Chapter 5 Small Business, Entrepreneurship, and Franchising Quiz 1

Chapter 5 Small Business, Entrepreneurship, and Franchising Quiz

1. Entrepreneurship is the process of creating and managing a business to achieve desired objectives. 
Select one: True False 
The correct answer is 'True'. 
2. In recent years, small businesses generated very few new jobs in the U.S. 
Select one: True False 
The correct answer is 'False'. 
3. Targeting small niches or product needs is a dangerous strategy for a small business to follow. 
Select one: True False 
The correct answer is 'False'. 
4. Managerial inexperience can lead to business failure. 
Select one: True V False 
The correct answer is 'True'. 
5. Insufficient funds to withstand slow sales may cause a small business to fail. 
Select one: True ../ False 
The correct answer is 'True'. 
6. To start any business, large or small, you must first have a general idea. 
Select one: True ../ False 
The correct answer is 'True'. 
7. The most important source of funds for any new business is the employees. 
Select one: True False NI 
The correct answer is 'False'. 
8. Small businesses typically are not vulnerable to turbulence and change in the marketplace. 
Select one: True False V 
The correct answer is 'False'. 
9. Echo boomers are sometimes called millennials or Generation Y and are an important market for small businesses. 
Select one: True ../ False 
The correct answer is 'True'. 
10. The future for small business looks bleak. 
Select one: True 
False V 
The correct answer is 'False'.