Chapter 5 Review
Quiz by Meredith Schwartzlose
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20 questions
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- Q1A small business is all of the following exceptdifficult to managedemanding of the owner's time and attentionoperated for a profitdominant in its field30s
- Q2Which of the following organizations would be considered a small businsses?Producer of semiconductors with 2,000 employeesRetail clothing store chain with annual sales of $26 millionWholesaler with 50 employeesConstruction company with average annual receipts of $32 million30s
- Q3What is the primary reason that so many new businesses fail?Mismanagement resulting from lack of business know-howLow employee quality for new businessesOwner does not work hard enoughLack of brand-name recognition30s
- Q4Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because theyare the most likely to succeedcan obtain financing easilyhave a relatively low initial investmentdo not require any skills30s
- Q5The industry concerned with the movement of goods from producer to consumer isserviceproductiondistributionagriculture30s
- Q6Which of the following would most likely be classified as a distribution industry?tv repair shopsubassembly plantinsurance agencygrocery store30s
- Q7The main reason there are fewer production industries than distribution or service industries is thatthere are few things production industries manufactureproduction industries have no marketthere is little chance for profit in production industriesproduction industries need a large initial investment30s
- Q8Which of the following is the most likely example of a production industry?wholesale outletfinancial enterprisesubassembly plantretail outlet30s
- Q9An individual's desire to create a new business is referred to asself-evaluationthe entrepreneurship spiritself-determinationthe desire for ownership30s
- Q10All of the following are reasons people go into business except theguaranteed return on investmentwillingness to accept a challengedesire for independencedesire to create a new business30s
- Q11What is a common mistake that small-business owners make when their businesses begin growing?They sell more goods and servicesThey put too much money in advertisingThey over expand without proper planningThey move beyond their local area30s
- Q12All of the following are advantages that small businesses have exceptindependencethe ability to adapt to changegreater potential for making a profitpersonal relationships with their customers30s
- Q13New ways to do a job with less effort and at lower cost is the basic principle characterizing theAmerican way of lifeincreases in productivity for the past two hundred yearsgreat desire to be an entrepreneurmotivation for owning a business30s
- Q14Which of the following statements is not true about small businesses?Small businesses provide technical innovationSmall businesses create cyclical unemploymentSmall businesses provide employmentSmall businesses provide competition30s
- Q15What is the main advantage of small business that helps retain effective employees who could earn a more at a larger firm?Better pay and employee benefitsPersonal relationships with employeesLimited ability to raise capitalSimplified record keeping30s