31) ________ percent of all U.S. businesses are family owned and managed.

31) ________ percent of all U.S. businesses are family owned and managed.

A) Twenty-five

B) Fifty

C) Seventy

D) Ninety

32) “Copreneurs” are defined as:

A) entrepreneurs that work part-time.

B) highly successful entrepreneurs with prior company experience and background.

C) those entrepreneurs that will eventually combine their business with another venture.

D) entrepreneurial couples that work together as co-owners of their business.


33) Which of the following is NOT a characteristic of a successful working relationship between copreneurs?

A) A clear definition of one partner as “boss” and the other as “subordinate”

B) Compatible business and life goals

C) Complementary business skills

D) A clear division of roles and authority based on each partner’s skills and abilities

34) Which of the following is a characteristic of copreneurs?

A) Mutual respect

B) Complementary business skills

C) A clear division of roles and authority

D) All of the above

35) Approximately ________ percent of corporate managers who are “cast off” as companies downsize become entrepreneurs.

A) 5

B) 15

C) 20

D) 45

36) Melinda and John Perez, both corporate attorneys in New York City, have grown tired of their lengthy daily commute, the stress of their jobs, and the overbearing policies of their employers. They have decided to leave their six-figure jobs and together open a guide service in Wyoming. Melinda and John are examples of:

A) corporate castoffs and corporate dropouts.

B) corporate dropouts and copreneurs.

C) corporate castoffs and copreneurs.

D) copreneurs and serial entrepreneurs.


37) Entrepreneurs that use their skills to create a profitable business that is designed to achieve social and environmental goals for the common good are known as:

A) social entrepreneurs.

B) not-for-profit entrepreneurs.

C) copreneurs.

D) serial entrepreneurs.

38) Of the 28 million businesses in the United States, more than ________ are considered small.

A) 50 percent

B) 75 percent

C) 88 percent

D) 99 percent

39) According to the U.S. Small Business Administration, a common delineation of a small business is one that employs fewer than:

A) 50 people.

B) 100 people.

C) 250 people.

D) 500 people.

40) The nation’s small businesses:

A) employ more than 51 percent of the nation’s private sector workforce.

B) create more jobs than do big businesses.

C) account for 47 percent of business sales.

D) All of the above


41) Small companies:

A) created fewer jobs than big companies in the last decade.

B) are concentrated in the manufacturing and retail sectors.

C) are the leaders in offering training and advancement opportunities to workers.

D) account for approximately 10 percent of the nation’s GDP and 25 percent of business sales.

42) The majority of small companies are concentrated in the ________ and ________ industries.

A) manufacturing; retail

B) manufacturing; service

C) retail; service

D) wholesale; retail

43) David Birch, president of the research firm Cognetics, suggests that three percent of small businesses create approximately ________ percent of new jobs.

A) 50

B) 60

C) 70

D) 80

44) David Birch describes small companies growing at 20 percent or more per year with at least $100,000 in annual sales that create 70 percent of the net new jobs in the economy as:

A) “assertive.”

B) “antelopes.”

C) “aggressive.”

D) “gazelles.”


45) Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

A) 3

B) 5

C) 10

D) 13

46) One hallmark of successful entrepreneurs is the ability to:

A) be willing to gamble.

B) fail intelligently.

C) overlook past successes.

D) repeat the same mistake.

47) John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he’ll need. You suggest that he:

A) read a small business book.

B) seek knowledge and experience in the field he wishes to enter.

C) determine his weaknesses and return to school for a term or two.

D) just jump in and learn as he goes.

48) Most startup companies can expect to need ________ capital than they anticipate.

A) less

B) the same

C) more

D) within 10% of the


49) The primary cause of small business failures is:

A) the lack of capital.

B) management mistakes.

C) poor location.

D) improper inventory control.

50) Entrepreneurs tend to be overly ________ and commonly misjudge the ________ requirements of going into business.

A) optimistic; personal

B) optimistic; financial

C) pessimistic; financial

D) optimistic; professional

51) The only people who ________ are those who never do anything or never attempt anything new.

A) succeed

B) prosper

C) profit

D) fail

52) Which of the following was not identified as one of the suggestions for small business success?

A) Develop a business plan as you grow your business.

B) Manage your financial resources and understand financial statements.

C) Know your business in depth.

D) Learn to manage people successfully.


53) Which of the following is/are true regarding business plans?

A) Provide a pathway to success.

B) Allow entrepreneurs to replace faulty assumptions with facts before making the decision to go into business.

C) Create a benchmark against which entrepreneurs can measure actual company performance.

D) All of the above

54) Most entrepreneurs believe that ________ is what matters most, but ________ is the most important financial resource for a small business owner.

A) cash; profit

B) profit; cash

C) profit; inventory

D) inventory; cash

55) Entrepreneurs can increase their chances for success if they:

A) know their business in depth and develop a solid business plan.

B) manage their financial resources and understand financial statements.

C) learn to manage people and keep in touch with how they react to stress and balance their health needs with the needs of the business.

D) All of the above

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