Question 1

The industry that employs the largest number of people in small business is the finance and insurance industry.

Accepted Answer

A) True 
 B)False  False

Question 2

The impact downsizing has on small business is which of the following?

Accepted Answer

A)  No labor force to work in small businesses 
B)  Opportunity to perform the work large businesses no longer perform 
C)  An availability of workers with no skills 
D)  Lack of financial backing for small businesses 
A)  No labor force to work in small businesses 
B)  Opportunity to perform the work large businesses no longer perform 
C)  An availability of workers with no skills 
D)  Lack of financial backing for small businesses B

Question 3

Large telecommunications companies have an incentive to improve existing lines of products and services to better serve their customers,rather than invent new products.This best demonstrates what aspect of innovation in business?

Accepted Answer

A)  Research and development departments in large companies fuel innovation 
B)  Compared to larger companies,small businesses are not financially equipped to innovate 
C)  Real innovation tends to come from independent inventors and small businesses 
D)  Large companies are too inflexible to handle real innovation 
A)  Research and development departments in large companies fuel innovation 
B)  Compared to larger companies,small businesses are not financially equipped to innovate 
C)  Real innovation tends to come from independent inventors and small businesses 
D)  Large companies are too inflexible to handle real innovation C

Question 4

The chemical producer,Hoechst Celanese,found that diversity in the work force was particularly beneficial in which area?

Accepted Answer

A)  Problem solving 
B)  Reaching a consensus 
C)  Exploring one point of view 
D)  Downsizing 
A)  Problem solving 
B)  Reaching a consensus 
C)  Exploring one point of view 
D)  Downsizing

Question 5

Over 99 percent of all businesses are classified as small.

Accepted Answer

A) True 
 B)False

Question 6

Describe in detail the three primary characteristics of a small business.

Accepted Answer

∙Generally fewer than 100 empl

Question 7

Since 2002,the share of women owning their own business increased by what percent?

Accepted Answer

A)  10 
B)  20 
C)  33 
D)  50 
A)  10 
B)  20 
C)  33 
D)  50

Question 8

The most valuable asset a small business owner has is

Accepted Answer

A)  A quality product 
B)  Buildings and equipment 
C)  A good relationship with his/her banker 
D)  Employees 
A)  A quality product 
B)  Buildings and equipment 
C)  A good relationship with his/her banker 
D)  Employees

Question 9

A manufacturer with fewer than 500 employees is classified as a small business.

Accepted Answer

A) True 
 B)False

Question 10

William Smith works for an automobile company that generates an annual revenue exceeding $200 million,but accounts for less than one percent of the global automobile market.Based on this information,the company that William works for would be considered a

Accepted Answer

A)  Conglomerate 
B)  Corporation 
C)  Small business 
D)  Franchise 
A)  Conglomerate 
B)  Corporation 
C)  Small business 
D)  Franchise

Question 11

The process of creative destruction involves which of the following?

Accepted Answer

A)  The destruction of current products 
B)  The replacement of current products 
C)  The innovation of new products 
D)  The replacement of existing products with new and better products 
A)  The destruction of current products 
B)  The replacement of current products 
C)  The innovation of new products 
D)  The replacement of existing products with new and better products

Question 12

Describe the four primary types of innovation.

Accepted Answer

∙Product innovation

Question 13

Refer to Scenario 1-2.The valuable skills and knowledge that Franky's employees possessed is known as

Accepted Answer

A)  Financial capital 
B)  Intellectual capital 
C)  Monetary capital 
D)  Knowledge capital 
A)  Financial capital 
B)  Intellectual capital 
C)  Monetary capital 
D)  Knowledge capital

Question 14

Small businesses are more able than big businesses to perform efficiently in which of the following areas?

Accepted Answer

A)  Management 
B)  Higher profit margins 
C)  Fewer expenses 
D)  Distribution 
A)  Management 
B)  Higher profit margins 
C)  Fewer expenses 
D)  Distribution

Question 15

Which of the following was not cited as necessary for getting a business off on the right foot?

Accepted Answer

A)  A market large enough to generate profit 
B)  Sufficient capital 
C)  A global perspective 
D)  Accurate information 
A)  A market large enough to generate profit 
B)  Sufficient capital 
C)  A global perspective 
D)  Accurate information

Question 16

Businesses owned by which two groups of people are growing faster than all other businesses combined?

Accepted Answer

A)  Hispanic and Asians 
B)  Blacks and Hispanics 
C)  Asians and Blacks 
D)  Women and Minorities 
A)  Hispanic and Asians 
B)  Blacks and Hispanics 
C)  Asians and Blacks 
D)  Women and Minorities

Question 17

Creative destruction refers to the failure of small businesses due to fault of their own.

Accepted Answer

A) True 
 B)False

Question 18

According to the report "Dynamics of Minority-Owned Employer Establishments" what is true regarding minority owned businesses?

Accepted Answer

A)  They are not vital to the growth of the U.S.economy. 
B)  Significant issues continue to hamper their growth. 
C)  Both of the above. 
D)  They now dominate the business sector. 
A)  They are not vital to the growth of the U.S.economy. 
B)  Significant issues continue to hamper their growth. 
C)  Both of the above. 
D)  They now dominate the business sector.

Question 19

Businesses owned by women increased 20% since 2001.

Accepted Answer

A) True 
 B)False

Question 20

Refer to Scenario 1-2.Franky joins what percentage of small businesses that have failed?

Accepted Answer

A)  10 percent 
B)  18 percent 
C)  50 percent 
D)  75 percent 
A)  10 percent 
B)  18 percent 
C)  50 percent 
D)  75 percent

The industry that employs the largest number of people in small business is the finance and insurance industry.

The impact downsizing has on small business is which of the following?

Large telecommunications companies have an incentive to improve existing lines of products and services to better serve their customers,rather than invent new products.This best demonstrates what aspect of innovation in business?

The chemical producer,Hoechst Celanese,found that diversity in the work force was particularly beneficial in which area?

Over 99 percent of all businesses are classified as small.

Describe in detail the three primary characteristics of a small business.

Since 2002,the share of women owning their own business increased by what percent?

The most valuable asset a small business owner has is

A manufacturer with fewer than 500 employees is classified as a small business.

William Smith works for an automobile company that generates an annual revenue exceeding $200 million,but accounts for less than one percent of the global automobile market.Based on this information,the company that William works for would be considered a

The process of creative destruction involves which of the following?

Describe the four primary types of innovation.

Refer to Scenario 1-2.The valuable skills and knowledge that Franky's employees possessed is known as

Small businesses are more able than big businesses to perform efficiently in which of the following areas?

Which of the following was not cited as necessary for getting a business off on the right foot?

Businesses owned by which two groups of people are growing faster than all other businesses combined?

Creative destruction refers to the failure of small businesses due to fault of their own.

According to the report "Dynamics of Minority-Owned Employer Establishments" what is true regarding minority owned businesses?

Businesses owned by women increased 20% since 2001.

Refer to Scenario 1-2.Franky joins what percentage of small businesses that have failed?

Small Business Management Entrepreneurship and Ownership

Social-Responsiblity-

The-Business-Plan

Franchising

Taking Over An Existing Business

Starting A New Business

Accounting Records and Financial Statements

Small Business Finance

The Legal Environment

Small-Busines-Marketing-Strategy-And-Research

Small Business Marketing Product

Small Business Marketing Place

Small Business Marketing Price and Promotion

International Small Business

Professional Small Business Management

Human Resource Management

Operations-Management

Filters

Exam 1: Small Business An Overview

The industry that employs the largest number of people in small business is the finance and insurance industry.

The impact downsizing has on small business is which of the following?

Large telecommunications companies have an incentive to improve existing lines of products and services to better serve their customers,rather than invent new products.This best demonstrates what aspect of innovation in business?

The chemical producer,Hoechst Celanese,found that diversity in the work force was particularly beneficial in which area?

Over 99 percent of all businesses are classified as small.

Describe in detail the three primary characteristics of a small business.

Since 2002,the share of women owning their own business increased by what percent?

The most valuable asset a small business owner has is

A manufacturer with fewer than 500 employees is classified as a small business.

William Smith works for an automobile company that generates an annual revenue exceeding $200 million,but accounts for less than one percent of the global automobile market.Based on this information,the company that William works for would be considered a

The process of creative destruction involves which of the following?

Describe the four primary types of innovation.

Refer to Scenario 1-2.The valuable skills and knowledge that Franky's employees possessed is known as

Small businesses are more able than big businesses to perform efficiently in which of the following areas?

Which of the following was not cited as necessary for getting a business off on the right foot?

Businesses owned by which two groups of people are growing faster than all other businesses combined?

Creative destruction refers to the failure of small businesses due to fault of their own.

According to the report "Dynamics of Minority-Owned Employer Establishments" what is true regarding minority owned businesses?

Businesses owned by women increased 20% since 2001.

Refer to Scenario 1-2.Franky joins what percentage of small businesses that have failed?

Small Business Management Entrepreneurship and Ownership

Social-Responsiblity-

The-Business-Plan

Franchising

Taking Over An Existing Business

Starting A New Business

Accounting Records and Financial Statements

Small Business Finance

The Legal Environment

Small-Busines-Marketing-Strategy-And-Research

Small Business Marketing Product

Small Business Marketing Place

Small Business Marketing Price and Promotion

International Small Business

Professional Small Business Management

Human Resource Management

Operations-Management

Filters