What is a characteristic of the executive summary in a business plan?

It tells the most important points of the business plan

What is the most important reason for having a business plan?

to help you focus on how to suceed in your new venture

What does a mission statement do?

tells the major goals of a business

What is true of long-term investment?

The value of the investment fluctuates over time

What is the immediate future of virtual, or online, businessess?

More and more are coming on the scence

What is the most important reason many small businesses fail?

Entrepreneurs sometimes don't start with good financial planning

Why do people have trouble getting money to start their own businesses?

Banks are concerned that they won't ne repaid

Who would NOT be considered an entrepreneur?

a doctor who is employed by a hospital

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Intro Test #5

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Questions 15

Answers

1
What is a characteristic of the executive summary in a business plan?
It describes your service plan
It contains details
It discusses how you will fill in any gaps in expertise
It tells the most important points of the business plan
2
Which would most likely describe a successful entrepreneur?
shy
self-starter
lazy
bossy
3
What is the most important reason for having a business plan?
to find out what to produce in your business
to make a checklist
to do market research
to help you focus on how to suceed in your new venture
4
What does a mission statement do?
describes the company
tells your business concept
reflects the purpose of the company
tells the major goals of a business
5
Which is NOT a reward of entrepreneurship?
risking capital resources
being creative
being the boss
doing what you enjoy
6
Which is not a small business?
a web store
a babysitting team
a delivery service consisting of ten teens with bikes
a fast food chain
7
Which part of a business plan descibes management and tells who will run the firm?
growth
operational
financial
organizational
8
What is true of long-term investment?
"Long-term investing" means to "retire"
The value of the investment fluctuates over time
The investment includes a savings account
A "long term" is for less than two years
9
Which is often especially important to a small business?
accounting
creativity
electronics
digitizing
10
What is the immediate future of virtual, or online, businessess?
People aren't as interested in starting them now
They are on the decline
More and more are coming on the scence
No one can predict what will happen next
11
What is the most important reason many small businesses fail?
Entrepreneurs work alone too often
Entrepreneurs get bought out by bigger companies
Entrepreneurs feel insecure
Entrepreneurs sometimes don't start with good financial planning
12
Why do people have trouble getting money to start their own businesses?
Banks give more money to corporations
Banks want to own the entrepreneur's business
Banks are concerned that they won't ne repaid
Banks don't give loans to entrepreneurs
13
What is a corporation?
a business with many owners
a business owned by one person
a business bought out by two people
a business bought out by someone new
14
Who would NOT be considered an entrepreneur?
a doctor who writes a book in his spare time
a doctor who starts own practice
a doctor who works as a consultant
a doctor who is employed by a hospital
15
What other piece of the business plan is related to the market analysis?
industry overview
mission statement
competitive analysis
marketing plan

Intro Test #5 Flashcards | StudBud