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BUSA 1305 Chapter 3 QUIZ World of Business

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BUSA 1305Chapter 3 quiz World of Business Business Essentials, 9e (Ebert/Griffin) Chapter 3 Entrepreneurship, New Ventures, and Business Ownership 1) The Small Business Administration is the govern... ment agency charged with owning small businesses. Answer: FALSE Explanation: The Small Business Administration is a government agency that assists small businesses. Page Ref: 60 Difficulty: Easy Objective: 3.1 Learning Outcome: Describe the role of small businesses in the economy Skill: Concept 2) Small businesses produce more patents per employee than large patenting firms. Answer: TRUE Explanation: Small businesses are an important source of innovation as evidenced by the production of patents. Page Ref: 61 Difficulty: Moderate Objective: 3.1 Learning Outcome: Describe the role of small businesses in the economy Skill: Concept 3) Most businesses in the United States are large businesses with more than 500 employees. Answer: FALSE Explanation: Almost 86 percent of all U.S. businesses have no more than 20 employees. Page Ref: 61 Difficulty: Moderate Objective: 3.1 Learning Outcome: Describe the role of small businesses in the economy Skill: Concept 4) Major innovations are most likely to come from large corporations. Answer: FALSE Explanation: Most major innovations come from small businesses. Page Ref: 61 Difficulty: Moderate Objective: 3.1 Learning Outcome: Describe the role of small businesses in the economy Skill: Concept 5) Manufacturing is overwhelmingly handled by big business. Answer: TRUE Explanation: Small business manufacturers account for less than 5 percent of the manufacturing industry. Page Ref: 63 Difficulty: Easy AACSB: Dynamics of the global economy Objective: 3.1 Learning Outcome: Describe the role of small businesses in the economy Skill: Application 6) People who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs. Answer: TRUE Explanation: Entrepreneurs are people who assume the risk of business ownership. Page Ref: 64 Difficulty: Easy Objective: 3.2 Learning Outcome: Explain the entrepreneurship process Skill: Concept 7) Most successful entrepreneurs have a strong desire to be their own bosses. Answer: TRUE Explanation: Many entrepreneurs are attracted to small business because of opportunities for independence. Page Ref: 64 Difficulty: Easy Objective: 3.2 Learning Outcome: Explain the entrepreneurship process Skill: Concept 8) A business plan demonstrates how an entrepreneur's business strategy will be implemented. Answer: TRUE Explanation: A business plan documents business strategy and implementation procedures. Page Ref: 65 Difficulty: Easy Objective: 3.3 Learning Outcome: Explain the entrepreneurship process Skill: Concept [Show More]

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