Duplicate of Chapter 5-Entrepreneurship and The Business Plan

Question 1

A new business undertaking involves risk and is called an(n) ______ .

Accepted Answer

venture

Question 2

A business can be classified as a "small business" if it has fewer than ______ .

Accepted Answer

500 employees

Question 3

A business plan must follow ______ .

Accepted Answer

a logical format

Question 4

A business plan is a written description of a new business venture that describes all business

Accepted Answer

aspects

Question 5

During the first five years of operation, about ______ of small businesses fail.

Accepted Answer

80%

Question 6

In a business plan, the size, scope, and type of business is explained in the ______ .

Accepted Answer

a company description

Question 7

The length of an executive summary should be limited to ______ .

Accepted Answer

two pages

Question 8

The most common form of business in the United States is ______ .

Accepted Answer

sole proprietorship

Question 9

Most successful entrepreneurs have similar ______ .

Accepted Answer

characteristics

Question 10

The business plan section that presents research about the company’s customer profile is called

Accepted Answer

the market analysis

Question 11

The business plan section that includes target market demographics and business location is

Accepted Answer

the market analysis

Question 12

______ businesses are the principle source of new jobs in the United States.

Accepted Answer

Small

Question 13

Before starting a business, an entrepreneur needs to determine if there is enough

Accepted Answer

demand

Question 14

Company values and beliefs are established in the ______ .

Accepted Answer

vision statement

Question 15

Internet businesses are often called ______ businesses.

Accepted Answer

virtual

Question 16

When entrepreneurs find new ways to solve old problems they demonstrate their ______ .

Accepted Answer

creativity

Question 17

Most business in the United States are owned and operated by ______ .

Accepted Answer

one person

Question 18

The business plan section that identifies likely risks to the business is called the ______ .

Accepted Answer

contingency plan

Question 19

The business plan section that identifies trends and growth within the industry is called the

Accepted Answer

industry overview

Question 20

People become entrepreneurs for ______ reasons besides making money.

Accepted Answer

a variety of

Questions 20