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Management Entrepreneurship

Business

Quiz 1 :

Small Business An Overview

Quiz 1 :

Small Business An Overview

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Over 99 percent of all businesses are classified as small.
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True False
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True

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The Small Business Administration (SBA)estimates that there are 25.8 million small businesses in the United States.
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False

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According to the Small Business Administration,52 percent of all small businesses are home based.
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True

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The industry that employs the largest number of people in small business is the finance and insurance industry.
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Of all U.S.companies exporting goods,few are classified as small businesses.
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There are several definitions for small business; however,the most common criterion is the number of employees working for that business.
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Until the early 1800s,much of the U.S.economy was based on agriculture.
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The common size standard for a service or retail business to be classified as a small business is $6 million in average annual sales.
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A manufacturer with fewer than 500 employees is classified as a small business.
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Economy of scale is the lowering of costs through production of larger quantities.
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The marketing concept was a paradigm shift that focused on new advertising media.
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The manufacturing industry employs the greatest number of people in small business.
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According to SBA reports,Hispanic-owned businesses generate the most annual revenue of all U.S.minority-owned businesses.
True False
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Interest in entrepreneurship on campuses is high,with almost 2,000 colleges offering courses on the subject.
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The Small Business Administration (SBA)estimates that there are over 220 million small businesses in the United States.
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In the late 1950s and early 1960s,a major paradigm shift occurred in business.This paradigm shift was called the management concept.
True False
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Small businesses create more than 50 percent of all private U.S.gross domestic product (GDP).
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In the construction industry 90 percent of the companies are classified as small businesses.
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Self employment in all nonwhite categories rose by large percentage gains since 2002.
True False
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Asian-owned businesses totaled over 1.1 million,generating over $326 billion of annual revenue.
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