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Questions and Answers
Which of the following is a learning objective discussed in Chapter 5?
Which of the following is a learning objective discussed in Chapter 5?
- Explain the concept of franchising
- Identify the different types of small businesses
- Define what a small business is
- Assess the contributions of small businesses to the economy (correct)
Who is responsible for helping small businesses according to Chapter 5?
Who is responsible for helping small businesses according to Chapter 5?
- Large corporations
- The government
- The Small Business Administration (correct)
- Entrepreneurs
Which of the following is NOT mentioned as an advantage of operating a small business?
Which of the following is NOT mentioned as an advantage of operating a small business?
- Lower overhead costs
- Greater brand recognition (correct)
- Access to resources and support
- Flexibility in decision-making
What is the main focus of Chapter 5?
What is the main focus of Chapter 5?
What is the purpose of the Small Business Administration?
What is the purpose of the Small Business Administration?
Study Notes
Learning Objectives and Small Business Support
- A learning objective discussed in Chapter 5 is the role of government in supporting small businesses.
- The Small Business Administration (SBA) is responsible for helping small businesses.
Advantages of Operating a Small Business
- Having more control and autonomy is an advantage of operating a small business according to Chapter 5.
- Opportunity to pursue a personal passion is another advantage.
- Increased job security is NOT mentioned as an advantage of operating a small business.
Main Focus of Chapter 5
- The main focus of Chapter 5 is small business and entrepreneurship.
Purpose of the Small Business Administration
- The purpose of the Small Business Administration (SBA) is to aid, counsel, assist and protect the interests of small businesses.
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Description
Test your knowledge on small businesses and entrepreneurship with this quiz! Learn the definition of a small business, discover the different fields where small businesses are concentrated, and identify the individuals who start these ventures. Challenge yourself and see how well you understand the world of small business and entrepreneurship.
