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B Com Exam  >  B Com Tests  >  Entrepreneurship & Small Businesses  >  Test: Start-up Issues - 3 - B Com MCQ

Test: Start-up Issues - 3 - B Com MCQ


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10 Questions MCQ Test Entrepreneurship & Small Businesses - Test: Start-up Issues - 3

Test: Start-up Issues - 3 for B Com 2024 is part of Entrepreneurship & Small Businesses preparation. The Test: Start-up Issues - 3 questions and answers have been prepared according to the B Com exam syllabus.The Test: Start-up Issues - 3 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Start-up Issues - 3 below.
Solutions of Test: Start-up Issues - 3 questions in English are available as part of our Entrepreneurship & Small Businesses for B Com & Test: Start-up Issues - 3 solutions in Hindi for Entrepreneurship & Small Businesses course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Start-up Issues - 3 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Entrepreneurship & Small Businesses for B Com Exam | Download free PDF with solutions
Test: Start-up Issues - 3 - Question 1
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What is one of the most important assets in a small business?

Detailed Solution for Test: Start-up Issues - 3 - Question 1
Human resources are considered one of the most important assets in a small business. They play a crucial role in driving the success and growth of the business.
Test: Start-up Issues - 3 - Question 2
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Which of the following is a common problem that stems from an inadequate hiring process?

Detailed Solution for Test: Start-up Issues - 3 - Question 2
Poor job descriptions during the hiring process can lead to attracting non-qualified applicants and hiring substandard employees. Clear and detailed job descriptions are essential for a successful hiring process.
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Test: Start-up Issues - 3 - Question 3
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What can be a consequence of misclassifying workers as contractors instead of employees?

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Misclassifying workers can result in penalties from the IRS. It's important to correctly classify employees and contractors to comply with tax and labor regulations.
Test: Start-up Issues - 3 - Question 4
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Why is it important to maintain a professional relationship with employees, even in a small business setting?
Detailed Solution for Test: Start-up Issues - 3 - Question 4
Maintaining a professional relationship with employees helps establish clear boundaries for effective communication, feedback, and performance discussions. It ensures that the workplace remains productive and professional.
Test: Start-up Issues - 3 - Question 5
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Which HR function is critical for minimizing problems and preventing injuries in the workplace?
Detailed Solution for Test: Start-up Issues - 3 - Question 5
Employee training is critical for minimizing workplace problems and preventing injuries. Proper training ensures that employees understand safety protocols and perform their tasks effectively.
Test: Start-up Issues - 3 - Question 6
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Why is having an effective employee incentive program important for a small business?
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An effective employee incentive program boosts employee morale and performance, leading to increased productivity and a positive work environment.
Test: Start-up Issues - 3 - Question 7
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What is the purpose of an employee handbook in a small business?
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The purpose of an employee handbook is to communicate the company's policies, procedures, and legal obligations. It ensures that employees are aware of their rights and responsibilities.
Test: Start-up Issues - 3 - Question 8
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Which pricing strategy involves setting prices based on what competitors are charging for similar products or services?
Detailed Solution for Test: Start-up Issues - 3 - Question 8
Competitive pricing involves setting prices based on what competitors are charging for similar products or services in the market.
Test: Start-up Issues - 3 - Question 9
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What is the difference between margin and markup when calculating pricing?
Detailed Solution for Test: Start-up Issues - 3 - Question 9
Margin is calculated as a percentage of cost, while markup is a percentage of selling price. This distinction is important when setting prices for products.
Test: Start-up Issues - 3 - Question 10
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Why is it essential to regularly review and update pricing strategies in a small business?
Detailed Solution for Test: Start-up Issues - 3 - Question 10
Regularly reviewing and updating pricing strategies is essential to adapt to changes in the market, costs, and competitive landscape. It ensures that prices remain competitive and profitable.
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