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With over 25 years of frontline experience Tom Shay is America's leading small business management expert. He's a "Must Have" for your next event.

Small business knowledge test from Profits Plus

Answer each of the 20 multiple choice questions. At the bottom of the page, click on the submit button. Within a couple of seconds you will have your score as well as the answers to any questions you answered incorrectly.

1. Customers walking into a business, traditionally:
Look and walk to the left
Look and walk to the right
Turn around and walk out
Look for someone to wait on them


2. What percentage of shoplifters are reported to the authorities?
90%
25%
50%
75%


3. A new customer costs an average of $20. A current one costs:
$20
$15
$9
$4


4. Surveys show a merchant's greatest concern is:
Category killer stores
Staffing
Internet
Economy

5. By explaining the benefits of a unique product, your price can be higher than the competition by what percentage?:
0%
20%
5%
10%


6. The most frequent reason a business fails is:
Advertising
Employees
Location
Cashflow

7. The average price of an item taken by a non-professional shoplifter is :
$5
$20
$27
$55


8. "Keystone" means:
Pennsylvania
A beer
Selling price is twice the cost
No freight factor


9. The percentage of new businesses surviving 5 years is:
85%
5%
50%
63%


10. The percentage of new businesses surviving 10 years is:
2%
50%
25%
33%


11. As a percentage of sales, shoplifting is approximately:
3% - 4%
4% - 5%
1% - 2%
2% - 3%


12. How does most "shrinkage" occur?
Shoplifters
Employees
Poor paperwork
Vendor errors


13. Where does most employee theft occur?
Sales floor
Stock area
Point of sale
Receiving area


14. A "yes" or "no" answer is a response to what type of question?
Leading
Assumptive
Open ended
Close ended


15. 2/10 means:
1/5% discount
2 out of 10 people pay their bills
2% discount if paid within 10 days
it is an expression for use with CB radios


16. "Open to Buy" means:
I am in the mood to day to write a purchase order
Looking over the shelves to see if any additional inventory is needed
a method of calculating how much inventory should be in the business
it is the time of year when most trade shows are held


17. When standing before a customer, a sales person's arms and hands should be:
Arms at our side, hands with palms up
Folded in a cross arm configuration
It makes no difference
In your pocket


18. The best selling space in a business is:
2'-3' from the floor
stacked on the floor
hung from the ceiling
4' to 6 1/2' from the floor


19. Businesses frequently determine their advertising budget as:
No set pattern
Set dollar amount
Percentage of net profit
Percentage of sales

20. FOB: Destination means:
Beats me
Friend of Bill at the Destination Tavern
Freight paid by the customer
Freight paid by the shipper

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Tom Shay
PO Box 128
Dardanelle, AR 72834
(727)823-7205

MARCH 2025
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BOOK US

With over 25 years of frontline experience Tom Shay is America's leading Small Business Management Expert. He's a "Must Have" for your next event.

Small Business

Advisories

Does it seem like you, as the owner or manager, are having to do everything yourself? The March Small Business Advisory points out ways to lessen your load; even the responsibility of hiring!

Small Business

News

 

Top Story

People love entertainment. Is there something about your business that engages customers? Perhaps a part of the reason for growth in online and drive thru shopping is because the business does not know how to engage the customer.


Article of the Month

If a person is going to sell their business, there needs to be a plan to do so. Perhaps the surprise is that there is a lot to be done before a business is offered for sale. The March Article of the Month is titled, "Game Over".


Book of the Month

What are your strengths? What are your talents? You may think you know them, but the Book of the Month, "Now, Discouver Your Strengths" by Don Clifton can assist you in getting a truthful assessment. You may even find some hidden strengths and talents.