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Chapter 6 : Entrepreneurship section 6.1 Flashcards | StudBud
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Chapter 6 : Entrepreneurship section 6.1
Chapter 6 : Entrepreneurship section 6.1
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Answers
1
Critical skills necessary to perform the required work-related tasks of a position ; also known as skills of the trade.
Leadership
Job-Specific Skills
Mentor
Trait
2
An entrepreneur can choose to
Purchase an existing business
Start a new business
Buy a franchise
Any of the above
3
Two sources of equity financing are :
Venture Capital and angel investors
Venture Capital and collateral
Angel investors and collateral
Collateral and cash flow
4
Which of the following is NOT a potential advantage of purchasing an existing business ?
Guidance and advice from previous owner
Proven products and sales strategies
Expensive purchase price
History of profitable operations
5
A business plan includes :
Approval from the service corps of retired executives (SCORE)
Financial Projections
Collateral
Approval from the small business administration (SBA)
6
Which pro forma financial statement projects revenue and expenses to show whether or not a business is profitable ?
Income tax return
Cash flow statement
Income statement
Balance sheet
7
Transferable skills - Someone with experience who can provide advice , suggestions , and ideas .
False
True
8
The process of setting goals and deciding how to accomplish them.
Goal
Entrepreneurs
Understanding
Planning
9
Skills gained through life experience or working on a job that help an individual perform in the workplace .
Administration
Failure
poor management
Transferable Skills
10
Ability to influence others to reach a goal.
Leadership
Trait
Job-Specific skills
capital structure
11
Which of the following is a quality of effective leadership.
Self-reliability
Self-mentoring
Self-Confidence
Self-Transferability
12
Which of the following is NOT a reason why many new businesses fail ?
Lack of profit motive
Improper budgeting
Lack of money
Poor management skills
13
Distinguishing characteristic or quality that makes each person unique.
Mentor
Leadership
Trait
Planning
14
Entrepreneurs willingly risk resources to start and run a business in pursuit of
Professional advice
Pro forma
Profit
Investors
15
Which of the following is a source of professional advice for new entrepreneurs.
Federal Reserve System
Federal Trade Commission (FTC)
Small business administration (SBA)
Food and Drug Administration (FDA)
16
Someone with experience who can provide advice , suggestions , and ideas .
Cash Flow
Market
Capital Structure
Mentor
17
Which of the following is a basic skill every entrepreneur should master ?
Franchising
Basic math functions
Angel investing
Mentoring
