SMALL BUSINESS MANAGEMENT EXAMS [2026]
UPDATED ACTUAL Exam | Question and Answer |
VERIFIED ANSWERS
• A small business is one that is? -✓✓ Activity managed by the owners
Highly personalized
Largely local in it's area of operations
Largely dependent on enternal sources of capital.
Independently owned and operated and does not donate the field of operation.
• A successful going concern has demonstrated? -✓✓ An ability to attract
customers.
Can control cost.
Can make a profit.
Has a track record under actual marketing conditions.
• Causes of business failure? -✓✓ External Problems:
Human Resource Planning
Capital Shortages- Lack of available money.
Tax Burdens
Government regulations
Consumerism
Internal Problems:
Lack of expertise
Financial Shortages
, Human resource management
• Economic contributions of small business in the U.S.? -✓✓ Interdependence of
business-small business are essential to enable a few large ones to concentrate on
those economic activities where their efforts are more effective. S.B. creates 52%
of all private employment and 51% of the nations total output of goods & services
(as of 2002).
Stimulating economic competition
Innovation
• Intangible and Tangible asset -✓✓ Intangible: is a type of asset that is not able to
be physically touched but retained by a small business.
Tangible:Physical asset that possess ginuine value.
• Long range planning -✓✓ Over 10 years
• Intermediate planning -✓✓ 2-9 Years
• Short-term planning -✓✓ 1 year or less
• Major source of new ideas come from? -✓✓ Innovation
• Management Activities -✓✓ 1. planning - selection ordering of tasks to achieve
goals
UPDATED ACTUAL Exam | Question and Answer |
VERIFIED ANSWERS
• A small business is one that is? -✓✓ Activity managed by the owners
Highly personalized
Largely local in it's area of operations
Largely dependent on enternal sources of capital.
Independently owned and operated and does not donate the field of operation.
• A successful going concern has demonstrated? -✓✓ An ability to attract
customers.
Can control cost.
Can make a profit.
Has a track record under actual marketing conditions.
• Causes of business failure? -✓✓ External Problems:
Human Resource Planning
Capital Shortages- Lack of available money.
Tax Burdens
Government regulations
Consumerism
Internal Problems:
Lack of expertise
Financial Shortages
, Human resource management
• Economic contributions of small business in the U.S.? -✓✓ Interdependence of
business-small business are essential to enable a few large ones to concentrate on
those economic activities where their efforts are more effective. S.B. creates 52%
of all private employment and 51% of the nations total output of goods & services
(as of 2002).
Stimulating economic competition
Innovation
• Intangible and Tangible asset -✓✓ Intangible: is a type of asset that is not able to
be physically touched but retained by a small business.
Tangible:Physical asset that possess ginuine value.
• Long range planning -✓✓ Over 10 years
• Intermediate planning -✓✓ 2-9 Years
• Short-term planning -✓✓ 1 year or less
• Major source of new ideas come from? -✓✓ Innovation
• Management Activities -✓✓ 1. planning - selection ordering of tasks to achieve
goals
