Small Business

More than 50 percent of business owners started their own business in order to earn large sums

In order to take advantage of economies of scale, large businesses usually devote resources

Economy of scale is the lowering of costs through production of larger quantities. (p. 7)

The SBA estimates that there are over 220 million small businesses in the U.S. (pg. 3)

SBA 8(a) certification provides preference in bidding on federal and state contracts to (p11)

A small business manager and an entrepreneur perform the same functions. (p.26)

A triggering event is a specific event or occurrence that sparks the entrepreneur

Resources exist to specifically assist women and minority-owned businesses.

An entrepreneur faces which of the following environmental forces? (p30)

The typical entrepreneur tends to accept moderate risk only after careful examination. (P.36)

A manufacturer with fewer than 500 employees is classified as a small business. (p. 5)

Creating a new way to organize a business's resources involves (p14)

Over 25 percent of all new business owners have an MBA or other professional degree. (p38)

Until the early 1800s, most goods were produced

Industry classification codes that are based on annual sales revenue or number of employers

The industry that employs the greatest # of people in small business is which of the following?

Entrepreneurship and small business management are processes, not isolated incidents. (p.26)

In the growth stage of the startup process model (Figure 2.3), which of the following

The major disadvantage of a sole proprietorship is limited liability. (p42)

Some of the risks assumed through self-employment include all of the following except