Managing a Small Business_ Learning Outcome 5.pdf

Managing a Small Business: Learning Outcome 5 Answers 1. What are two volunteer groups that provide free management consulting for small business owners through the SBA? A. Consulting Executives Alliance and Business Support Group B. Service Corps of Retired Executives and Active Corps of Executives...

Managing a Small Business: Learning Outcome 5 Answers 1. What are two volunteer groups that provide free management consulting for small business owners through the SBA? A. Consulting Executives Alliance and Business Support Group B. Service Corps of Retired Executives and Active Corps of Executives C. Senior Corps and Business Corps D. Management Volunteers Network and Business Mentor Association Answer: Service Corps of Retired Executives and Active Corps of Executives (B) The Service Corps of Retired Executives (SCORE) and the Active Corps of Executives (ACE) are two volunteer groups that offer free management consulting for small business owners. 2. How does the SBA support women and minorities in business? A. By facilitating employee recruitment for women and minorities B. By organizing global market expansion seminars C. By offering micro-loans and publishing Spanish-language materials D. By providing free online courses only Answer: By offering micro-loans and publishing Spanish-language materials (C) The SBA supports women and minorities by offering a minority small-business program, micro-loans, and the publication of Spanish-language informational materials. 3. What is the main purpose of the Business Development Library mentioned in the text? A. To offer financial assistance to business owners B. To publish publications on various business topics C. To provide medical advice D. To organize employee training workshops Answer: To publish publications on various business topics (B) The Business Development Library provides publications on most business topics to assist business owners. 4. Which group is NOT mentioned in the text as receiving special assistance from the SBA? A. Women B. Veterans C. Minorities D. Immigrants Answer: Immigrants (D) The text mentions that the SBA makes a special effort to help veterans, women, and minorities, but it does not mention immigrants in this context. 5. What is the significance of America's 9.1 million women-owned businesses mentioned in the text? A. They employ 2 million people B. They contribute $5.6 trillion to the economy C. They employ 27.5 million people D. They have no significant impact on the economy Answer: They employ 27.5 million people (C) America's 9.1 million women-owned businesses employ 27.5 million people and contribute $3.6 trillion to the economy, showcasing their significant impact. 6. Which program is dedicated to helping veterans start their own businesses? A. Minority Small-Business Program B. Senior Corps C. Veterans Entrepreneurship Program D. Active Corps of Executives (ACE) Answer: Veterans Entrepreneurship Program (C) 'The SBA also makes a special effort to help veterans to into business for themselves.' - The program dedicated to helping veterans start their own businesses is not explicitly named in the text. 7. What type of resources does the SBA offer for small business owners? A. Paid management consulting B. 'Get-rich-quick' schemes C. 'Done-for-you' business plans D. Free online resources and courses Answer: Free online resources and courses (D) 'The SBA offers free online resources and courses for small business owners.' - The SBA provides free online resources and courses to assist small business owners. 8. Which statement is true about the contribution of women-owned businesses to the economy? A. $1.6 trillion contribution to the economy B. $7.6 trillion contribution to the economy C. $3.6 trillion contribution to the economy D. $5.6 trillion contribution to the economy Answer: $3.6 trillion contribution to the economy (C) 'America's 9.1 million women-owned businesses employ 27.5 million people and contribute $3.6 trillion to the economy.' - Women-owned businesses contribute $3.6 trillion to the economy.