Name
Date
11DE Business Week5L2 Quiz
Please complete this 15 minute quiz about LOs 5.1 and 5.2. This quiz includes MCQs, T/F Questions, and one
written question. Good luck.
1. A small business is an independently owned and operated business that is dominant in its
competitive area and employees more than 700 employees. points: 1
true
false
2. Social entrepreneurs are individuals who create a business to reap and retain as much profit as
possible (example: influencers on social media platforms like TikTok and SnapChat). points: 1
true
false
3. Small businesses have contributed significantly to most nations' GDP by exporting goods and
services, job creation, and innovation. points: 1
true
false
4. Foot Locker is a prime example of a wholesaler that obtains their products from other wholesalers
and provides them to retailers. points: 1
true
false
5. Which industry that attracts small businesses includes businesses provides intangible products to
customers (including other wholesalers, retailers, and final customers)? points: 1
Retailing
Wholesaling
Services
Manufacturing
High-Tech
The Gig
Economy
6. Which industry that attracts small businesses involves an economic model sharing underutilized
resources? points: 1
Retailing
Wholesaling
Services
Manufacturing
High Tech
The Gig
Economy
7. Which of the following industries that attract small businesses involve planning and negotiating for
supplies, promoting, distributing, and providing merchandise assistance to clients? points: 1
Retailing
Wholesaling
Services
Manufacturing
High Tech
The Gig
Economy
1
8. Entrepreneurs of small business are better able to see emerging trends and create/alter their
product to serve customer needs. points: 1
true
false
9. Which of the following is true about the importance of small businesses to the US economy? points:
1
Small firms
firms
Small firms
jobs
Small firms
them
Small firms
firms
Small firms
employees
represent nearly 100% of all employer
have generated nearly zero net new
do not hire high-tech workers as they cannot afford
patents a lot less than large
represent all of private-sector
10. Based on the content that we have studied, why are small business so important to the (US)
economy? (State and explain at least 2 for full marks). points: 4
2