IBT Unit 6 & 7 Test - Entrepreneurship & Leadership

Which of the following is not shown on an organizational chart:

• The structure of an organization

• Work relationships

• Job descriptions

• Classification of jobs

Businesses with a single owner and/or no employees account for how much in annual sales in the U.S.?

• $100 Billion

• $300 Million

• $900 Million

• $990 Billion

Companies with fewer than 100 employees created what percentage of job growth in the US, in the decade leading up to the Great Recession?

• 27%

• 37%

• 50%

• 56%

Most new businesses require how much in initial funds to start their business?

• $5000 or less

• $5000 or more

• $10,000 or less

• $10,000 or more

The Small Business Association describes a small business as follows:

• A business with a single owner

• A business with fewer than 100 employees

• A business with fewer than 500 employees

• A business that offers new products or services

Which of the following is a common reason for small business failure?

• Lack of experiemce

• Not keeping organized records

• Poor location of the business

• All of the above

Every business begins with a(n):

• Customer

• Idea

• Invention

• Profit

Money needed for the important resources of a business (for example land and equipment) that will last for many years is called:

• Credit

• Long-term financing

• Short-term financing

• Start-up financing

Money provided by large investors to finance new businesses:

• Credit

• Long-term loan

• Short-term financing

• Venture capital

A competitive advantage that small businesses have over larger businesses is

• Attention to unique customer needs

• Lower costs

• Lower prices

• More consumer research