Title: Unit 1 Quiz
Course: SLF 125 Business Planning and Startup > Section: SLF 125 Business Planning and Startup

Q: Which of the following is NOT a characteristic of services?
- They rely heavily on the customer service skills of employees.
- They are intangible.
- They represent 70% of the jobs in the US.
- All are characteristics of services.
A: All are characteristics of services.

Q: The failure rate of new production businesses can be as high as _____.
- 80 percent
- 50 percent
- 25 percent
- 10 percent
A: 80 percent

Q: Which of the following is NOT a characteristic of a successful entrepreneur?
- Creative
- Independent
- Uncomfortable with risk taking
- Creative
A: Uncomfortable with risk taking

Q: Which is true about a production business?
- It requires substantial money for start-up.
- It may fail due to a misunderstanding about customers’ needs.
- It creates something tangible, something that can be seen, felt, or held.
- All of these are true statements about production businesses.
A: All of these are true statements about production businesses.

Q: Which of the following is NOT a characteristic of a successful entrepreneur?
- Someone who is determined to start and run the business on her or her own, without a support system.
- Able to negotiate
- Able to understand customers and the marketplace
- Able to take a risk
A: Someone who is determined to start and run the business on her or her own, without a support system.