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

Question 1

Company values and beliefs are established in the ____.

Accepted Answer

vision statement

Question 2

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

Accepted Answer

a corporate charter

Question 3

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

Accepted Answer

company description

Question 4

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

Accepted Answer

franchise

Question 5

What does a mission statement do?

Accepted Answer

tells the major goals of a business

Question 6

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

Accepted Answer

True

Question 7

What are the three main forms of business organization?

Accepted Answer

sole proprietorships, partnerships, and corporations

Question 8

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

Accepted Answer

dissolve the partnership

Question 9

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

Accepted Answer

corporation

Question 10

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

Accepted Answer

by an intermediary

Question 11

A business owned by one person is called a

Accepted Answer

Sole proprietorship

Question 12

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

Accepted Answer

False

Question 13

Most successful entrepreneurs have similar___

Accepted Answer

characteristics

Question 14

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

Accepted Answer

Banks are concerned that they won't be repaid.

Question 15

The written permission to form a corporation is called a

Accepted Answer

certificate of incorporation

Question 16

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

Accepted Answer

competitive analysis

Question 17

Who would NOT be considered an entrepreneur?

Accepted Answer

a doctor who is employed by a hospital

Question 18

The person buying the franchise is called the

Accepted Answer

franchisee

Question 19

A business owned by its members is called a

Accepted Answer

cooperative

Question 20

The person or group selling the franchise are called the

Accepted Answer

franchisor

Question 21

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

Accepted Answer

Partnership

Question 22

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

Accepted Answer

marketing

Question 23

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

Accepted Answer

True

Question 24

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

Accepted Answer

market analysis

Question 25

Shareholders are people that own ? in a company

Accepted Answer

stock

Question 26

The length of an executive summary should be LIMITED to ____

Accepted Answer

2 pages

Question 27

The part of the profits that each stockholder receives is a

Accepted Answer

dividend

Question 28

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

Accepted Answer

organizational

Question 29

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

Accepted Answer

board of directors

Question 30

There are 10 essential parts of a business plan.

Accepted Answer

False

Question 31

What is a corporation?

Accepted Answer

a business with many owners

Question 32

Which is NOT a small business?

Accepted Answer

a fast food chain

Question 33

Which is true of intermediaries, wholesalers, and retailers?

Accepted Answer

They buy and sell goods.

Question 34

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

Accepted Answer

False

Question 35

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

Accepted Answer

True

Question 36

What is the most important reason many small businesses fail?

Accepted Answer

They sometimes don't start with good financial planning.

Question 37

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

Accepted Answer

accounting

Question 38

Which is often especially important to a small business?

Accepted Answer

creativity

Question 39

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

Accepted Answer

More and more are coming on the scene.

Question 40

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

Accepted Answer

Small

Question 41

Which type of business organization is a partnership most like?

Accepted Answer

sole proprietorship

Question 42

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

Accepted Answer

industry analysis

Question 43

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

Accepted Answer

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

Question 44

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

Accepted Answer

manufacturer

Question 45

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 46

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

Accepted Answer

article of partnership

Question 47

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

Accepted Answer

500 employees

Question 48

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

Accepted Answer

market analysis

Question 49

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

Accepted Answer

creativity

Question 50

Before starting a particular business, an entrepreneur needs to determine if there is __ for it

Accepted Answer

need

Question 51

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

Accepted Answer

50%

Question 52

Which would most likely describe a successful entrepreneur?

Accepted Answer

self-starter

Question 53

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

Accepted Answer

aspects

Question 54

Where do stores get the products that they sell?

Accepted Answer

wholesalers

Question 55

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 56

Internet businesses are often called ___ businesses

Accepted Answer

virtual

Question 57

Which is NOT a reward of entrepreneurship?

Accepted Answer

risking capital resources

Question 58

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

Accepted Answer

franchise

Question 59

Which best describes management's most important job?

Accepted Answer

Achieving goals by planning, controlling, and evaluating

Question 60

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

Accepted Answer

venture

Question 61

In which type of business do most Americans work?

Accepted Answer

service

Question 62

Which is true of a sole proprietorship?

Accepted Answer

Profits are only taxed once.

Question 63

Which is NOT an advantage of forming a corporation?

Accepted Answer

Profits are taxed twice: corporate and shareholder level.

Question 64

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

Accepted Answer

False

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