Intro to Business - Chapter 6 Review

The majority of small business owners are over ______ years old.

Money provided by large investors to finance new businesses

The National Federation of Independent Business says , ______ of new businesses are profitable.

T or F:  Large businesses are more efficient in meeting specific, specialized customer needs.

Business plans are typically developed for a __________ year period.

Money needed to pay for the current operating expenses for the year (or less).

Which is NOT a factor in finding the right place and time to start a small business?

A written description of a business idea and how it will be carried out.

The amount of money needed to open a business.

Which of the following in NOT a characteristic of an entrepreneur?

T or F:  Friends/Family provide most of the money to start an entrepreneurship.

Money needed for the main resources of the business (buildings, equipment, etc.)

What government agency offers information, publication and counseling to small businesses?

Which industry makes up the highest percentage of small business in the U.S.?

A designed change that increases the usefulness of a product or service

Someone who takes a risk in starting a business to earn a profit.

Small businesses are responsible for nearly _______ of the U.S. GDP.

Which is NOT true about entrepreneurs?

Which of the following is NOT a reason that small businesses fail?

An invention or creation that is brand new

Consumers are always looking for new and better choices to meet their wants and _____.

Over a ten year period, it is estimated that _____ of new businesses are discontinued.

A small business is defined as having ________ employees or less.

T or F?  Experience working in a small business is recommended before starting a small business

T or F?  A small business operates in ONE location only.