Chapter 6 Entrepreneurship

Question 1

The most important step in starting a business is developing confidence.

Accepted Answer

false

Question 2

A govt. agency that helps entrepreneurs develop business plans and obtain financing.

Accepted Answer

SBA

Question 3

A good example of an entrepreneur is a(n)

Accepted Answer

shop owner

Question 4

Products or raw materials a business keeps on hand.

Accepted Answer

inventory

Question 5

Group of retired business people who volunteer their services to help new business owners.

Accepted Answer

SCORE

Question 6

Most Americans are employed by a small business.

Accepted Answer

true

Question 7

Business idea, ownership structure & long-term goals are in this part of business plan.

Accepted Answer

description of the business

Question 8

Most business plans are updated

Accepted Answer

every year

Question 9

A design change that increases the usefulness of a product.

Accepted Answer

improvement

Question 10

According to the SBA, a small business is an independent business w/ fewer than ____ employees.

Accepted Answer

500

Question 11

Money needed to pay for the current operating activities of a business.

Accepted Answer

short-term financing

Question 12

Most successful entrepreneurs have a low tolerance for ambiguity.

Accepted Answer

false

Question 13

The American private enterprise system discourages risk-taking and innovation.

Accepted Answer

false

Question 14

Personal characteristics of successful entrepreneurs include:

Accepted Answer

persistence

Questions 14