Ask an Expert: Time for the Small Biz Quiz

So here we are in the dog days of summer and it seems that no one is working much. Oh sure, we might pretend we are working, we might even try and finish some projects, but is anything of substance getting done? No, not much.

So in the spirit of summer, for today please enjoy The Small Biz Quiz. Answers at bottom.

1. Who said, "There's no business like show business, but there are several businesses like accounting?"A: Woody AllenB. David LettermanC. Groucho MarxD. Ethel Merman

2. Which one of these businesses started out as a home-based business?A. XeroxB. DisneyC. L.L. BeanD. Amazon.comE. None of the aboveF. All of the above

3. True of false: According to, Twitter gets more traffic than Facebook.A. TrueB. False

4. After the disastrous introduction and failure of "New Coke" in 1985, what happened to the executives that spearheaded the new product?A. They were all firedB. NothingC. They left to start their own soft drink companyD. They were given raises

5. What was the first computer to use a two button mouse and a graphic interface?A. The Xerox StarB. The Commodore 64 C. The Apple ID. The Apple Lisa

6. What year was the Small Business Administration founded?A. 1933B. 1953C. 1961D. 1978

7. What is this? A. The first logo for McDonald'sB. The first logo for Aunt JemimaC. The first logo White CastleD. The first logo for Bisquick

8. What is "factoring?"A. Computing your past-due invoicesB. Selling your accounts receivables for a discount C. Analyzing your best performing productsD. Taking a loss on a bad debt

9. Which one of these business people filed for bankruptcy?A. P.T. BarnumB. Henry FordC. Abraham LincolnD. Stan Lee (Marvel Comics)E. All of the aboveF, A and B

10. True or false: Indiana was the home of the auto industry before Michigan.A. TrueB. False

11. What was the stock symbol for the Anheuser-Busch company (prior to its takeover by InBev)?A. ABB. ANHBC. BEERD. BUD

12. Where did the term "brand name" come from?A. Branding ranch names on cowsB. Branding owners' names on horsesC. IBM Think LabsD. Branding company names on whisky barrels

13. How much did it cost for the first three minutes of a call between London and New York when the phone was first introduced in 1927?A. $75B. $25C. $5D. None of the above

14. How old was Warren Buffet when he first started investing in the stock market?A. 11B. 21C. 25D. 31

15. What is it called when a salesman asks, "Would you prefer to purchase two or three today?"A. The master closeB. The clear choice closeC. The alternate choice closeD. The kicker

16. Prior to becoming an author, blogger and speaker, what did Seth Godin do?A. He worked in a circusB. He commuted from California to Boston in order to work and go to school at the same timeC. He played minor league baseballD. He worked for Entrepreneur Magazine

17. In a business lawsuit, "res ipsa loquitur" meansA. The defendant is being ridiculousB. The case is worthlessC. The product is faultyD. The thing speaks for itself

18. Who said, "We don't have a monopoly. We have market share. There's a difference."A. Jeff BezosB. Steve BallmerC. Sergey BrinD. Rich Uncle Pennybags

19. In the movie Risky Business, what is the name of the club Joel (Tom Cruise) is a member of?A. Early EntrepreneursB. Young EntrepreneursC. The Small Business Society D. Business Today!

Answers: 1: B, 2: F, 3: B, 4: D, 5: A, 6: B, 7: A, 8: B, 9: E, 10: A, 11: D, 12: D, 13: A, 14: A, 15: C, 16: B, 17: D, 18: B, 19: B.

Today's tip:Inc. Magazine (a great resource for small business, by the way) just launched the 2009 version of its annual Inc. 500 and Inc. 5000. There are some surprising results this year. Despite the recession

• Aggregate revenue for the 500 came in at $18.4 billion, up from $13.7 billion last year• Total employment is more than 57,000, up almost 6,000 from last year, and• 96% of companies on the 500 list have hired in the past year

The issue is on newsstands now.

Ask an Expert appears Mondays. You can e-mail Steve Strauss at: you can click here to see previous columns. Steven D. Strauss is a lawyer, author and speaker who specializes in small business and entrepreneurship. His latest book is The Small Business Bible. You can sign up for his free newsletter, "Small Business Success Secrets!" at his website —