Answer these 20+ Overview of small business MCQs and see how sharp is your knowledge of Overview of small business. Scroll down and let's start!
A. Due to financial loss
B. Due to business management
C. Due to business planning
D. None of these
A. Cessation of the business
B. Owner becomes bankrupt
C. Death of the owner
D. All of the above
A. True
B. False
A. Existing products
B. Processes
C. Ideas
D. All of the above
A. Increasing
B. Lowering
C. Both a and b
D. None of the above
A. Skills
B. Knowledge
C. Both a and b
D. None of these
A. Wants
B. Needs
C. Both a and b
D. None of the above
A. True
B. False
A. Independently owned,operated and financed.
B. Fewer than 100 employees
C. Little impact on its industry
D. All of the above
A. Estimate the amount of capital you will need and double it.
B. Do sufficient research to estimate exactly the amount of capital you need.
C. Base your business model on the amount of personal assets you have to start the business.
D. Look at your competitors and use their business plans to develop accurate estimates.
A. Goods and services cost less, making it harder to make a profit.
B. More employees are needed when taking advantage of economies of scale.
C. Economies of scale can disrupt financing for a small business.
D. Barriers of entry are higher in an industry making it harder to compete.
A. They produce the majority of products sold in the United States.
B. They are the second largest group of employers in the United States.
C. They are the third largest contributor to the U.S. GDP.
D. They generate the largest share of revenues in the United States.
A. Poor leadership results in high turnover of employees.
B. Owners do not understand the market well enough to successfully sell their products.
C. Products are developed that are not what the customer wants.
D. Poor planning results in financial issues.
A. Creative destruction
B. Economies of scale
C. Product improvement
D. Marketing concept
A. Diversity
B. Brainstorming
C. Project teams
D. Creative destruction
A. Lack of capital to start a business
B. High barriers of entry to industries
C. Difficulty in hiring skilled employees
D. Small profit margins
A. Business modeling
B. Creative destruction
C. Marketing concept
D. Customer service
A. These employees will be less committed to your business.
B. The intellectual capital of a small business does not depend on every employee.
C. The skills and knowledge of your employees make a contribution to your business.
D. Small businesses have a difficult time hiring employees.
A. Research the economic impact of small businesses
B. Act as a go-between for small businesses and large businesses
C. Provide capital to small businesses
D. Train small business owners on management techniques
A. The failure rate is a myth as most small businesses are successful.
B. Owners inaccurately estimate cash flow and capital needs.
C. One third of business closures are successful at closing.
D. Creditors do not get their expected return on investment quick enough.
A. Independently owned and operated and has a significant impact on its industry
B. More than 500 employees and has a marginal impact on its industry
C. Less than 100 employees and publicly owned
D. Independently owned and operated and less than 100 employees
A. If it is new product, there is no competition.
B. New products can create new markets.
C. Customers are always looking for new products.
D. Larger businesses have a hard time innovating.
A. Provide a product or service that customers want and will buy
B. Develop the capacity to produce large amounts of a product
C. Introduce new products on a regular basis to attract new customers
D. Ensure there is sufficient capital to operate long term
A. The small business is sold to another owner.
B. The small business is closed and the assets are sold.
C. The small business is closed for less than the assets.
D. The small business is taken over by a competitor.
A. Surveys, experimentation
B. Observational
C. Observational/questioning
D. Identify informational needs
A. Tagline
B. Grabline
C. Notice-line
D. Catchline
A. Questionnaires; telemarketing
B. Observations; surveys
C. Mystery shopping; surveys
D. Surveys, experimentation
A. Internet 3.0
B. Transatlantic telecommunications infrastructure
C. Project management workflow software
D. All of these