Intro to Business Chapter 5

Question 1

Written description of a business venture that describes all aspects of the business is called

Accepted Answer

a business plan

Question 2

Small businesses that use the Internet have grown more than 45% faster than those that do not.

Accepted Answer

True

Question 3

Knowing about business only benefits you as an employee, not as a consumer.

Accepted Answer

False

Question 4

You need to do market research to see if there is a demand for your product/service.

Accepted Answer

True

Question 5

The executive summary should be under 2 pages.

Accepted Answer

True

Question 6

A virtual business acts like a business, but is not a real business.

Accepted Answer

False

Question 7

The company description section of a business plan helps investors understand

Accepted Answer

all of the options

Question 8

All of the following are recommended traits to be an entrepreneur exempt being

Accepted Answer

cost-conscious

Question 9

A small business serves a limited geographic area and employs no more than 100 people.

Accepted Answer

False

Question 10

SBA stands for

Accepted Answer

Small Business Administration

Question 11

The vision statement establishes the scope and purpose of a company and reflects its values.

Accepted Answer

True

Question 12

The main reason people become entrepreneurs is to have the opportunity to be their own boss.

Accepted Answer

True

Question 13

A business plan is used by

Accepted Answer

all of the options

Question 14

The mission statement expresses the specific aspirations of a company.

Accepted Answer

True

Question 15

One of the biggest obstacles in starting a business is

Accepted Answer

obtaining financing

Question 16

A brief account of the key points contained in a business plan is the

Accepted Answer

executive summary

Question 17

Entrepreneurship is the process of

Accepted Answer

all of the options

Question 18

The description of the business's media plan is in the

Accepted Answer

marketing plan

Question 19

In a business plan, research about the business's customers is in the

Accepted Answer

market analysis

Question 20

A new business undertaking that involves risk is called a

Accepted Answer

venture

Question 21

There are 10 essential parts of a business plan.

Accepted Answer

False

Question 22

A virtual business is a business that

Accepted Answer

operates on the Internet

Question 23

Most U.S. businesses are

Accepted Answer

sole proprietorships

Question 24

Vision and mission statements state the guiding principles by which a business functions.

Accepted Answer

True

Intro to Business Chapter 5

Questions 24

Intro to Business Chapter 5

Questions 24