Chapter 1 Practice Quiz
Chapter 1 Practice Quiz STS 2500
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This 7 page Study Guide was uploaded by Annette Chun on Wednesday September 30, 2015. The Study Guide belongs to STS 2500 at University of Virginia taught by Douglas Muir in Summer 2015. Since its upload, it has received 101 views. For similar materials see S&T in Social and Global Context in Engineering and Tech at University of Virginia.
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Date Created: 09/30/15
Chapter 1: Small Business: Its Opportunities and Rewards 1. According to the text, small business involves _____ people and has its owner managing the business on a daytoday basis. A. 100200 B. 150 C. between 200 to 500 D. at least 500 2. Identify the two hurdles that people need to overcome to move from thinking about owning their own business to achieving it. A. Moving from inaction to action and taking the right action. B. Financing the business and government regulation. C. Experience from large corporations for needed skill sets and organization abilities. D. Family support and finding the right people for the organization. 3. According to the Small Business Administration, about _____ of new firms with employees survive four years, and for owneronly firms this rate is _____ percent surviving four years. A. onefourth; 30 B. onehalf; 75 C. twothirds; 50 D. twofifths; 60 4. A facility which offers subsidized space and business advice to companies in their earliest stages of operation is called a(n) A. small business administration center. B. franchise. C. small business development center. D. incubator. 5. What percent of firms getting help in incubators were still going at four years? A. 50 B. 81 C. 66 D. 87 6. The U.S. government agency that helps people start business is the A. Small Business Administration. B. U.S. Department of Business Development. C. Department of Business Development. D. U.S. Entrepreneurial Administration. 7. Truly entrepreneurial businesses are characterized by _____, in their products, services, or business models. A. novelty B. imitation C. experience D. government subsidy 8. A prepackaged business bought, rented, or leased from a company is called a(n) A. incubator. B. imitative firm. C. franchise. D. novelty. 9. People starting highgrowth ventures A. require key market knowledge that focuses on their immediate marketplace and communities. B. focus on how to start small, with resources from the owner, family, and friends. C. need to know how to seek and obtain external financing. D. require a key type of knowledge of how to grow on the schedule set by and for the purposes of the owner. 10. The key market knowledge for a small business A. is to know how to seek and obtain external financing. B. focuses on its immediate marketplace and communities. C. is to know how to cash out through the sale of an initial public offering of stock or through the sale of the company to a larger company. D. focuses on the need to know how to dominate the market and grow dramatically and quickly. 11. Which of the following is a characteristic of a small business? A. Preferred funding source is other people's money B. Focus is on efficiency C. Approach to human resource is to professionalize D. Delegation is essential 12. Identify the characteristic of a hightech venture. A. Owner's own money is the preferred funding source B. Focus is on efficiency C. Delegation is essential D. Sales are more important than marketing 13. Which of the following refers to the eventual size of the market, which can range from a small, local, or niche market to something used by millions or even billions? A. Innovativeness B. Mindshare C. Potential for growth D. Occupational structure 14. Identify the most numerous and widely available type of firm, ranging from low to moderate levels of innovation and growth. A. Resource constrained sector B. Ambitious firm sector C. Glamorous sector D. Economic core sector 15. Why are small businesses considered the economic core of society? A. They are high growth and high innovation firms. B. They are made up of franchises and multisite firms, who are generally not very innovative, but are designed for high levels of growth. C. They have lots of innovative ideas but lack the funds to bring them to market. D. They are the most numerous and most widely available type of firms. 16. The resource constrained sector A. are firms that have low to moderate levels of innovation and growth. B. are high growth and high innovation firms. C. are firms that have lots of innovative ideas but lack the funds to bring them to market. D. are generally not very innovative, but are designed for high levels of growth. 17. _____ rewards are what people get from facing and beating or learning from challenges. A. Recognition B. Flexibility C. Income D. Growth 18. The ability of business owners to structure life in the way that suits their needs best refers to A. flexibility rewards. B. family rewards. C. growth rewards. D. wealth rewards. 19. Which of the following is NOT a myth about small businesses? A. There is not enough financing to start businesses. B. You need to make something if you are going to make money. C. You can never try again if you fail once. D. There is no flexibility when you own your own business. 20. Funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm is known as A. committed capital. B. informal capital. C. mezzanine capital. D. formal social capital. 21. According to Sageworks, in 2008, amid a recession, which of the following represented the most profitable industries for small businesses? A. Manufacturing industries B. Financial services C. Service industries D. Software industries 22. According to the BRIE model, in order to start a business, you need all of these elements to come together EXCEPT A. boundary. B. resources. C. intention. D. experience. 23. The BRIE model can help an individual deal with one of the biggest hurdles in starting a business, which is A. getting resources. B. being inactive. C. setting boundaries. D. making an exchange. 24. According to the latest statistics, small businesses have created _____ percent of the new jobs. A. 75 B. 25 C. 50 D. 95 25. Mandarin is a restaurant which has opened recently. People from all over town flock to Mandarin to find out how good it is. This gives a big boost to the restaurant's initial business. But it causes the other restaurants in the area to lose business temporarily. The way in which Mandarin hurts existing restaurants is an example of A. creative destruction. B. efficiency. C. innovative disruption. D. market penetration. 26. Which aspect of entrepreneurship refers to being intune with one's market? A. Efficiency B. Creation C. Customerfocus D. Growth 27. Social entrepreneurship A. involves creating new charitable and civic organizations which are financially self sufficient. B. involves bringing new products or services to market. C. involves a person or group who owns their own forprofit business. D. involves revitalizing government agencies. Scenario: Jamie Johnson and "For Kidz" Taking classes at a local university, Jamie heard a consistent theme from many professors, students, and parents in the community: "There is nothing for children in this rural area." Jamie always liked children and thought of starting a business "For Kidz" targeting children 12 and under. 28. Where can Jamie go to get some help with his business idea? A. Small Business Development Center B. U.S. Department of Commerce office C. Incubator D. Small Business Administration Center 29. If Jamie gets "For Kidz" up and running, he could be described as all of the following EXCEPT A. founder. B. ownermanager. C. independent small business. D. franchisor. 30.In order to start "For Kidz" successfully, Jamie needs all of the following elements to come together EXCEPT A. boundary. B. recruitment. C. intention. D. exchange.
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