Chapter 5 Practice Quiz 1. Maya, a certified yoga instructor, owns and manages a yoga training academy. She charges a reasonable fee to conduct classes for both working women and homemakers. Thus, Maya is regarded as a(n) _____. a. Entrepreneur 2. Which of the following statements accurately defines a small business? a. A small business is any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people. 3. Which of the following is best categorized as a small business? a. Story Bake is a home-based business that employs a total number of 17 people. 4. How do small businesses in a country contribute to its economy? a. They fuel job creation within a country. 5. Angela, a recent university graduate, wants to start a fashion boutique that will sell tailor-made garments and accessories. She plans to open stores in three different malls and employ about 30 people in total. Which of the following agencies should Angela approach for financial and managerial assistance? a. The Small Business Administration 6. Which of the following statements is true about high-technology businesses? a. High-technology businesses require greater capital than other small businesses. 7. Which of the following fields is best classified as a high-technology business? a. Genetic engineering 8. In comparison with large companies, small businesses are more likely to have: a. Lower initial startup costs 9. Which of the following is an advantage of small businesses? a. They provide freedom and flexibility to their owners. 10. Which of the following is an outcome of small businesses focusing on narrow market niches or product needs?
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