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Business Administration Midterm Exam

The Small Business Administration is the government agency charged with owning small businesses.
FALSE
Small businesses produce more patents per employee than large patenting firms.
TRUE
Most businesses in the United States are large businesses with more than 500 employees.
FALSE
Major innovations are most likely to come from large corporations.
FALSE
Manufacturing is overwhelmingly handled by big business.
TRUE
People who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs.
TRUE
Most successful entrepreneurs have a strong desire to be their own bosses
TRUE
A business plan demonstrates how an entrepreneur’s business strategy will be implemented.
TRUE
Franchisees may be obligated to contribute a percentage of sales to parent corporations.
TRUE
Loans are the most important sources of money for new businesses.
FALSE
Lending institutions are more likely to help finance the purchase of an existing business rather than the start-up of a business from scratch.
TRUE
A group of small investors who invest money in companies in return for partial ownership is known as a small-business development company.
FALSE
Small-business investment companies (SBICs) may be sponsored by the federal government.
TRUE
The least common type of partnership is the general partnership.
FALSE
A limited liability corporation is a hybrid of a publicly held corporation and a partnership.
TRUE
Many new businesses are started by people who have left big corporations.
TRUE
The failure rate among small businesses has been increasing in recent years.
FALSE
Neglect is a major factor that contributes to small business failure.
TRUE
Low start-up costs and tax benefits are advantages of sole proprietorships.
TRUE
By law, each general partner is liable for all debts incurred in the name of the partnership.
TRUE

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