Understanding Ownership and...
Multiple Choice

1 .       The authors of the text define a small business as: 

 
 
 
 


2 .       As a general rule, the more resources required, the __________ it is to start a business and the __________ likely an industry is dominated by small firms. 

 
 
 
 


3 .       The starting point for virtually every new business is: 

 
 
 
 


4 .       What question should a business plan answer? 

 
 
 
 


5 .       According to the text, the most important element of financial planning is: 

 
 
 
 


6 .       Which of the following sources of funding is the easiest to obtain when starting a small business? 

 
 
 
 


7 .       What is not an advantage of franchising for the franchisee? 

 
 
 
 


8 .       What is currently the most significant trend in small-business startups in the United States? 

 
 
 
 


9 .       In a survey of women entrepreneurs, what responsibility preference did they mention the most about what they like about running their own businesses? 

 
 
 
 


10 .       What is not a basic factor used to explain small-business success? 

 
 
 
 


11 .       What is not an advantage of a sole proprietorship? 

 
 
 
 


12 .       How many general (or active) partners must there be in a limited partnership? 

 
 
 
 






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