BUSI 101 Chapter 7B

Question 1

Advantage of starting a bus from scratch is that the entrepreneur has the freedom to use his/her own ideas & concepts

Accepted Answer

True

Question 2

Please choose the best answer

Accepted Answer

business plan

Question 3

Please choose the best answer

Accepted Answer

False

Question 4

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Accepted Answer

Deborah should start from scratch.

Question 5

Please choose the best answer

Accepted Answer

False

Question 6

Please choose the best answer

Accepted Answer

True

Question 7

According to small business experts, while raising start-up funds from friends and relatives, it is:

Accepted Answer

essential to keep the relationship as professional as possible.

Question 8

Based on statistics from the US SBA small businesses comprise 49.9% of all businesses in the US

Accepted Answer

False

Question 9

For entrepreneurs, there is no correlation between dollars earned and hours worked.

Accepted Answer

False

Question 10

In the context of launching a new venture, the prime age for entrepreneurship is late 40s to early 50s

Accepted Answer

False

Question 11

According to the U.S. Small Business Administration (SBA), to officially count as "small," _____.

Accepted Answer

average revenue of a business should range from $0.75 million to $28.5 mil

Question 12

Based on statistics from the US SBA small businesses account for 78% of all private sector employees

Accepted Answer

False

Question 13

Buying an established business is a better plan than starting your business from scratch because:

Accepted Answer

the organizational structure is in place.

Question 14

An effective business plan is usually 25 to 50 pages long.

Accepted Answer

True

Question 15

Please choose the best answer

Accepted Answer

True

Questions 15