Question 1

You have a small business that offers printing services.One of the services you offer is a high-speed color copier.You are currently the only printing service in a tristate area that offers such a service.You currently have
A) Creative destruction
B) A competitive advantage
C) A qualitative advantage
D) A capital advantage

Accepted Answer

You have a competitive advantage because you are the only provider of a high-speed color copier service in the tristate area, giving you an edge over potential competitors.

Question 2

Large telecommunications companies have an incentive to improve existing lines of products and services to better serve their customers,rather than invent new products.This best demonstrates what aspect of innovation in business?
A) Research and development departments in large companies fuel innovation
B) Compared to larger companies,small businesses are not financially equipped to innovate
C) Real innovation tends to come from independent inventors and small businesses
D) Large companies are too inflexible to handle real innovation

Accepted Answer

This scenario demonstrates that real innovation may come from independent inventors and small businesses, rather than large telecommunications companies who prioritize improving existing products to better serve their customers.

Question 3

According to the Census Bureau Survey of Business Owners and the Bureau of Labor Statistics,which category constituted most of the self-employed in 2014?
A) American Indian/Native Alaskan-owned business owners
B) Hispanic-owned business owners
C) Asian/Pacific Islander-owned business owners
D) White Americans

Accepted Answer

White Americans constituted the majority of self-employed individuals in 2014 according to the Census Bureau Survey of Business Owners and the Bureau of Labor Statistics.

Question 4

The stronger and more sustainable the competitive advantage a small business maintains,the better the chances of
A) Guaranteeing a profit
B) Winning and keeping customers
C) Obtaining a loan from a bank
D) Entering the international market

Accepted Answer

A strong and sustainable competitive advantage helps a business attract and retain customers by differentiating itself from competitors.

Question 5

Small businesses are more able than big businesses to perform efficiently in which of the following areas?
A) Management
B) Higher profit margins
C) Fewer expenses
D) Distribution

Accepted Answer

The answer of Small businesses are more able than big...

Question 6

Outsourcing is a method by which larger businesses
A) Hire more employees
B) Hire other businesses to provide goods/services instead of doing it themselves
C) Hire more management specialists
D) Work fewer hours

Accepted Answer

Outsourcing is a method by which larger businesses hire other businesses to provide goods/services instead of doing it themselves.

Question 7

John Deere relies on hundreds of vendors to produce component parts for its farm equipment.This illustrates which secret of small business success?
A) Small businesses have competitive advantage over large businesses
B) A symbiotic relationship exists between small and large businesses
C) Small businesses perform more efficiently than larger ones
D) Small business are able to innovate more easily than larger ones

Accepted Answer

John Deere's reliance on small vendors for component parts demonstrates a symbiotic relationship where both small and large businesses benefit from each other's strengths and capabilities.

Question 8

Why has the number of students studying entrepreneurship increased so dramatically since the early 1970s?
A) More students wanted to buy this book and take this professor's course.
B) The economy has been bad so no other jobs have been available.
C) Marketplace desires change quickly.
D) More small businesses are being formed and the cost of mistakes is higher.

Accepted Answer

The increase in the number of students studying entrepreneurship is due to the rise of small businesses and the increased cost of mistakes. As more and more individuals opt for entrepreneurship as a career choice, there is a need to learn about the fundamentals of setting up and running a successful business. This has led to a surge in the number of students studying entrepreneurship, as they seek to gain the necessary skills and knowledge to succeed in the competitive business world.

Question 9

According to the Census Bureau Survey of Business Owners,____ constitute 88.53 percent of the U.S.self-employed population.
A) Women
B) White Americans
C) White Non-Americans
D) Minorities

Accepted Answer

White Americans constitute 88.53 percent of the U.S. self-employed population according to the Census Bureau Survey of Business Owners.

Question 10

According to the report "Dynamics of Minority-owned Employer Establishments 1997-2001," of all U.S.businesses,what percent are owned by Hispanic Americans?
A) 2.8 percent
B) 5.8 percent
C) 15.5 percent
D) 25.2 percent

Accepted Answer

The report "Dynamics of Minority-owned Employer Establishments 1997-2001" indicates that 5.8 percent of all U.S. businesses are owned by Hispanic Americans.

Question 11

SBA 8(a)certification provides preference in bidding on federal and state contracts to
A) Women only
B) Minorities only
C) Women and minorities
D) First-generation Americans

Accepted Answer

SBA 8(a) certification is designed to help small businesses owned by socially and economically disadvantaged individuals, which includes both women and minorities, gain access to federal and state contracting opportunities.

Question 12

The ability to offer greater value than one's competitors is called which of the following?
A) Quality
B) Reduction in the price charged
C) Competitive advantage
D) Qualitative advantage

Accepted Answer

Competitive advantage is the ability to offer greater value than one's competitors.

Question 13

Since 2002,the share of women owning their own business increased by what percent?
A) 10
B) 20
C) 33
D) 50

Accepted Answer

The answer of Since 2002,the share of women owning their...

Question 14

For every one business that closes,how many new businesses are formed?
A) Two hundred
B) Five
C) One
D) Twenty

Accepted Answer

For every one business that closes, one new business is formed.

Question 15

The impact downsizing has on small business is which of the following?
A) No labor force to work in small businesses
B) Opportunity to perform the work large businesses no longer perform
C) An availability of workers with no skills
D) Lack of financial backing for small businesses

Accepted Answer

Downsizing in large businesses can create opportunities for small businesses to take on work that larger companies no longer perform, potentially expanding their market and services.

Question 16

The chemical producer,Hoechst Celanese,found that diversity in the work force was particularly beneficial in which area?
A) Problem solving
B) Reaching a consensus
C) Exploring one point of view
D) Downsizing

Accepted Answer

Diversity in the workforce brings a variety of perspectives and ideas, which enhances problem-solving capabilities.

Question 17

Which of the following are the inherent factors that work in favor of small businesses?
A) Ability to remain flexible and innovative
B) Management expertise
C) Emphasis on variety
D) Emphasis on quantity

Accepted Answer

Small businesses often have the ability to remain flexible and innovative due to their size and structure, allowing them to adapt quickly to changes and new ideas.

Question 18

According to the report "Dynamics of Minority-Owned Employer Establishments" what is true regarding minority owned businesses?
A) They are not vital to the growth of the U.S.economy.
B) Significant issues continue to hamper their growth.
C) Both of the above.
D) They now dominate the business sector.

Accepted Answer

Minority-owned businesses face significant challenges that hinder their growth, such as access to capital and resources, which are highlighted in the report.

Question 19

How many new U.S.businesses were formed in 2005?
A) About 670,000
B) About 25 million
C) About 265,000
D) About 6.7 million

Accepted Answer

In 2005, approximately 670,000 new businesses were formed in the United States.

Question 20

Businesses owned by which two groups of people are growing faster than all other businesses combined?
A) Hispanic and Asians
B) Blacks and Hispanics
C) Asians and Blacks
D) Women and Minorities

Accepted Answer

The answer of Businesses owned by which two groups of...

Quiz 1: Small Business An Overview

You have a small business that offers printing services.One of the services you offer is a high-speed color copier.You are currently the only printing service in a tristate area that offers such a service.You currently have

Large telecommunications companies have an incentive to improve existing lines of products and services to better serve their customers,rather than invent new products.This best demonstrates what aspect of innovation in business?

According to the Census Bureau Survey of Business Owners and the Bureau of Labor Statistics,which category constituted most of the self-employed in 2014?

The stronger and more sustainable the competitive advantage a small business maintains,the better the chances of

Small businesses are more able than big businesses to perform efficiently in which of the following areas?

Outsourcing is a method by which larger businesses

John Deere relies on hundreds of vendors to produce component parts for its farm equipment.This illustrates which secret of small business success?

Why has the number of students studying entrepreneurship increased so dramatically since the early 1970s?

According to the Census Bureau Survey of Business Owners,____ constitute 88.53 percent of the U.S.self-employed population.

According to the report "Dynamics of Minority-owned Employer Establishments 1997-2001," of all U.S.businesses,what percent are owned by Hispanic Americans?

SBA 8(a) certification provides preference in bidding on federal and state contracts to

The ability to offer greater value than one's competitors is called which of the following?

Since 2002,the share of women owning their own business increased by what percent?

For every one business that closes,how many new businesses are formed?

The impact downsizing has on small business is which of the following?

The chemical producer,Hoechst Celanese,found that diversity in the work force was particularly beneficial in which area?

Which of the following are the inherent factors that work in favor of small businesses?

According to the report "Dynamics of Minority-Owned Employer Establishments" what is true regarding minority owned businesses?

How many new U.S.businesses were formed in 2005?

Businesses owned by which two groups of people are growing faster than all other businesses combined?