Question

1. which of the following is not a typical reason for small business failure?

a. not keeping adequate records
b. owner is an independent - minded risk taker
c. not having enough start - up money
d. having a poor location

1. the responsibility of developing and making the major decisions for a business plan rests with

a. the small business administration c. the bank
b. the businesss best customers d. the business owner

1. one way to develop your leadership skills is to

a. demonstrate dependability and honesty
b. work with someone who can serve as a mentor
c. study and emulate effective leaders
d. all of the above

1. when jacob writes a letter to a customer in response to the customers question, he is engaging in

a. external communication c. horizontal communication
b. informal communication d. oral communication

1. full - time employees generally work _ hours or more per week.

a. 20 c. 35
b. 30 d. 45

1. which of the following is not an example of a benefit?

a. a retirement plan c. the employees paycheck
b. health insurance d. all of the above are examples of benefits

1. the first step in creating and effectively using a budget is to

a. gather financial information from business records
b. determine the type of revenue and expenses to be included in the budget
c. select the software you will use to create the budget
d. discuss the budget with those who will use it

1. this type of budget is an estimate of the money a business expects to receive and pay out over a specific period of time.

a. cash budget c. management budget
b. start - up budget d. operating budget

1. this financial statement shows revenues, expenses, and net income or loss for a period of time.

a. payroll record c. cash record
b. balance sheet d. income statement
numeric response

1. a company has a total annual payroll of $200,000. fringe benefits add 30 percent to the companys operating cost. how much does the company pay for fringe benefits per year?

Explanation:

Step1: Calculate fringe benefits

The formula for calculating fringe benefits is \(Fringe\ Benefits = Total\ Payroll\times Percentage\ of\ Fringe\ Benefits\).
Given that the total annual payroll is \(\$200,000\) and the percentage of fringe benefits is \(30\%=0.3\).
So, \(Fringe\ Benefits = 200000\times0.3\)

Step2: Compute the result

\(200000\times0.3=\$60,000\)

Answer:

\(\$60,000\)