Lesson 42 - unit 9

Question 1

Small business generally have less than how many employees?

Answer 1

100.

Question 2

What are some advantages of owning a small business?

Answer 2

1. You are your own boss
2. You receive the benefits of your work directly
3. You fill a specialized niche
4. You know your customers personally
5. You adapt quickly to changes in the market places
6. It gives women and ethnic minorities an opportunity to run businesses

Question 3

What are some disadvantages of owning a small business?

Answer 3

1. You are responsible for everything
2. You have to work long hours
3. You answer to your customers
4. Controlling costs can be difficult

Question 4

How is a franchise set up?

Answer 4

A company sells the right to use its name and business model to a local person in the form of a franchise.

Question 5

What is the impact of small businesses on job creation in the U.S.?

Answer 5

They create 60 to 80% of new jobs.

Question 6

What is the term used for someone who starts a new business, develops a new product, or is creative or visionary in how he operates a business?

Answer 6

Entreprenuer.

Question 7

John Sloan says that small firms provide truly ______ _______________________.

Answer 7

John Sloan says that small firms provide truly big breakthroughs.

Question 8

What is the major breaking point in time that indicates long-term success for a business?

Answer 8

4 years.

Question 9

What large corporation headed by Lee Iacocca asked the Federal government for assistance?

Answer 9

Chrysler.

Question 10

Small businesses disperse economic __________-_________ within our society.

Answer 10

Small businesses disperse economic decision-making power within our society.