What does a mission statement do?

tells the major goals of a business

What is the most important reason many small businesses fail?

They sometimes don't start with good financial planning.

What is a characteristic of the executive summary in a business plan?

It tells the most important points of the business plan.

What is the immediate future of virtual, or online, businesses?

More and more are coming on the scene.

Why do people have trouble getting money to start their own businesses?

Banks are concerned that they won't be repaid.

Who would NOT be considered an entrepreneur?

a doctor who is employed by a hospital

What is true of a long-term investment?

The value of the investment fluctuates over time.

What is the most important reason for having a business plan?

to help you focus on how to succeed in your new venture

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Ch. 5 Entrepreneurship

15 termsStudBud Administration57 plays

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What does a mission statement do?
reflects the purpose of the company
describes the company
describes the company
tells the major goals of a business
2
What is a corporation?
a business owned by one person
a person owned by two people
a business bought out by someone new
a business with many owners
3
What is the most important reason many small businesses fail?
They sometimes don't start with good financial planning.
Entrepreneurs work alone too often.
Entrepreneurs feel insecure
Entrepreneurs get bought out by bigger companies.
4
What is a characteristic of the executive summary in a business plan?
It describes your service plan.
It contains details.
It discusses how you will fill in any gaps in expertise.
It tells the most important points of the business plan.
5
Which is NOT a small business?
a web store
a delivery service consisting of ten teens with bikes
a babysitting team
a fast food chain
6
What is the immediate future of virtual, or online, businesses?
No one can predict what will happen next.
More and more are coming on the scene.
They are on the decline.
People aren't as interested in starting them now
7
Why do people have trouble getting money to start their own businesses?
Banks want to own the entrepreneur's business.
Banks are concerned that they won't be repaid.
Banks give more money to corporations.
Banks don't give loans to entrepreneurs.
8
Who would NOT be considered an entrepreneur?
a doctor who starts own practice
a doctor who writes a book in his spare time
a doctor who is employed by a hospital
a doctor who works as a consultant
9
What is true of a long-term investment?
A "long term" is for less than two years
The value of the investment fluctuates over time.
The investment includes a savings account.
"Long-term investing" means "to retire."
10
Which is NOT a reward of entrepreneurship?
being the boss
doing what you enjoy
risking capital resources
being creative
11
Which would most likely describe a successful entrepreneur?
self-starter
shy
bossy
most likely describe a successful entrepreneur? A. l
12
Which part of a business plan describes management and tells who will run the firm?
financial
operational
organizational
growth
13
What is the most important reason for having a business plan?
to do market research
to make a checklist
to find out what to produce in your business
to help you focus on how to succeed in your new venture
14
Which is often especially important to a small business?
creativity
electronics
digitizing
accounting
15
What other piece of the business plan is related to the market analysis?
mission statement
competitive analysis
marketing plan
industry overview

Ch. 5 Entrepreneurship Flashcards | StudBud

Ch. 5 Entrepreneurship

15 termsStudBud Administration57 plays

Ch. 5 Entrepreneurship

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What does a mission statement do?
reflects the purpose of the company
describes the company
describes the company
tells the major goals of a business
2
What is a corporation?
a business owned by one person
a person owned by two people
a business bought out by someone new
a business with many owners
3
What is the most important reason many small businesses fail?
They sometimes don't start with good financial planning.
Entrepreneurs work alone too often.
Entrepreneurs feel insecure
Entrepreneurs get bought out by bigger companies.
4
What is a characteristic of the executive summary in a business plan?
It describes your service plan.
It contains details.
It discusses how you will fill in any gaps in expertise.
It tells the most important points of the business plan.
5
Which is NOT a small business?
a web store
a delivery service consisting of ten teens with bikes
a babysitting team
a fast food chain
6
What is the immediate future of virtual, or online, businesses?
No one can predict what will happen next.
More and more are coming on the scene.
They are on the decline.
People aren't as interested in starting them now
7
Why do people have trouble getting money to start their own businesses?
Banks want to own the entrepreneur's business.
Banks are concerned that they won't be repaid.
Banks give more money to corporations.
Banks don't give loans to entrepreneurs.
8
Who would NOT be considered an entrepreneur?
a doctor who starts own practice
a doctor who writes a book in his spare time
a doctor who is employed by a hospital
a doctor who works as a consultant
9
What is true of a long-term investment?
A "long term" is for less than two years
The value of the investment fluctuates over time.
The investment includes a savings account.
"Long-term investing" means "to retire."
10
Which is NOT a reward of entrepreneurship?
being the boss
doing what you enjoy
risking capital resources
being creative
11
Which would most likely describe a successful entrepreneur?
self-starter
shy
bossy
most likely describe a successful entrepreneur? A. l
12
Which part of a business plan describes management and tells who will run the firm?
financial
operational
organizational
growth
13
What is the most important reason for having a business plan?
to do market research
to make a checklist
to find out what to produce in your business
to help you focus on how to succeed in your new venture
14
Which is often especially important to a small business?
creativity
electronics
digitizing
accounting
15
What other piece of the business plan is related to the market analysis?
mission statement
competitive analysis
marketing plan
industry overview