UK Internet firms lack "business brains", according to first national IQ test of small business entrepreneurs.

The UK's "dotcommers" came second to bottom in the test - only managing to beat those in the retail sector.

Overall, the IQ quiz, devised by the Cranfield School of Management, found that half of all business people in the UK have difficulty understanding a simple balance sheet.

Two thirds didn't know the meaning of "depreciation".
On the brighter side, though, the thousand or so people who took part in the IQ test did have a good knowledge of other essential business skills such as marketing, management and leadership. Which is nice. ®