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Chapter 6 Small Business Basics Quiz

Total questions: 29

Worksheet time: 23mins

Name
Class
Date
1-10.
1.

What percentage of job growth comes from businesses with fewer than 20 employees?

a)

20.1%

b)

24.9%

c)

36.3%

2.

What are the sources of financing that entrepreneurs use for their new businesses?

a)

A loan

b)

Credit

c)

Start-up funding

d)

Venture capital

3.

What do innovation, invention, and improvement have to do with entrepreneurship opportunities?

a)

Creating new products and services

b)

Developing new marketing strategies

c)

Expanding into international markets

d)

Improving customer service

4.

What percentage of small businesses are home-based businesses?

a)

75%

b)

90%

c)

50%

d)

25%

5.

What is the primary reason that businesses started by entrepreneurs close?

a)

Higher than expected expenses

b)

Lack of adequate capital

c)

Low sales

d)

Competitive pressure

6.

What is the definition of a small business according to the Small Business Administration?

a)

Fewer than 50 employees

b)

Fewer than 100 employees

c)

Fewer than 1000 employees

d)

Fewer than 500 employees

7.

What is the percentage of small businesses with African-American, Asian-American, or Hispanic-American ownership?

a)

15%

b)

10%

c)

17%

d)

5%

8.

What is the average amount needed to start a part-time home-based small business?

a)

$10,000 or more

b)

$5,000 or less

c)

$7,500

d)

$20,000

9.

What percentage of all private sector employees are employed by small businesses?

a)

90%

b)

80%

c)

60%

d)

40%

10.

What is the most common type of small business?

a)

Construction

b)

Service

c)

Retail

d)

Manufacturing

11.
______________ a person who recognizes a business opportunity and organizes, manages and assumes the risk of starting a business.
a)
entrepreneur
b)
partner
c)
corporate officer
d)
financial specialist
12.
The activity of setting up a business or businesses, taking on financial risk in hope of profit.
a)
Leadership
b)
Entrepreneurship
c)
Planning
d)
designing
13.
A distinguishing quality or characteristic.
a)
trait
b)
skill
c)
profit
d)
technology
14.
An experienced and trusted advisor.
a)
mentor
b)
teacher
c)
coach
d)
all the above
15.
What is the Small Business Administration?
a)
They offer advice and support to small business owners.
b)
They issue money to small business owners to start their business.
c)
There is no such agency.
d)
Ms. Gore made that agency up.
16.
An organization or economic system where goods and services are exchanged for one another or for money.
a)
technology
b)
business
c)
mentor
d)
remodeling
17.
Which is NOT a reason a business closes?
a)
Bad customer service
b)
Competition
c)
Good service
d)
Putting the business in a location hard to find
18.
Which is a disadvantage to being an entrepreneur?
a)
Good income
b)
Job satisfaction
c)
Work long hours
d)
You are the boss
19.
What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.
a)
A business plan
b)
A medium term plan
c)
A strategic plan
d)
An SBA certified business plan
20.
Why is being an entrepreneur risky?
a)
Because there are no more creative enterprises to create a business out of.
b)
Because entrepreneurs always fail.
c)
Because you often risk your own personal wealth.
d)
Because people don't trust entrepreneurs.
21.
If you possess excellent organizational skills, but are risk-averse and don't like taking initiative, would being an entrepreneur be a good profession for you?
a)
Yes, entrepreneurs should be risk-averse.
b)
No, entrepreneurs should rely on others to organize the business.
c)
No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
d)
Yes, all you need is good organizational skills.
22.
This section of the business plan will help determine your financial needs.
a)
Financial Plan
b)
Goals and objective
c)
Marketing plan
d)
Organizational Plan
23.
This section of your business plan, will explain how the business will be managed on a day-to-day basis.
a)
Marketing
b)
Financial plan
c)
Goals and objective
d)
Nature of the business
24.
A business plan is NOT intended for
a)
Your competition
b)
Potential investors
c)
Your bank
d)
None of the above
25.
The purpose of a business plan includes which of the following?
a)
it explains your idea for a product or service
b)
it sets specific objectives and describes how they will be achieved
c)
it describes the backgrounds and experiences people  who will run the business
d)
all answers are correct
26.
A business plan is important for a new business for all of the following reasons EXCEPT
a)
it makes you think about all aspects of your business
b)
it can help you communicate your ideas to others
c)
it guarantees you will get financing for your business
d)
it can serve as a tool for managing your business
27.
Writing a business plan
a)
is a quick and easy process
b)
is quick but difficult
c)
requires patience, research, thought, and time
d)
none of the above
28.
In a business plan, it is NOT important to describe the industry in which you will operate
a)
True
b)
False
29.
What you are selling is called?
a)
Product
b)
Price 
c)
Place
d)
Promotion
30.
A mission statement...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
d)
none of the above
31.

The amount of money needed to open a business is called __________financing.

a)

innovative

b)

venture

c)

start-up

d)

designated

32.

Products or raw materials a business keeps on hand to do business are referred to as __________.

a)

venture

b)

start-up

c)

inventory

d)

premiums

33.

Money needed to pay for the current operating activities of a business is referred to as __________________ financing.

a)

long-term

b)

short-term

c)

absolute

d)

venture

34.

__________ financing is money needed for the main resources of a business that will last for many years.

a)

Long-term

b)

Short-term

c)

Absolute

d)

Venture

35.

Select the Services

a)

clothing

b)

pet toys

c)

tutoring

d)

computer repair

36.

What is the main drawback of a sole proprietorship?

a)

they are easy to create

b)

they have unlimited personal liability

c)

they require a partner

d)

they are responsible to shareholders

37.

Owned and managed by one individual or sometimes a small group of people with a focus on generating profits

a)

small business

b)

entrepreneur

c)

franchise

38.

An individual with an idea to offer an innovative product or service about which they are passionate

a)

small business

b)

entrepreneur

c)

franchise

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