Entrepreneurship
A small business is one that is independently owned and does not engage in many new or innovative practices
False
____________are those in which 40% or more of human resources are professionals, technicians or other knowledge workers
High knowledge industries.
The __________--- is entering a business in order to make a profit, which is the reward for taking risks -- such as investing funds in an untried business and an uncertain market
Profit motive
_________is the redesign of operations, starting from scratch
Reengineering
Which of the following statements regarding small businesses is(are) true?
Small businesses create about two out of three of all new American jobs
While proprietorships are the most popular form, they account for only a small share of total revenues
True
an effective method of time management is to select a competent person to sort out unimportant mail and screen incoming calls
True
one characteristic of a small business is that the firm is small in comparison with its largest competitors in its industyr
True
the board of directors represents the stockholders in managing the company
True
Which of the following laws extended anti-discrimination laws to include commercial and personal credit for women
Women's Business ownership act
Every year about ____ people in the US start a business
750,000
Corporations usually receive about _____ percent of the total revenue
88
African American owned businesses are primarily mom and pop businesses such as grocery stores
False
An entrepreneurial venture is characterized more by its family nature than by the desire for growth and profits
False
Because of their size small businesses are less vulnerable to technical and environmental changes.
False
Cultural factors alone explain the outstanding success of Asian entrepreneurs in this country
False
Most women entrepreneurs inherited family businesses.
False
Once you choose one form of business ownership, it is impossible to change to another form.
False
Small business owners are usually very willing to delegate duties to their employees
False
Small business owners have no problem with obtaining sufficient investment capital
False
Small businesses are not particularly good source of jobs for older workers
False
The major advantage of a corporation is limitation of owners' liability
False
The objectives of owners of small businesses are identical to those of managers in large firms - security, power, and prestige
False
The objectives of owners of small businesses are identical to those of managers in large firms -- security, power, and prestige
False
The partnership form of ownership has an unlimited life because as long as any one of the partners is alive the partnership is continued
False
The personal liability of the general partners is limited to the amount of capital they have contributed
False
Unless all partners agree on an issue, the individual partners cannot be held financially
False
the limited liability company is identical to the joint venture form of ownership
False
In a ___________ the owners have limited liability and avoid double taxation
Limited liability company, S Corporation (B & C)
The ____________ form of ownership helps entrepreneurs gain some shield from personal liability with the tax advantages of partnership.
Limited liability corporation
Which of the following ethnic groups has NOT experienced success in the small business area?
Native Americans
Which of the following is(are) a problem area for small businesses?
Poorly planned growth A shortage of working capital inadequate management government regulations all of the above!
Which of the following statements best describes the changes taking place in the US workforce
The work force is becoming older
An owner's primary motive can usually be summarized by one word - independence
True
As an economic power, American small business ranks third in the world
True
If a firm becomes large enough to require outside capital for future success and growth the owner/manager may lose autonomy over the company
True
Owners tend to lose some of their independence if their business is growing
True
Small businesses account for over half of the US gross domestic product
True
The flood of Asian immigrants into the US in recent decades has resulted in a wave of mom-and-pop entrepreneurships
True
The proprietorship is the most popular form of business in the United States
True
A __________ partner is known to the public and has unlimited ability for the firm's debts
general
___________ are the ends toward which all activities of the business will be aimed
objectives
Small business:
originated over half of today's technological developments.
Which of the following is NOT a unique contribution of small business?
reduces the need for management
A person who aspires to operate a small business must set _______ as the primary objective, with _________ as a natural consequence
service/profit
Small business is a good source of jobs for
teenagers college students olders a and c only ALL OF THE ABOVE
Which of the following is(are) a characteristic of small busienss according to the Committee for Economic Development?
the area of operations is local although the market isn't necessarily local. Management is independent since the manager owns the firm. One, or a few individuals supply capital and hold ownership. ALL OF THE ABOVE
the first electronic computer was produced by:
the firm owned by John Mauchly and J. Presper Eckert