
Understanding Small Business Fundamentals
Authored by Andrew Andrew
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University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements about new businesses is true?
Most new businesses survive past their first year.
Most new businesses do not survive past their first year.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage of all businesses are classified as small?
Over 50 percent
Over 75 percent
Over 99 percent
Over 90 percent
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of small businesses?
Less than 100 employees
Little impact on the industry
Independent operations, financing, and ownership
A major impact on the industry
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for decreasing costs through the production of larger quantities?
Economies of scale
Diseconomies of scale
Economies of scope
Diseconomies of scope
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT typically included in the definition of an entrepreneur?
Controlling
Creation
Innovation
Risk assumption
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most common cause of business failure?
Lack of innovation
Lack of capital
Lack of marketing
Lack of location
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which stage in the startup process model involves the small business owner removing themselves from the business?
Growth
Maturity
Implementation
Harvest
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