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Overview of small business MCQ

1. The boom in collaboration between u.s. companies and workforces in india created a need for ____.

Internet 3.0

Transatlantic telecommunications infrastructure

Project management workflow software

All of these

Answer

Correct Answer: Project management workflow software

Note: This Question is unanswered, help us to find answer for this one

2. _ and __ are questioning methods that involve contact with respondents.

Questionnaires; telemarketing

Observations; surveys

Mystery shopping; surveys

Surveys, experimentation

Answer

Correct Answer: Surveys, experimentation

Note: This Question is unanswered, help us to find answer for this one

3. Birchbox's phrase ""the box is monthly, the discoveries are endless"" is an example of a(n) ________.

Tagline

Grabline

Notice-line

Catchline

Answer

Correct Answer: Tagline

Note: This Question is unanswered, help us to find answer for this one

4. Techniques used to collect primary data are often classified as and methods.

Surveys, experimentation

Observational

Observational/questioning

Identify informational needs

Answer

Correct Answer: Observational/questioning

Note: This Question is unanswered, help us to find answer for this one

5. What is the best definition of a failed business?

The small business is sold to another owner.

The small business is closed and the assets are sold.

The small business is closed for less than the assets.

The small business is taken over by a competitor.

Answer

Correct Answer: The small business is closed for less than the assets.

Note: This Question is unanswered, help us to find answer for this one

6. How can a small business develop a competitive advantage in a market?

Provide a product or service that customers want and will buy

Develop the capacity to produce large amounts of a product

Introduce new products on a regular basis to attract new customers

Ensure there is sufficient capital to operate long term

Answer

Correct Answer: Provide a product or service that customers want and will buy

Note: This Question is unanswered, help us to find answer for this one

7. New innovations typically are the results of a single inventor coming up with a new idea. How can this be a competitive advantage for a small business?

If it is new product, there is no competition.

New products can create new markets.

Customers are always looking for new products.

Larger businesses have a hard time innovating.

Answer

Correct Answer: New products can create new markets.

Note: This Question is unanswered, help us to find answer for this one

8. Which statement best describes the characteristics of a small business?

Independently owned and operated and has a significant impact on its industry

More than 500 employees and has a marginal impact on its industry

Less than 100 employees and publicly owned

Independently owned and operated and less than 100 employees

Answer

Correct Answer: Independently owned and operated and less than 100 employees

Note: This Question is unanswered, help us to find answer for this one

9. Why is the failure rate so high for small businesses?

The failure rate is a myth as most small businesses are successful.

Owners inaccurately estimate cash flow and capital needs.

One third of business closures are successful at closing.

Creditors do not get their expected return on investment quick enough.

Answer

Correct Answer: Owners inaccurately estimate cash flow and capital needs.

Note: This Question is unanswered, help us to find answer for this one

10. The Small Business Administration was established for what purpose?

Research the economic impact of small businesses

Act as a go-between for small businesses and large businesses

Provide capital to small businesses

Train small business owners on management techniques

Answer

Correct Answer: Train small business owners on management techniques

Note: This Question is unanswered, help us to find answer for this one

11. Why is a hiring strategy of “we just need warm bodies” detrimental to small businesses?

These employees will be less committed to your business.

The intellectual capital of a small business does not depend on every employee.

The skills and knowledge of your employees make a contribution to your business.

Small businesses have a difficult time hiring employees.

Answer

Correct Answer: The skills and knowledge of your employees make a contribution to your business.

Note: This Question is unanswered, help us to find answer for this one

12. When businesses use market research to investigate what consumers want and then use that information to develop their product or service, what business paradigm are they employing?

Business modeling

Creative destruction

Marketing concept

Customer service

Answer

Correct Answer: Marketing concept

Note: This Question is unanswered, help us to find answer for this one

13. Why was the growth of small businesses stagnant in the first half of the twentieth century?

Lack of capital to start a business

High barriers of entry to industries

Difficulty in hiring skilled employees

Small profit margins

Answer

Correct Answer: High barriers of entry to industries

Note: This Question is unanswered, help us to find answer for this one

14. ______ is important in producing a variety of solutions to problems faced by small businesses.

Diversity

Brainstorming

Project teams

Creative destruction

Answer

Correct Answer: Diversity

Note: This Question is unanswered, help us to find answer for this one

15. When companies develop and implement new products that replace old products, they are utilizing what type of business strategy?

Creative destruction

Economies of scale

Product improvement

Marketing concept

Answer

Correct Answer: Creative destruction
Marketing concept

Note: This question has more than 1 correct answers

Note: This Question is unanswered, help us to find answer for this one

16. How can poor management of a small business lead to business failure?

Poor leadership results in high turnover of employees.

Owners do not understand the market well enough to successfully sell their products.

Products are developed that are not what the customer wants.

Poor planning results in financial issues.

Answer

Correct Answer: Poor planning results in financial issues.

Note: This Question is unanswered, help us to find answer for this one

17. Why are microbusinesses so important to the U.S. economy?

They produce the majority of products sold in the United States.

They are the second largest group of employers in the United States.

They are the third largest contributor to the U.S. GDP.

They generate the largest share of revenues in the United States.

Answer

Correct Answer: They are the second largest group of employers in the United States.

Note: This Question is unanswered, help us to find answer for this one

18. How can economies of scale hurt small businesses?

Goods and services cost less, making it harder to make a profit.

More employees are needed when taking advantage of economies of scale.

Economies of scale can disrupt financing for a small business.

Barriers of entry are higher in an industry making it harder to compete.

Answer

Correct Answer: Barriers of entry are higher in an industry making it harder to compete.

Note: This Question is unanswered, help us to find answer for this one

19. What is the best strategy for estimating the amount of capital you need for starting and running a new small business?

Estimate the amount of capital you will need and double it.

Do sufficient research to estimate exactly the amount of capital you need.

Base your business model on the amount of personal assets you have to start the business.

Look at your competitors and use their business plans to develop accurate estimates.

Answer

Correct Answer: Estimate the amount of capital you will need and double it.

Note: This Question is unanswered, help us to find answer for this one

20. When will a business be considered a small business?

Independently owned,operated and financed.

Fewer than 100 employees

Little impact on its industry

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

21. Businesses in an economic sector that provide services, rather than tangible goods, are called the Service sector.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

22. Marketing concept is the philosophy of a business in which the _____ of customers are determined before goods and services are produced.

Wants

Needs

Both a and b

None of the above

Answer

Correct Answer: Both a and b

Note: This Question is unanswered, help us to find answer for this one

23. Intellectual capacity is the valuable _____ that employees of a business possess.

Skills

Knowledge

Both a and b

None of these

Answer

Correct Answer: Both a and b

Note: This Question is unanswered, help us to find answer for this one

24. Economy of scale is the _____ of costs through production of larger quantities.

Increasing

Lowering

Both a and b

None of the above

Answer

Correct Answer: Lowering

Note: This Question is unanswered, help us to find answer for this one

25. Creative destruction is the replacement of _____ and businesses with new and better ones.

Existing products

Processes

Ideas

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

26. A competitive advantage can be built from many different factors.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

27. Business may be terminated for the following reasons:

Cessation of the business

Owner becomes bankrupt

Death of the owner

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

28. When a business closes _____ to a creditor is called Business Failure.

Due to financial loss

Due to business management

Due to business planning

None of these

Answer

Correct Answer: Due to financial loss

Note: This Question is unanswered, help us to find answer for this one

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Overview of small business MCQ

1. The boom in collaboration between u.s. companies and workforces in india created a need for ____.

2. ___________ and ____________ are questioning methods that involve contact with respondents.

3. Birchbox's phrase ""the box is monthly, the discoveries are endless"" is an example of a(n) ________.

4. Techniques used to collect primary data are often classified as ____ and ____ methods.

5. What is the best definition of a failed business?

6. How can a small business develop a competitive advantage in a market?

7. New innovations typically are the results of a single inventor coming up with a new idea. How can this be a competitive advantage for a small business?

8. Which statement best describes the characteristics of a small business?

9. Why is the failure rate so high for small businesses?

10. The Small Business Administration was established for what purpose?

11. Why is a hiring strategy of “we just need warm bodies” detrimental to small businesses?

12. When businesses use market research to investigate what consumers want and then use that information to develop their product or service, what business paradigm are they employing?

13. Why was the growth of small businesses stagnant in the first half of the twentieth century?

14. ______ is important in producing a variety of solutions to problems faced by small businesses.

15. When companies develop and implement new products that replace old products, they are utilizing what type of business strategy?

16. How can poor management of a small business lead to business failure?

17. Why are microbusinesses so important to the U.S. economy?

18. How can economies of scale hurt small businesses?

19. What is the best strategy for estimating the amount of capital you need for starting and running a new small business?

20. When will a business be considered a small business?

21. Businesses in an economic sector that provide services, rather than tangible goods, are called the Service sector.

22. Marketing concept is the philosophy of a business in which the _____ of customers are determined before goods and services are produced.

23. Intellectual capacity is the valuable _____ that employees of a business possess.

24. Economy of scale is the _____ of costs through production of larger quantities.

25. Creative destruction is the replacement of _____ and businesses with new and better ones.

26. A competitive advantage can be built from many different factors.

27. Business may be terminated for the following reasons:

28. When a business closes _____ to a creditor is called Business Failure.

2. _ and __ are questioning methods that involve contact with respondents.

4. Techniques used to collect primary data are often classified as and methods.