Managing a Business
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Managing a Business

Quick Quiz

No matter where you are in the life cycle of your business, it’s wise to know the management skills you’ll need to succeed. Answer these quick questions and we’ll provide links to expert tips and content based on your responses.

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The purpose of an emergency fund is to:

A
Ensure your business is prepared for a slow sales period or an unexpected event
B
Purchase supplies to prepare you for future emergencies, like a first aid kit
C
Keep business finances separate from personal finances
D
None of the above

Correct!

The purpose of an emergency fund is to ensure your business is prepared for unplanned expenses resulting from a slow period of sales or an unexpected disaster. Emergency funds should be easy to access but kept separately from other accounts.

Not quite.

The purpose of an emergency fund is to ensure your business is prepared for unplanned expenses resulting from a slow period of sales or an unexpected disaster. Emergency funds should be easy to access but kept separately from other accounts.

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Digitizing your business records can:

A
Streamline operations
B
Prevent loss of files
C
Help the environment
D
All of the above

Correct!

Digitizing records can help you streamline operations, prevent file loss and help the environment. Utilizing online records can also help cut costs and save you time so that you can focus on other important tasks that come with running a business.

Not quite.

Digitizing records can help you streamline operations, prevent file loss and help the environment. Utilizing online records can also help cut costs and save you time so that you can focus on other important tasks that come with running a business.

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It is legal for employers to ask candidates any type of question they’d like during an interview.

A
True
B
False

Correct!

Federal law prohibits employers from asking candidates some types of questions during an interview; including questions about race, sexual orientation and age.

Not quite.

Federal law prohibits employers from asking candidates some types of questions during an interview; including questions about race, sexual orientation and age.

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A smart way to market your business is:

A
Offer a deal
B
Provide free samples
C
Post an online advertisement
D
All of the above

Correct!

Offering deals, providing free samples and posting an online ad are all smart ways to market your business. There are many ways to let customers know about your business, some of which cost money and some of which are free.

Not quite.

Offering deals, providing free samples and posting an online ad are all smart ways to market your business. There are many ways to let customers know about your business, some of which cost money and some of which are free.

of

Negative cash flow is when:

A
You take out a business loan
B
You make more than expected in sales
C
You’re earning more than you’re spending
D
More cash is leaving your business than coming in

Correct!

Negative cash flow is when more cash is leaving your business than coming in. If this occurs, you’ll need to revisit your budget to increase revenue and/or reduce spending in order to get back on track.

Not quite.

Negative cash flow is when more cash is leaving your business than coming in. If this occurs, you’ll need to revisit your budget to increase revenue and/or reduce spending in order to get back on track.

Your Score

Amazing work

You really know your business management basics. Check out these resources to help take your mastery even further.

Nice Job!

You’re on the road to great business management. Check out these resources to learn new skills that will help ensure your success.

Keep learning

Managing a business is no easy task. To boost your foundation and learn more business management basics, check out these expert resources.

How Well do You Know Business Basics?

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