Question 1

________ has helped small businesses compete with larger businesses.

Accepted Answer

A)  Well-managed inventory 
B)  Friendly customer service 
C)  Technology 
D)  Good management 
E)  A diverse workforce 
A)  Well-managed inventory 
B)  Friendly customer service 
C)  Technology 
D)  Good management 
E)  A diverse workforce

Question 2

Managerial inexperience can lead to business failure.

Accepted Answer

A) True 
 B)False

Question 3

Some larger corporations have acted like small businesses from their inception with great success.Which company is a famous example cited in your text?

Accepted Answer

A)  General Electric 
B)  IBM 
C)  Southwest Airlines 
D)  American Airlines 
E)  3M 
A)  General Electric 
B)  IBM 
C)  Southwest Airlines 
D)  American Airlines 
E)  3M

Question 4

Advances in _____ have opened many new markets for small businesses,allowing them to more effectively expand their businesses and marketing efforts into new markets.

Accepted Answer

A)  government regulation 
B)  demand for manufacturing 
C)  technology 
D)  consumer tastes 
E)  chain retail stores 
A)  government regulation 
B)  demand for manufacturing 
C)  technology 
D)  consumer tastes 
E)  chain retail stores

Question 5

Which of the following groups is increasing their presence in the business world at the greatest rate?

Accepted Answer

A)  Women 
B)  Minorities 
C)  White males 
D)  People under 30 
E)  People over 65 
A)  Women 
B)  Minorities 
C)  White males 
D)  People under 30 
E)  People over 65

Question 6

The majority of all new jobs created in the United States in recent years were generated by

Accepted Answer

A)  medium businesses. 
B)  small businesses. 
C)  large businesses. 
D)  corporations. 
E)  state governments. 
A)  medium businesses. 
B)  small businesses. 
C)  large businesses. 
D)  corporations. 
E)  state governments.

Question 7

Recently,_________ have (has)spawned many small businesses.

Accepted Answer

A)  the decline of the high technology market 
B)  deregulation of energy markets and interest in alternative energy sources 
C)  increased sales at large chain retailers 
D)  increases in Chinese demand for coal 
E)  a period of economic prosperity 
A)  the decline of the high technology market 
B)  deregulation of energy markets and interest in alternative energy sources 
C)  increased sales at large chain retailers 
D)  increases in Chinese demand for coal 
E)  a period of economic prosperity

Question 8

Which industries will likely continue to grow as baby boomers age?

Accepted Answer

A)  Clothing and entertainment 
B)  Travel,financial planning,and health care 
C)  Cosmetics and food 
D)  Clothing,travel,and cosmetics 
E)  Recreation and sports equipment 
A)  Clothing and entertainment 
B)  Travel,financial planning,and health care 
C)  Cosmetics and food 
D)  Clothing,travel,and cosmetics 
E)  Recreation and sports equipment

Question 9

Although some businesses are less risky than others,overall the financial risks of running a small business are

Accepted Answer

A)  very low. 
B)  moderate. 
C)  insurmountable. 
D)  low. 
E)  very high. 
A)  very low. 
B)  moderate. 
C)  insurmountable. 
D)  low. 
E)  very high.

Question 10

Perhaps one of the most significant strengths of small businesses is

Accepted Answer

A)  their ability to innovate and bring significant changes and benefits to customers. 
B)  the entrepreneurial spirit they foster. 
C)  the encouragement they receive from larger businesses. 
D)  the competition they encourage. 
E)  the ease of starting one. 
A)  their ability to innovate and bring significant changes and benefits to customers. 
B)  the entrepreneurial spirit they foster. 
C)  the encouragement they receive from larger businesses. 
D)  the competition they encourage. 
E)  the ease of starting one.

Question 11

To start any business you must first have

Accepted Answer

A)  investors. 
B)  an idea. 
C)  capital. 
D)  employees. 
E)  a business plan. 
A)  investors. 
B)  an idea. 
C)  capital. 
D)  employees. 
E)  a business plan.

Question 12

All of the following concerns contribute to high stress levels for small-business owners except

Accepted Answer

A)  rent increases. 
B)  changing market demand. 
C)  competition. 
D)  expanding inventory. 
E)  reputation. 
A)  rent increases. 
B)  changing market demand. 
C)  competition. 
D)  expanding inventory. 
E)  reputation.

Question 13

Large firms avoid entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 14

The future for small business looks bleak.

Accepted Answer

A) True 
 B)False

Question 15

Intrapreneurs take responsibility for the development of innovations of any kind within larger organizations.

Accepted Answer

A) True 
 B)False

Question 16

In recent years,small businesses generated very few new jobs in the U.S.

Accepted Answer

A) True 
 B)False

Question 17

When market conditions change rapidly,a small business usually has fewer layers of management to work through in making decisions.This advantage of small business is

Accepted Answer

A)  focus. 
B)  flexibility. 
C)  reputation. 
D)  hierarchical organization. 
E)  standardization. 
A)  focus. 
B)  flexibility. 
C)  reputation. 
D)  hierarchical organization. 
E)  standardization.

Question 18

Targeting small niches or product needs is a dangerous strategy for a small business to follow.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is a disadvantage of small-business ownership?

Accepted Answer

A)  Little flexibility 
B)  Low stress level 
C)  High failure rate 
D)  Low failure rate 
E)  Inability to focus 
A)  Little flexibility 
B)  Low stress level 
C)  High failure rate 
D)  Low failure rate 
E)  Inability to focus

Question 20

Which of the following fields are most attractive to small businesses?

Accepted Answer

A)  Wholesaling,retailing,medical,and services 
B)  Retailing,distribution,education,and services 
C)  Retailing and wholesaling,services,manufacturing,and high technology 
D)  Wholesaling,services,education,and high technology 
E)  Services,distribution,medical,and high technology 
A)  Wholesaling,retailing,medical,and services 
B)  Retailing,distribution,education,and services 
C)  Retailing and wholesaling,services,manufacturing,and high technology 
D)  Wholesaling,services,education,and high technology 
E)  Services,distribution,medical,and high technology

________ has helped small businesses compete with larger businesses.

Managerial inexperience can lead to business failure.

Some larger corporations have acted like small businesses from their inception with great success.Which company is a famous example cited in your text?

Advances in _____ have opened many new markets for small businesses,allowing them to more effectively expand their businesses and marketing efforts into new markets.

Which of the following groups is increasing their presence in the business world at the greatest rate?

The majority of all new jobs created in the United States in recent years were generated by

Recently,_________ have (has)spawned many small businesses.

Which industries will likely continue to grow as baby boomers age?

Although some businesses are less risky than others,overall the financial risks of running a small business are

Perhaps one of the most significant strengths of small businesses is

To start any business you must first have

All of the following concerns contribute to high stress levels for small-business owners except

Large firms avoid entrepreneurship.

The future for small business looks bleak.

Intrapreneurs take responsibility for the development of innovations of any kind within larger organizations.

In recent years,small businesses generated very few new jobs in the U.S.

When market conditions change rapidly,a small business usually has fewer layers of management to work through in making decisions.This advantage of small business is

Targeting small niches or product needs is a dangerous strategy for a small business to follow.

Which of the following is a disadvantage of small-business ownership?

Which of the following fields are most attractive to small businesses?

The Dynamics of Business and Economics

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

The Nature of Management

Organization, teamwork, and Communication

Managing Service and Manufacturing Operations

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Filters

Exam 5: Small Business, entrepreneurship, and Franchising

________ has helped small businesses compete with larger businesses.

Managerial inexperience can lead to business failure.

Some larger corporations have acted like small businesses from their inception with great success.Which company is a famous example cited in your text?

Advances in _____ have opened many new markets for small businesses,allowing them to more effectively expand their businesses and marketing efforts into new markets.

Which of the following groups is increasing their presence in the business world at the greatest rate?

The majority of all new jobs created in the United States in recent years were generated by

Recently,_________ have (has)spawned many small businesses.

Which industries will likely continue to grow as baby boomers age?

Although some businesses are less risky than others,overall the financial risks of running a small business are

Perhaps one of the most significant strengths of small businesses is

To start any business you must first have

All of the following concerns contribute to high stress levels for small-business owners except

Large firms avoid entrepreneurship.

The future for small business looks bleak.

Intrapreneurs take responsibility for the development of innovations of any kind within larger organizations.

In recent years,small businesses generated very few new jobs in the U.S.

When market conditions change rapidly,a small business usually has fewer layers of management to work through in making decisions.This advantage of small business is

Targeting small niches or product needs is a dangerous strategy for a small business to follow.

Which of the following is a disadvantage of small-business ownership?

Which of the following fields are most attractive to small businesses?

The Dynamics of Business and Economics

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

The Nature of Management

Organization, teamwork, and Communication

Managing Service and Manufacturing Operations

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Filters