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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 61

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The SBA has defined a small business as one independently owned, operated for profit, and not dominant in its field.

A) True
B) False

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Question 62

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Because of small-business competition, large companies must become more efficient and responsive to consumers' needs.

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B) False

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Question 63

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Approximately how many businesses are there in the United States?

Approximately what percentage of the jobs in the United States do small businesses provide?

All of the following are disadvantages to the franchisee except

What can the Small Business Administration do for a small business?

The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers of _____.

The SBA makes a special effort to

What are small-business investment companies?

What does it mean to have an entrepreneurial spirit?

Professors at most universities are highly encouraged to participate in community service.What organization that provides low-cost courses and workshops would welcome management professors with an interest in small companies?

Large companies often find it less expensive to purchase parts from small companies than to manufacture their own.

An individual's desire to create a new business is referred to as _____.

Service industries make up about 48 percent of all small businesses.

A guaranteed SBA loan may be as large as _____.

Suppose that Diane plans to open a new, deluxe hamburger bar near your college.Her business plan most likely would not include

A small-business investment company (SBIC) is a government agency that provides venture capital to small enterprises.

Manju Iyer asks for your advice in opening a new business.She plans to provide tax-related services to individuals and small-business owners in her community.Of course, she wants an attractive means of starting and operating her business with a reasonable hope of succeeding in it.What will be your advice?

Ronald is the director of a university-based group that provides individual counseling, specialized training, and research data to owners of small businesses.Ronald's group is called a

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.Personal Wellness can be classified as operating in what type of industry?