Owens Finest Mattress Co., Inc. Decided to employ an anti-mission. Which of the following phrases
did they use?
A.) We'll decrease production to save money.
A.) We'll make the finest even finer.
D.) We'll strive to outsell every other mattress manufacturer.
D.) We'll destroy Sealy. - CORRECT ANSWER We'll destroy Sealy.
Maureen, a talented painter, started a business making handmade furniture with customized designs
painted on each piece. Because she knows nothing about marketing, you'd advise her to _____.
A.) Ask a relative to handle marketing for her.
B.) Rely on word-of-mouth to sell her furniture.
C.) Teach herself how to market the products.
D.) Hire an outsider with marketing experience. - CORRECT ANSWER hire an outsider with
marketing experience
, One way to make it easier to track your progress toward success is _____.
A.) Offer stock to the public.
B.) Improve your product.
C.) To set very specific short-and long-term goals.
D.) To keep adapting to the change business environment - CORRECT ANSWER to set very
specific short-and long-term goals
"To get out the vote" is an example of what type of mission statement?
A.) The grand scale statement
B.) The partisan statement
C.) The anti-mission statement
D.) The social values statement - CORRECT ANSWER The social values statement
Earl's Health Emporium, a sole proprietorship, has a mission that includes promoting health and
harmony through organic foods and meditation. The statement is evidence of _____.
A.) The owner's goals and values.
B.) A mature business.
C.) It's intention to expand it's services.
D.) The CEO's short-term goals. - CORRECT ANSWER the owner's goals and values.
A business usually becomes listed in the Fortune 500 during its______ stage.
A.) Final
B.) Successful
C.) Mature
D.) Stability - CORRECT ANSWER stability
"To make a profit while benefiting humanity' is an example of a mission statement that _____.
A.) Is too humanitarian.
B.) Confuses the fundamental goal.
C.) Is too vague.
