Business Management Quiz 4 answers docs

Business Management Quiz 4 answers docs 1. What percent of all business employ 20 or fewer people? 2. Which of the following industries has the highest percentage of small businesses, with fewer than 20 emplo ...

Business Management Quiz 4 answers docs 1. What percent of all business employ 20 or fewer people? 2. Which of the following industries has the highest percentage of small businesses, with fewer than 20 employees? 3. Which of the following does the U.S. Department of Commerce use as a criterion for small businesses? 4. Which of the following is true about small businesses? 5. According to a recent Gallop poll, what percentage of young people in the United States are interested in entrepreneurship? 6. Which of the following assumes the risk of business ownership? 7. Which of the following are important in developing a business plan? 8. Dale has been working in IT for 10 years and wants to go off on his own. He has plans to start small and build up quickly given the ideas he has been working on. He intends to grow to 500 employees within the first three years. Which of the following is he working on opening? 9. How can entrepreneurs establish a "first mover" advantage? 10. Which of the following is an example of a modern entrepreneur? 11. Which of the following is a disadvantage of franchising? 12. Which of the following are the most important sources of money, according to the National Federation of Independent Business? 13. David is about to start his own business from scratch and needs to study the market to determine how to create his business plan for the bank. He knows that his location is appropriate for what he wants to sell and whom he wants to sell to. He knows where other stores that sell similar products are, how they are doing, and how much he needs to charge to make a profit and appeal to customers. Which question does he still need to answer? 14. A profitable construction company has found a new market, but does not have the equipment needed to win contracts. The owner wants to find someone who can help with this and become part of the Board of Directors. Which of the following is the BEST option? 15. More than half of all new business will fail in the long run. Which of the following is NOT a general factor in small business failure? 16. What percentage of small business start-ups survive the first four years of business? 17. Which of the following lists the four general factors that normally contribute to failure? 18. Providing a service better than one's competitors is called ________. 19. When starting a small business, which of the following is an advantage of buying a preexisting business? 20. According to studies, what is one of the most popular reasons for women starting their own businesses? 21. How much of the total business revenue do sole proprietorships in the United States account for? 22. Which of the following is an advantage to a sole proprietorship? 23. Which of the following is an advantage of a sole proprietorship? 24. What is the most common type of small business partnership? 25. Which of the following is NOT true about cooperatives? 26. Which of the following allows employees to own a significant share of the corporation through trusts established on their behalf? 27. Which of the following is a strategy whereby a firm sells one or more of its business units? 28. To start a corporation that provides unlimited professional liability and limited business liability, which of the following would be most appropriate? 29. K's Deli learned that the deli a couple of miles away was having financial trouble and decided to buy the deli and expand. In what type of corporate action did K's Deli take part? 30. In a corporation, identifying the roles of shareholders, directors, and other managers, and the bylaws under which the corporation operates is called ________. 31. The environment in which a firm conducts its operations and derives its revenues is the ________. 32. The domestic business environment refers to ________. 33. The technological environment includes which of the following? CHAPTER 3 QUIZ 34. Which of the following is the main reason most small businesses are in the services sector? 35. Each of the following is a contribution by small business, EXCEPT which one? 36. Which of the following is one of the key distinctive competencies of small business? 37. Which of the following best describes small business? 38. Each of the following is a popular area for small business concentration, EXCEPT which one? 39. The basic characteristics of an entrepreneur usually include which of the following? 40. Which of the following is the best definition of entrepreneurship? 41. Each of the following is an example of a goal of the entrepreneur, EXCEPT which one? 42. Which of the following best describes the entrepreneur of today? 42. Each of the following is an entrepreneur's viewpoint on risk, EXCEPT for which one? 43. When planning to start a new business, which of the following is one of the first things that should be done? 44. Before embarking on a new business venture, which of the follow is most important? 45. Which of the following would be the best option for obtaining financing for a new business? 46. If a young woman is considering opening her own business, which of the following is most important before she proceeds with her plan? 47. Each of the following is a basic question that should be answered by a business plan EXCEPT which one? 48. Which of the following represents one of the existing trends for small business start-ups? 49. Each of the following is a viable method of starting a small business, with the EXCEPTION of which one? 50. Each of the following is a potential source for small business funding, EXCEPT for which one? 51. Each of the following is a reason for small business failure, EXCEPT for which one? 52. Each of the following is one reason why small businesses succeed, EXCEPT for which one? 53. When determining how to organize a small service business, which of the following factors should be considered? 54. Each of the following is true of a sole proprietorship, EXCEPT which one? 55. Each of the following is a type of corporation, EXCEPT for which one? 56. Which of the following terms refers to two companies combining to form a new company? 57. Which of the following is the most significant disadvantage of incorporation? CHAPTER 3 VIDEO 1. Which of the following trends in small business startups did Wild Planet BEST demonstrate? 2. Wild Planet is which type of small business enterprise? 3. When funding Wild Planet, which form of financing did Grossman use? 4. All of the following are true of small businesses like Wild Planet EXCEPT that ________. 5. When Grossman decided to start Wild Planet, which of the following methods did he use to get into business?