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PBM Chapter 6 Review Flashcards | StudBud
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PBM Chapter 6 Review
PBM Chapter 6 Review
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#BusinessPlans
Flashcards
29 cards
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Questions
29
Answers
1
One advantage of a small business includes...
having endless resources
more individual attention to customers
lots of startup money
less attention to customers
2
The description part of a business plan shows...
marketing activities
budgets
sales forecast
ownership structure
3
How many businesses are started annually?
525,000
250,000
100,000
625,000
4
The customer analysis part of a business plan shows...
sales forecast
marketing activities
budgets
ownership structure
5
A corporation is owned and financed by shareholders
FALSE
TRUE
6
The financial part of a business plan shows...
ownership structure
budgets
marketing activities
sales forecast
7
The SBA (Small Business Administration) job is to ...
help small business owners get out of owning a business
help small business owners develop new business plans
give small business owners money
help larger businesses put small business out of business
8
A venture capitalist provides money to...
finance bad ideas
finance new products
finance existing products
9
Which of the following is NOT part of a business plan?
Operations
Customer Analysis
Description of the business
Description of the owner
10
How often are business plan updated?
every 1 year
every month
every 5 years
every 3 years
11
A venture capitalist provides money and expects nothing in return.
FALSE
TRUE
12
A small business has fewer than ____ employees
250
100
500
50
13
What is the most important step in starting a business?
getting out
selling the product
preparation
making money
14
What percentage of financing is by the owner's family members?
75%
25%
50%
10%
15
Owning a business with 2+ investors
Sub Chapter C Corp
partnership
sole proprietorship
Corporation
16
Owning a business on your own
partnership
Corporation
Sub Chapter C Corp
sole proprietorship
17
Business plans outline the company's activities for approximately...
1 month
1 year
5 years
10 years
18
Money needed for resources that will last many years.
short-term financing
start-up financing
long-term financing
venture capitalist
19
A business plan is a written description of...
the competition
just the financial plan
a business idea and how it will be executed
just the marketing plan
20
How many new jobs are created by small businesses?
25%
70%
50%
60%
21
The operations part of a business plan shows...
budgets
analysis of resources needed
short-term financing
sales forecast
22
An "innovation" is a...
having products or materials on hand
a change to increase the usefulness of a product or service
recreating something that is the same
an invention or creation that is new
23
Money needed for resources to pay for current operating expenses
start-up financing
short-term financing
venture capitalist
long-term financing
24
Having products or raw materials on hand is called...
innovation
improvement
invention
inventory
25
An "improvement" is
no changes made to a product
a change to decrease the effect of a product or service
a change to increase the usefulness of a product or service
26
Someone who takes a risk starting a business to earn a profit.
entrepreneur
innovation
partnership
venture capitalist
27
What is one reason that a small business FAILS?
no investors / money
poor location for business
don't keep adequate records
no experience in management
28
Money needed for resources to open a business
venture capitalist
short-term financing
long-term financing
start-up financing
29
The marketing part of a business plan shows...
ownership structure
marketing activities
sales forecast
budgets
