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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 91

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The textbook gives several key reasons for business failure. Poorly planned expansion and the wrong location are two of them. How do these two factors contribute to business failure?

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Poorly planned expansion and the wrong l...

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Question 92

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According to a recent survey, approximately what percentage of all new businesses can be expected to survive their first ten years?

A) 16
B) 23
C) 31
D) 46
E) 52

F) D) and E)
G) B) and E)

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Question 93

Multiple Choice

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Mike's small company produces specialized hardware pieces. His industrial clients prefer to purchase these parts from Mike because

About three-quarters of all small businesses are in the service industry.

What are the advantages of owning a small business? Give examples.

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 her job, she noticed several things as causes of the business not doing as well as the owners were expecting. Angela has been thinking of starting her own small business because she feels she has learned a great deal through working for Personal Wellness. Due to her education, attention to detail, and organization skills, Angela's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would help organize, structure, and focus the business. As part of the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company as she is concerned that her leaving the company may be detrimental to the slow, but forward, progress that the company is making and her connection with the owners is strong. Angela's most immediate concern is keeping the business from failing. -Refer to Personal Wellness. When Angela suggested that the company contact a group, what type of group was she referring to?

Data from 2012 from the Small Business Administration shows women-owned businesses as a dominate part of the U.S. economy. What were some of the findings of that data? What makes women successful business owners?

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

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

Small-business investment companies

"This business will create a caring, learning environment for elementary school children after regular school hours to meet the needs of working parents." This statement answers which of the following issues that should be addressed in a business plan?

The main reasons small businesses fail are poor management skills on the part of owners, inadequate capital, and poor planning.

Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because they

The primary financial function of the Small Business Administration is to

John Wells, an African-American small business owner, might be eligible for a grant from the Minority Business Development Agency.

Michael Tucker operates Tucker Farms in northern Illinois. Last year, his annual receipts were just under $750,000. According to the Small Business Administration, Tucker Farms is a

Why are more small businesses in distribution industries than in production industries?

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 her job, she noticed several things as causes of the business not doing as well as the owners were expecting. Angela has been thinking of starting her own small business because she feels she has learned a great deal through working for Personal Wellness. Due to her education, attention to detail, and organization skills, Angela's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would help organize, structure, and focus the business. As part of the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company as she is concerned that her leaving the company may be detrimental to the slow, but forward, progress that the company is making and her connection with the owners is strong. Angela's most immediate concern is keeping the business from failing. -Refer to Personal Wellness. In preparing the business plan, Angela would have incorporated all of these components except

Janis starts a small quilting and embroidery business. She purchases a technologically advanced quilting machine and an embroidery machine for a combined $25,000. Her monthly payments on the equipment are $500, but she has only one client at this time. Janis is facing a potential

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 her job, she noticed several things as causes of the business not doing as well as the owners were expecting. Angela has been thinking of starting her own small business because she feels she has learned a great deal through working for Personal Wellness. Due to her education, attention to detail, and organization skills, Angela's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would help organize, structure, and focus the business. As part of the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company as she is concerned that her leaving the company may be detrimental to the slow, but forward, progress that the company is making and her connection with the owners is strong. Angela's most immediate concern is keeping the business from failing. -Refer to Personal Wellness. What is the least likely reason that Personal Wellness would possibly fail?