Thinking Small

Although big businesses often grab the headlines, and thus our attention, small businesses play a key role in the economy. This quiz asks you about facts and data surrounding small firms and their big economic presence.

Read more: Financial Tips from the Atlanta Fed: Entrepreneurship

Sources: Question 1; Question 2; Question 3; Question 4; Question 5; Question 6; Question 7; Question 8; Question 9; Question 10

1. Nonemployer firms—businesses that have no paid employees—make up what share of all U.S. firms?
40 percent
60 percent
80 percent
2. Nationally, how many nonemployer firms existed in 2017?
2.9 million
14.3 million
25.7 million
3. A 2016 survey showed that among small firms that applied for a loan or line of credit from an online lender, white-owned firms had the highest approval rate (69.1 percent). Which type of firm had the next-highest approval rate?
4. When was National Small Business Week first proclaimed by a U.S. president?
5. True or false: From 2000 to 2017, small businesses (those with fewer than 500 employees) created more U.S. jobs than did large businesses.
6. When a small firm encounters difficulty hiring a qualified person for a position, what is the most common response?
Restructuring existing employee responsibilities
Asking current employees to work overtime
Increasing the position's starting pay
7. In 2014, 7.6 percent of people in Generation X (born 1963 to 1981) and 8.3 percent of baby boomers (born 1944 to 1962) said they were self-employed. What percentage of millennials reported self-employment?
Less than 2 percent
Slightly more than 5 percent
Slightly less than 12 percent
8. Which age cohort has the highest rate of small business ownership?
40–49 years
50–59 years
60–69 years
9. Between 1997 and 2017, the number of businesses owned by women grew by what rate?
54 percent
84 percent
114 percent
10. How many people does the average business startup employ?