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Entrepreneurship & Starting a Biz - Ch 5 Flashcards | StudBud
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Entrepreneurship & Starting a Biz - Ch 5
Entrepreneurship & Starting a Biz - Ch 5
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The business plan/
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
Entrepreneurs start a business in an area that is not similar to their experience
False
True
2
One reason we have seen continued growth in home-based businesses is:
people need something to do while they wait to return to work.
it is less risky to start a home-based business than other types.
the location offers a more secure operational environment.
affordable technology makes it easier to compete.
3
Which of the following is NOT a characteristic of an Entrepreneur
Timid
Persistent
Risk-Taking
Self-Confident
4
A virtual business acts like a business, but is not a real business
False
True
5
A vision statement
sets the goals of the organization.
is part of the marketing plan.
is related to the scope and purpose.
tells how the business will succeed.
6
A plan of the business processes that result in production and delivery of product or service
Operational Plan
Organizational Plan
Contingency Plan
Marketing Plan
7
The first page of a Business Plan
Title Page
Cover Page
8
How a company will make customers aware of its products/services
Marketing Plan
Management Plan
Operational Plan
Growth Plan
9
Enterprise zones are:
blighted areas that contain toxic materials making them unsuitable for biz
places across the U.S. where entrepreneurs can set up & receive tax breaks.
government-owned properties that are available for entrepreneurial ventures
similar to incubator facilities but run by city & state government.
10
Research of the potential business's industry
Market Analysis
Competitive Analysis
11
Which of the following is a challenge of entrepreneurship?
All of these
Getting the funds to start a business.
Being fully responsible, alone and insecure about decisions.
Facing uncertain income levels.
12
Which of the following is NOT a characteristic of successful entrepreneurs
Responsible
Irresponsible
Action-Oriented
Goal-Oriented
13
Businesses that operate on the Internet, also known as dot-com businesses.
Sole Proprietorships
Virtual Business
Corporations
Partnerships
14
According to the
Spotlight on Small Business
, people between 16 to 34 years old are not attracted to starting a business
True
False
15
Reasons to be an entrepreneur include all except
the opportunity to be creative and build an enterprise.
doing what you enjoy.
being the boss or developing your own schedule.
not wanting to work long hours.
16
According to the SBA, a Small business consists of fewer than __________ employees?
800
600
500
1,200
17
A plan presenting financial forecasts for the business
Contingency Plan
Growth Plan
Marketing Plan
Financial Plan
18
The main reason people become entrepreneurs is to have the opportunity to be creative
True
False
19
Businesses that are owned and operated by one person are called
Sole Proprietorship
Corporation
Partnership
20
In the marketing plan section, the market analysis includes research about the customers
False
True
21
Enterprise zones offer lower tax rates and government assistance to attract private business investment.
False
True
22
There are 10 essential parts of a Business Plan
True
False
23
Which of the following is NOT on the checklist for Starting a Venture?
How will I produce?
What physical facilities will I need?
Why is my product needed?
What will I produce?
24
Entrepreneurship involves accepting the risk of starting and running a business.
False
True
25
Knowing about business only benefits you as an employee, not as a consumer
False
True
26
Entrepreneurship is another name for management.
False
True
