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Chapter 6 : Entrepreneurship section 6.1 Flashcards | StudBud
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Chapter 6 : Entrepreneurship section 6.1
Chapter 6 : Entrepreneurship section 6.1
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Answers
1
Ability to influence others to reach a goal.
Leadership
Job-Specific skills
Trait
capital structure
2
Entrepreneurs willingly risk resources to start and run a business in pursuit of
Pro forma
Professional advice
Profit
Investors
3
A business plan includes :
Approval from the service corps of retired executives (SCORE)
Financial Projections
Approval from the small business administration (SBA)
Collateral
4
Distinguishing characteristic or quality that makes each person unique.
Leadership
Planning
Mentor
Trait
5
Someone with experience who can provide advice , suggestions , and ideas .
Capital Structure
Market
Mentor
Cash Flow
6
Which of the following is NOT a potential advantage of purchasing an existing business ?
History of profitable operations
Expensive purchase price
Guidance and advice from previous owner
Proven products and sales strategies
7
Which of the following is a quality of effective leadership.
Self-reliability
Self-Confidence
Self-Transferability
Self-mentoring
8
Which of the following is a source of professional advice for new entrepreneurs.
Food and Drug Administration (FDA)
Small business administration (SBA)
Federal Reserve System
Federal Trade Commission (FTC)
9
Transferable skills - Someone with experience who can provide advice , suggestions , and ideas .
True
False
10
Critical skills necessary to perform the required work-related tasks of a position ; also known as skills of the trade.
Job-Specific Skills
Trait
Mentor
Leadership
11
Which pro forma financial statement projects revenue and expenses to show whether or not a business is profitable ?
Income statement
Cash flow statement
Balance sheet
Income tax return
12
Which of the following is a basic skill every entrepreneur should master ?
Mentoring
Franchising
Basic math functions
Angel investing
13
Which of the following is NOT a reason why many new businesses fail ?
Poor management skills
Lack of money
Improper budgeting
Lack of profit motive
14
The process of setting goals and deciding how to accomplish them.
Planning
Entrepreneurs
Goal
Understanding
15
Skills gained through life experience or working on a job that help an individual perform in the workplace .
Administration
Failure
Transferable Skills
poor management
16
An entrepreneur can choose to
Start a new business
Purchase an existing business
Buy a franchise
Any of the above
17
Two sources of equity financing are :
Angel investors and collateral
Venture Capital and collateral
Venture Capital and angel investors
Collateral and cash flow
