Small Business Quiz

What are some reasons for the increased interest in small business?

• Small businesses generate most new private employment

• The public favors small business

• There is a growing trend toward self-employment

• All of the above

What are the features required for a small business to be classified as 'small'?

• Management is independent

• Capital is supplied and ownership is held by an individual or a few individuals

• The area of operations is primarily local

• The business is small in comparison with the larger competitors in its industry

What are some major contributions made by small businesses that set them apart from larger firms?

• Encourage innovation and flexibility

• Generate new employment

• Keep larger firms competitive

• All of the above

What are some current problems facing small businesses?

• Political and economic issues

• World economy

• Capital or financing issues

• All of the above

What are some current trends challenging small business owners?

• Exploding Technology

• Occupational and industry shifts

• Both A and B

• None of the above

Why do people start small businesses?

• Satisfying personal objectives

• Obtain additional income

• Help their families

• All of the above

What are some characteristics of successful owners of small businesses?

• Desire independence

• Have a strong sense of initiative

• Are dedicated to their businesses

• All of the above

What are business incubators and how do they help young firms succeed?

• They provide hands-on management assistance

• They provide access to financing

• They provide shared office spaces and equipment

• All of the above

What are the objectives of a small business?

• Profits

• Social objectives

• Both A and B

• None of the above

What are some areas of concern for small business owners?

• Nurturing young firms

• Coping with government regulations

• Having expertise in the field

• All of the above