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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 81

Multiple Choice

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Penicillin, airplanes, and air conditioning were all:

A) invented in the nineteenth century.
B) invented by Russians.
C) created through government-sponsored research.
D) created by individual inventors and small companies.
E) created by large corporations.

F) A) and E)
G) C) and D)

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Question 82

Multiple Choice

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The main reason there are fewer production industries than distribution or service industries is that

A) there are few things production industries manufacture.
B) production industries have no market.
C) production industries need a large initial investment.
D) there is little chance for profit in production industries.
E) few people want to work in production industries.

F) B) and D)
G) C) and D)

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Question 83

Multiple Choice

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Personal Wellness Angela has been working for a local small business called Personal Wellness for the last three years.It is a retail business that sells sporting goods equipment.When she started to work there, she noticed several things that were possibly the cause of the business not doing as well as it hoped it would.Angela has been thinking of starting her own small business because she feels she has learned much working for Personal Wellness. Angela's manager asked her to create a business plan for Personal Wellness.The manager hoped that this plan would put things into perspective to help the company do better.After creating the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company.Angela wants to make sure that her leaving does not become the cause of the company going under. -Refer to Personal Wellness.When Angela suggested that the company contact a group, what type of group was she referring to?

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

Eric decides to purchase and operate a Subway restaurant.Eric is the _____.

To qualify as a small business, a manufacturing plant can employ no more than ____ people.

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

Small businesses are prone to failure.

All of the following are advantages that small businesses have except

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

The business plan should deceive neither investors nor loan officers and should convey accurate and realistic expectations of business potential.

The acronym SCORE stands for

The main reasons small businesses fail are poor management skills on the part of owners, inadequate capital, and poor planning.

Franchising experienced tremendous growth during the early 1430s.

Statistically, one can expect about two out of every three new businesses to fail within six years of their founding.

Entrepreneurial spirit is the desire to create a new business.

What organization created by Congress in 1953 assists, counsels, and protects the interests of small businesses?

Dana owns and operates a catering business.This is an example of a _____.

Many small firms seek to establish a particular niche in the market, realizing that they cannot afford to operate on a larger scale without exposing themselves to considerable risk of retaliation from larger companies.When a number of small businesses are operating in this manner, they are forcing the larger businesses to recognize and account for their influence on the market.In this way, small businesses are primarily

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