Entrepreneurship and Small Business Management Quiz

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

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

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

<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

<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