True/False Questions
1. Alexis de Tocqueville was impressed by the way America was being built by large industrial companies.
2. The Small Business Administration (SBA) estimates that there are over 220 million small businesses in the United States.
3. The Small Business Administration (SBA) estimates that there are 25.8 million small businesses in the United States.
4. According to the Small Business Administration, 52 percent of all small businesses are home based.
5. Of all U.S. companies exporting goods, few are classified as small businesses.
6. Over 99 percent of all businesses are classified as small.
7. Small businesses create more than 50 percent of all private U.S. gross domestic product (GDP).
8. According to Figure 1.1, almost all businesses are small businesses.
9. There are several definitions for small business; however, the most common criterion is the number of employees working for that business.
10. A manufacturer with fewer than 500 employees is classified as a small business.
11. The industry that employs the largest number of people in small business is the finance and insurance industry
12. The manufacturing industry employs the greatest number of people in small business.
13. In the construction industry 90 percent of the companies are classified as small businesses.
14. The common size standard for a service or retail business to be classified as a small business is $6 million in average annual sales.
15. According to Figure 1.2, a majority of businesses in the education service sector are small.