Question 1

An individual's desire to create a new business is referred to as

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Question 2

Janis starts a small quilting and embroidery business.She purchases a technologically advanced quilting machine and an embroidery machine for a combined €25,000.Her monthly payments on the equipment are €500, but she has only one client at this time.Janis is facing a potential

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Question 3

The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers of

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Question 4

In the 1970s, Steve Jobs and Steve Wozniak, the founders of Apple Computer, Inc., were creative, free-spirited individuals who decided that being corporate underlings was not what they wanted from a career.They had an innovative idea for a product and desired to create their own business based on this idea.All of the following are factors that could have led them to go into business except

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Question 5

Which of the following is not a reason for starting a small business?

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Question 6

By age 26, Tom was a plant manager in the snack-foods division.By 33, he headed the division, one of the most profitable in the corporation.Eventually, however, the company decided to move its corporate offices.Although he loved the job and thought the work was great, Tom's lifestyle was awful.He was on the road so often that he was giving up much of his family life.Tom had also become disenchanted with corporate life.He saw that the closer one got to the top, the more vulnerable one's position became.Thus, Tom left the corporation to start his own snack-foods company.His thoughts and actions most clearly reveal his

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Question 7

A new small business, Underwater Wildlife, has opened to sell tours of underwater sites around the country and in South America.However, money has to be paid up front by the Underwater staff to book hotels and other travel arrangements before its clients have paid for the tours.That means Underwater is facing a potential

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Question 8

Small businesses are typically managed by

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...

Question 9

Which of the following is the most likely example of a production industry?

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Question 10

All of the following are reasons people go into business except the

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Question 11

Small businesses have traditionally added ____ new jobs to the economy.

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Question 12

You have just opened a new small business.You're really happy to learn that studies show that small-business workers

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Question 13

Kim Nguyen is planning to open a boutique stocked with exotic imports from around the world.Most probably, this new business will be managed by

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Question 14

What is a common mistake that small-business owners make when their businesses begin growing?

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Question 15

Mustaffah always knew he wanted to start his own business.He was very passionate and wanted to create something new.Mustaffah's primary motivation for starting his own business is

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Question 16

Which of the following statements is not true about small businesses?

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Question 17

Imagine that you want to open your own small business.You will probably be most concerned with having

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Question 18

Lauren starts a business that sells personal computers.Within the first year she discovers that computer technology becomes outdated very quickly, and she has not been able to sell her products for as much as she thought due to the passage of time.Lauren has mismanaged

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Question 19

Which of the following statements is true regarding the profitability of new businesses?

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Question 20

New ways to do a job with less effort and at lower cost is the basic principle characterising the

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Quiz 5: Small Business, Entrepreneurship, and Franchises