Busad 158 - Run Your Own Business » Spring 2023 » Chapter Quiz 1
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Question #1
The majority of businesses in America qualify as small businesses.
A.
False
B.
True
Question #2
Most new businesses fail.
A.
True
B.
False
Question #3
There is funding that exists to support the growth of minority-owned and women-owned businesses.
A.
False
B.
True
Question #4
The paradigm shift called marketing concept revolves around ______.
A.
lowering production costs
B.
hiring more employees
C.
responding to consumer needs
D.
advertising products
Question #5
You have owned a computer and technology repair store for several years. You are to provide all employees with store training when they first join your team. You also send employees to conferences and professional development every quarter to ensure everyone stays up-to-date on the latest technology. This shows you are ______.
A.
prioritizing close customer relationships
B.
encouraging creative destruction
C.
investing in intellectual capital
D.
seeking out start-up capital
Question #6
Which is an example of business failure?
A.
a jeweler that closes, even though they owe money to vendors
B.
a design company that closes because the owner starts a new career
C.
a veterinary hospital that closes because the owner retires
D.
a consulting firm that stops taking new clients because their workload is too high
Question #7
The most common determinant of the size of a business is the number of employees.
A.
True
B.
False
Question #8
Which economic approach to business do economic experts currently favor?
A.
providing corporate financial incentives
B.
providing corporate tax breaks
C.
recruiting large employers
D.
building a business from the ground up
Question #9
Women-owned firms make up more than half of all privately owned businesses.
A.
False
B.
True
Question #10
Approximately one-third of businesses were successful at the time of closing.
A.
False
B.
True
Question #11
Andrew is a freelance app developer. He spends much of his time creating new apps that businesses buy. He is constantly finding ways to improve and replace apps he has previously created. Andrew is engaged in ______.
A.
creative destruction
B.
defining the size of his market
C.
building close customer relationships
D.
management innovation
Question #12
About how many small businesses are responsible for employing Americans?
A.
nearly all
B.
less than half
C.
very few
D.
about half
Question #13
Minority-owned businesses generate billions of dollars in annual revenue.
A.
False
B.
True
Question #14
Roosevelt’s New Deal stimulated the economy by fueling small businesses.
A.
True
B.
False
Question #15
Match the example with the type of innovation involved. a faster lawnmower
A.
service innovation
B.
management innovation
C.
product innovation
D.
process innovation
Question #16
Match the example with the type of innovation involved. offering landscaping design
A.
product innovation
B.
service innovation
C.
management innovation
D.
process innovation
Question #17
Match the example with the type of innovation involved. improving how lawnmowers are assembled
A.
management innovation
B.
service innovation
C.
product innovation
D.
process innovation
Question #18
Match the example with the type of innovation involved. hiring new employees
A.
product innovation
B.
management innovation
C.
service innovation
D.
process innovation
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