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.   True
B.   False
Question #2
Most new businesses fail.
A.   False
B.   True
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.   advertising products
B.   hiring more employees
C.   lowering production costs
D.   responding to consumer needs
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.   investing in intellectual capital
B.   encouraging creative destruction
C.   prioritizing close customer relationships
D.   seeking out start-up capital
Question #6
Which is an example of business failure?
A.   a veterinary hospital that closes because the owner retires
B.   a design company that closes because the owner starts a new career
C.   a jeweler that closes, even though they owe money to vendors
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.   building a business from the ground up
B.   providing corporate tax breaks
C.   recruiting large employers
D.   providing corporate financial incentives
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.   True
B.   False
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.   building close customer relationships
B.   management innovation
C.   defining the size of his market
D.   creative destruction
Question #12
About how many small businesses are responsible for employing Americans?
A.   nearly all
B.   less than half
C.   about half
D.   very few
Question #13
Minority-owned businesses generate billions of dollars in annual revenue.
A.   True
B.   False
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.   management innovation
B.   process innovation
C.   service innovation
D.   product innovation
Question #16
Match the example with the type of innovation involved. offering landscaping design
A.   product innovation
B.   management innovation
C.   process innovation
D.   service innovation
Question #17
Match the example with the type of innovation involved. improving how lawnmowers are assembled
A.   process innovation
B.   management innovation
C.   product innovation
D.   service innovation
Question #18
Match the example with the type of innovation involved. hiring new employees
A.   management innovation
B.   product innovation
C.   service innovation
D.   process innovation

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