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Exam 5: The Challenges of Starting a Business

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Question 1

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In what ways do small businesses help the U.S. economy?

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Small businesses create jobs, spark inno...

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Under the Small Business Administration's SCORE program, retired executives help business people who need advice.

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To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

"To preserve and improve human life" best illustrates a _____.

Which of the following is among the rewards of being a small business owner

The most common use of a business plan is to persuade potential customers to buy your goods or services.

Starbucks' Howard Schultz is an example of a person who came up with a business idea as a result of a hobby.

Mary Gonzalez recently expanded her chain of flower shops. As the only small flower shop located in major airports in the Midwest, she has a unique operation. She has 72 employees in 30 shops, and although her company isn’t dominant in its industry, her shops are busy year round. To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won’t leak either in the airport or aboard planes. -Gonzalez's shop managers regularly think of new ways to market their products, improve their quality, keep them fresher, and meet consumer needs. In this respect, Gonzalez's business is unusual among small businesses.

The success of small businesses in fostering creativity has gone unnoticed by big businesses.

A franchise business is appealing because franchisers _____.

Franchises generally don't include such complex products as hotels.

While many _____ ventures are based on innovative ideas, others revolve around improvements to existing goods or services.

The success of small businesses in fostering creativity has caused many large companies to respond by downsizing in order to act more like small companies.

Small businesses in the U.S. generate about 50% of our gross domestic product (GDP).

Peter Jackson has included the résumés of his management team and a set of financial statements in his business plan. In what section of the plan will a bank officer find this information

Franchises are often quite _____.

The "Management Plan" section of the business plan provides information about the qualifications of each member of the management team.

Unfortunately for small business, the service-producing sector has been steadily decreasing in revenues over the past 10 years.

More than three-fourths of all U.S. adults are either self-employed or work for businesses with fewer than 500 employees.

Innovators at large businesses are the primary driving force behind the discovery of new ways of doing old things.