Combined: Intro to Bus Ch 6 + Ch. 5 Entrepreneurship Review + Ch. 5 Entrepreneurship + Ch. ...

Question 1

Internet businesses are often called ___ businesses

Accepted Answer

virtual

Question 2

The written permission to form a corporation is called a

Accepted Answer

certificate of incorporation

Question 3

Small businesses that use the Internet have grown more than 45% faster than those that don't.

Accepted Answer

True

Question 4

Which part of a business plan describes management and tells who will run the firm?

Accepted Answer

organizational

Question 5

Which is NOT a small business?

Accepted Answer

a fast food chain

Question 6

a written agreement that will provide the details of how a partnership will operate is an

Accepted Answer

article of partnership

Question 7

The most common form of business in the United States is ___

Accepted Answer

small business

Question 8

What is the most important reason many small businesses fail?

Accepted Answer

They sometimes don't start with good financial planning.

Question 9

Which is often especially important to a small business?

Accepted Answer

creativity

Question 10

During the first five years of operation, about ___ of small businesses fail.

Accepted Answer

50%

Question 11

The person or group selling the franchise are called the

Accepted Answer

franchisor

Question 12

A group with responsibility to guide the operations of a corporation is called a

Accepted Answer

board of directors

Question 13

In which type of business do most Americans work?

Accepted Answer

service

Question 14

Company values and beliefs are established in the ____.

Accepted Answer

vision statement

Question 15

The business plan section that presents research about the company's customer profile is called

Accepted Answer

market analysis

Question 16

Which department in a company sets the price of a product?

Accepted Answer

marketing

Question 17

The executive summary of the plan should be no more than two pages.

Accepted Answer

True

Question 18

Knowing about business only benefits you as an employee, not as a consumer.

Accepted Answer

False

Question 19

Many successful entrepreneurs work in a related business before starting their own company.

Accepted Answer

True

Question 20

Who would NOT be considered an entrepreneur?

Accepted Answer

a doctor who is employed by a hospital

Question 21

When expanding your business from a partnership to a corporation, what must be done first?

Accepted Answer

dissolve the partnership

Question 22

There are 10 essential parts of a business plan.

Accepted Answer

False

Question 23

A business owned by a number of people and operated under written permission from the state is

Accepted Answer

corporation

Question 24

When entrepreneurs find new ways to solve old problems they demonstrate their ___

Accepted Answer

creativity

Question 25

A business plan is a written description that describes all ___ of the business.

Accepted Answer

aspects

Question 26

What other piece of the business plan is related to the market analysis?

Accepted Answer

competitive analysis

Question 27

What is a corporation?

Accepted Answer

a business with many owners

Question 28

A business owned by its members is called a

Accepted Answer

cooperative

Question 29

Which is true of intermediaries, wholesalers, and retailers?

Accepted Answer

They buy and sell goods.

Question 30

The business plan section that identifies trends and growth within the industry is the ___

Accepted Answer

industry analysis

Question 31

The person buying the franchise is called the

Accepted Answer

franchisee

Question 32

A small business serves a limited geographic area and employs no more than 100 people.

Accepted Answer

False

Question 33

The length of an executive summary should be LIMITED to ____

Accepted Answer

2 pages

Question 34

What are the three main forms of business organization?

Accepted Answer

sole proprietorships, partnerships, and corporations

Question 35

Which type of business makes a finished product, such as an automobile?

Accepted Answer

manufacturer

Question 36

A business owned by one person is called a

Accepted Answer

Sole proprietorship

Question 37

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

Accepted Answer

More and more are coming on the scene.

Question 38

A business owned and managed by a small group often not more than 2 or 3 is called a

Accepted Answer

Partnership

Question 39

Which is true of a sole proprietorship?

Accepted Answer

Profits are only taxed once.

Question 40

A business can be classified as a "small business" if it has fewer than __

Accepted Answer

500 employees

Question 41

Which is NOT a reward of entrepreneurship?

Accepted Answer

risking capital resources

Question 42

What does a mission statement do?

Accepted Answer

tells the major goals of a business

Question 43

written contract granting permission to sell someone's product or service in a prescribed way

Accepted Answer

franchise

Question 44

The part of the profits that each stockholder receives is a

Accepted Answer

dividend

Question 45

_____ businesses are the principle source of new jobs in the United States.

Accepted Answer

Small

Question 46

Which type of business organization is a partnership most like?

Accepted Answer

sole proprietorship

Question 47

Which business structure contains both the benefits of a small business and a corporation?

Accepted Answer

franchise

Question 48

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

Accepted Answer

It tells the most important points of the business plan.

Question 49

The section that includes demographic data about the target market and business location is

Accepted Answer

market analysis

Question 50

Which is NOT an advantage of forming a corporation?

Accepted Answer

Profits are taxed twice: corporate and shareholder level.

Question 51

In order to become a corporation, what must a business have?

Accepted Answer

a corporate charter

Question 52

Shareholders are people that own ? in a company

Accepted Answer

stock

Question 53

In a business plan, the size, scope, and type of business is explained in the _____

Accepted Answer

company description

Question 54

Where do stores get the products that they sell?

Accepted Answer

wholesalers

Question 55

Most successful entrepreneurs have similar___

Accepted Answer

characteristics

Question 56

What does unlimited liability mean to the owner of a business?

Accepted Answer

The owner is responsible for all the company's debts.

Question 57

Which best describes management's most important job?

Accepted Answer

Achieving goals by planning, controlling, and evaluating

Question 58

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

Accepted Answer

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

Question 59

Which would most likely describe a successful entrepreneur?

Accepted Answer

self-starter

Question 60

How does a product get from a manufacturer to a wholesaler?

Accepted Answer

by an intermediary

Question 61

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

Accepted Answer

Banks are concerned that they won't be repaid.

Question 62

The main reason people become entrepreneurs is to have the opportunity to work when they want.

Accepted Answer

False

Question 63

Which department in a company pays the bills for the business?

Accepted Answer

accounting

Question 64

A new business undertaking involves risk and is called a(n) ___

Accepted Answer

venture

Combined: Intro to Bus Ch 6 + Ch. 5 Entrepreneurship Review + Ch. 5 Entrepreneurship + Ch. ...

Questions 65

Combined: Intro to Bus Ch 6 + Ch. 5 Entrepreneurship Review + Ch. 5 Entrepreneurship + Ch. ...

Questions 65