B21C Unit 3 Test Review

A written contract granting permission to operate a business is a ___________.

A good example of an entrepreneur is a(n)_________.

Many small businesses fail because the owners start with little money and keep poor records.

The ________ of a business plan includes pricing strategies, advertising plans, and slogan.

An entrepreneur must ______________.

True or False: A business plan is created to secure financing only.

Location is not very important consideration in business planning.

This section of the business plan includes the idea, products/services, and goals.

True or False: You should gather data and information after you write your business plan.

This type of financing is used to pay for daily activities.

Financial plans will include the amount of money you need to start your business.

True or False: small businesses are responsible for most new employment.

Entrepreneurs should have all of the following EXCEPT.

____ is money provided by large investors to finance new products and businesses.

Which of the following is NOT a characteristic of a successful entrepreneur?

The form of ownership most common among U.S. businesses is___________.

If you are the owner of a(n) ___________ there is no protection for your personal assets.

A written description of a business idea and how it will be carried out.

An invention or creation that is brand new.

This government agency helps small business owners develop business plans

True or False: A business plan should be written only by the entrepreneur.

Proprietorships are the easiest type of business to start.

Most new businesses get about 75% of their start-up funds from a bank.

____________ are the business form that receive the largest portion of revenue in the U.S.

Businesses may fail for many reasons such as: _____________.

Nonprofits are required by law to pay income taxes on the donations they receive.

True or False: Your business plan should include many different options and alternatives.

A small business is an independent business with fewer than 500 employees.

Which of the following is not a reason small businesses fail?

Which would most likely describe a successful entrepreneur?

What is someone like Jeff Bezos, who started Amazon.com, called?

Someone who takes a risk in starting a business to earn a profit.

A corporation’s owners have access to profits only if the board of directors approves it.