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Exam 1: Understanding Small Business

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Question 1

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Which of the following is NOT a common form of misconduct in small firms?

A) Lying to customers
B) Lying to employees
C) Anticompetitive practices
D) Treating all employees with respect

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Question 2

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Small businesses play an important role in the economic growth of any country

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Question 3

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Small firms and large corporations have a symbiotic relationship

_________refers to the effective administration of a small firm with the goals of survival and improvement

Entrepreneurship is a born trait and cannot be learned

Katie has recently opened a new beauty salon. You have been hired to advise Ms. Katie with her business. Katie plans to hire 35 employees and needs loans to buy beauty supplies, new equipment, and pay salaries. Katie's business is an example of

The term 'gazelle' is used for those entrepreneurial small firms that have high rates of growth

A credit policy that is too lenient can cause collection and cash-flow problems later for small businesses

The Paycheck Protection Program (PPP) is a loan designed for large corporations to provide compensation to their executives

One should start a business ONLY when the demand for its goods or services is high

Which of the following is a reason for the failure of small firms?

________refers to a firm's inability to grow despite intentions and desire for growth

________refers to the practice of large firms seeking to grow through entrepreneurial actions and behaviors

A small business is defined as one that is independently owned, operated, and is nationally dominated in its field of operation; and has less than 150 employees

Small businesses are important because they _________

Which of the following helps small businesses with assistance, loans, and federal contract procurement?

Facebook and Insomnia Cookies are examples of businesses started by student entrepreneurs

According to the SBA, most manufacturing companies with _______, and many non-manufacturing businesses with _________ qualify as a small business

According to Dun & Bradstreet, financial research firm, a business failure is defined as :

According to the text, entrepreneurship involves identifying and pursuing new opportunities to introduce novel goods and services to the market