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Chapter 5 BUS101 Flashcards | StudBud
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Chapter 5 BUS101
Chapter 5 BUS101
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Answers
1
What is a business plan?
having a general idea before starting your own business
Step-by-step explanation of a how a business will achieve its goals
A document that limits the business's flexibility & decision-making ability
A license to sell another's products or to use another's name in business
2
A small business is any independently owned and operated business that is not dominant in its competitive area
False
True
3
An entrepreneur is a person who risks his or her wealth, time, and effort to develop for profit an innovative product
False
True
4
Which of the following are industries that attract small businesses?
All of the above
Retailing
Manufacturing
Technology
5
Intrapreneurs are individuals in large firms who take responsibility for the development of innovations
True
False
6
Technological advancements have...
allows small companies to customize their services slowly for customers
decreased the ability of home-based businesses to interact with customers
created new opportunities for small companies to expand their operations
disabled the growth of entrepreneurs working out of their houses
7
Small businesses do not provide opportunities for minorities and women to succeed in business.
True
False
8
Which of the following is a disadvantage of small-business ownership?
High costs
Undercapitalization
No flexibility
Less focus
9
Knowledge, experience, and judgement are neccessary for success in a new business
True
False
10
Franchising is not a good approach to starting a small business.
True
False
11
What is the Small Business Administration?
Organization that manages a business to achieve desired objectives
The company that sells a franchise
Agency that offers managerial and financial assistance to small businesses
Organization that provides some funds for a new business
12
Which of the following are reasons a small business may fail?
All of the above
Managerial Inexperience
Undercapitalization
Inability to cope with growth
13
What is entrepreneurship?
creating a new product to sell within a business
being promoted to a management position within a business
process of creating & managing a business to achieve desired objectives
a business that does not employ more than 500 people
14
Which of the following is an advantage of franchising?
Standardized quality of goods and services
Less freedom in business decisions
Profit sharing with the franchiser
Limited product line
15
What are venture capitalists?
the purchaser of a franchise
people who agree to provide funds in exchange for an ownership interest
individuals who use entrepreneurship to address social problems
people who develop businesses with five or fewer employees
16
What does a sharing economy do?
Independent contractors earn income going from job to job
Offers opportunities to for those who want to be their own entrepreneurs
All of the above
An economic model involving the sharing of underutilized resources
17
Which of the following is an advantage to small-business ownership?
Low stress level
Low failure rate
Independence
All of the above
18
Advances in technology have opened up many new markets to small businesses.
False
True
