Foundations of Business Unit 2 Practice Test

The maximum number of employees a business can have to be considered small by the Small Business Association is:

• 500

• 50

• 1000

• 250

The Small Business Association mainly assists which type of companies?

• Large multinational corporations

• Non-profit organizations

• Small businesses

• Government agencies

The three main services the Small Business Association provides to small businesses are:

• Access to capital, entrepreneurial development, and government contracting assistance.

• Legal representation, tax filing, and marketing services.

• Product development, international trade, and real estate management.

• Human resources, payroll processing, and supply chain management.

The range of employee numbers that defines a small business in manufacturing and mining industries is:

• Less than 20 employees

• 20 to 99 employees

• 100 to 499 employees

• 500 or more employees

The annual revenue limit for retail shops and beauty salons to be classified as small businesses is:

• $1 million

• $2 million

• $5 million

• $10 million

Approximately how many small businesses operate in the United States?

• About 33 million

• About 5 million

• About 100 million

• About 500,000

What percentage of all U.S. businesses are classified as small businesses?

• About 99%

• About 50%

• About 75%

• About 30%

What portion of small businesses operate without hiring employees other than the owner?

• About 75%

• About 10%

• About 50%

• About 30%

What proportion of businesses that employ workers are small businesses?

• About half

• About one quarter

• About three quarters

• About one tenth

About what fraction of private-sector workers are employed by small businesses?

• About half

• About one quarter

• About three quarters

• About one tenth