Entrepreneurship and Small Business Management Quiz

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Questions and Answers

Match the following terms with their correct definitions:

Business = An organized effort of individuals to produce and sell goods and services in order to satisfy the needs of society Entrepreneur = The person who takes risk in operating a business Micro business = A small business where the owner is the principal worker and there is at least one employee or assistant Bigger small business = A small business where the owner directs the work of employees

Match the following features with their correct descriptions of a small business:

Low in capital but high in labor intensity = A small business that requires more manpower than financial resources Efficient in specialized skill or service = A small business that excels in a specific area of expertise Succeeds in small, isolated or overlooked market = A small business that thrives in a niche market Often opens in unstable markets = A small business that is not afraid to take risks and enter unpredictable markets

Match the following resources with their correct association in business organization:

Human = One of the productive resources that an entrepreneur must organize to start a business Financial = One of the productive resources that an entrepreneur must organize to start a business Materials = One of the productive resources that an entrepreneur must organize to start a business Information = One of the productive resources that an entrepreneur must organize to start a business

Match the following statements with their correct characteristics of a small business:

<p>Generally the owner of small business are also the managers = A small business where the owner takes on multiple roles A small business is closer to the market = A small business that has a better understanding of its target market A small business is defined as an organized effort of individuals to produce and sell goods and services = The basic definition of a small business The primary objective of business is to acquire profit = The main goal of a business</p> Signup and view all the answers

Match the following terms with their correct descriptions from the text:

<p>Small business = A type of business that is low in capital but high in labor intensity Profit = The primary objective of business Entrepreneur = The person who takes risk in operating a business Specialized skill or service = A characteristic of a small business that is efficient in a specific area</p> Signup and view all the answers

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Study Notes

Matching Exercises

Four matching exercises are provided to understand key concepts related to small business.
The exercises focus on matching terms with correct definitions, features with descriptions, resources with associations, statements with characteristics, and terms with descriptions.
These exercises help in understanding the fundamental concepts of small business.