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