Entrepreneurship Mid Term Exam

A local Chamber of Commerce can provide information on trends affecting local businesses, local resources, and zoning an

Entrepreneurs should avoid seeking advice from accountants because doing so will make them appear inexperienced

A business plan does not give suppliers much confidence when it comes to extending credit. 

The only people who should read a business plan are the owner and potential investors. 

The first step to starting up a business is ________. 

A business plan will not help you think about all the aspects of your business. 

Poor research is a common mistake made when writing a business plan. 

Writing a business plan can help you identify problems you might encounter in the future. 

A business plan must provide detailed information that shows how your business will succeed in earning a _______. 

Writing an effective business plan should only take 24 hours. 

A handwritten business plan is acceptable if it is neat, well organized, and inviting to read. 

If your business is too close to a competitor, sales will not suffer.

Your business plan must 

Counselors from Small Business Development Centers and volunteers from SCORE can provide advice and workshops to help yo

A corporation is an independent legal entity owned by shareholders.

A partnership is only owned by two people.

A brief explanation of why you are asking for a loan and what you plan to do with the money is called an executive summa

An undefined target market can ruin a business plan. 

A business plan provides financial information that shows how your business will earn a profit.

Writing a business plan can force entrepreneurs to think about their goals 

A business plan should 

Prospective lenders and investors do not need to know what risks your business faces and how you plan to deal with them.

The financial section of the business plan should state how much $$ you need to borrow and how much you are investing

The introduction section of a business plan contains all of the following except: 

A good business plan includes sales projections for the short, medium, and long term and sets forth future business plan

The backgrounds and experience of the people who will be running the business help lenders make financing decisions

Entrepreneurship is the process of starting, opening, and growing a business.

How a business will get and keep customers is not a part of a business plan. 

When one person owns a business it is called a sole proprietorship. 

 A ________________ company is a hybrid type of business legal structure that provides the limited liability features of

The funding request section should include how much money you are investing in the business, how much money you need to

Lenders require a business plan before they will consider financing a business. 

Before lenders will loan money to a new business, 

Your business plan should describe the location(s) of your business because

Information about necessary equipment for your business is included in the 

In many communities, the local Chamber of ___________ offers assistance and information to entrepreneurs. 

Online business resources

Which of the following would be least likely to be a helpful resource for your business plan?

The marketing section of your business plan explains 

The internet is not a trusted source of information on how to develop a business plan. 

The marketing section of your business plan should describe the location of your business. 

The financial statement based on projected revenues is called an informal financial statement. 

Copies of resumes help show that owners are qualified to manage a business. 

A good business plan includes sales projections for the short, medium, and long term and sets forth future business plan

Trade associations provide all of the following to entrepreneurs except

Which of the following is not a purpose of a business plan?

The appendix of a business plan might include the following supporting documents