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Intro Test #5 Flashcards | StudBud
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Intro Test #5
Intro Test #5
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Questions
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Answers
1
Which part of a business plan descibes management and tells who will run the firm?
financial
growth
operational
organizational
2
Which would most likely describe a successful entrepreneur?
lazy
self-starter
shy
bossy
3
What is the most important reason many small businesses fail?
Entrepreneurs sometimes don't start with good financial planning
Entrepreneurs feel insecure
Entrepreneurs work alone too often
Entrepreneurs get bought out by bigger companies
4
Who would NOT be considered an entrepreneur?
a doctor who writes a book in his spare time
a doctor who starts own practice
a doctor who works as a consultant
a doctor who is employed by a hospital
5
What is true of long-term investment?
"Long-term investing" means to "retire"
The investment includes a savings account
The value of the investment fluctuates over time
A "long term" is for less than two years
6
What does a mission statement do?
tells your business concept
describes the company
reflects the purpose of the company
tells the major goals of a business
7
Which is often especially important to a small business?
creativity
digitizing
accounting
electronics
8
What other piece of the business plan is related to the market analysis?
mission statement
industry overview
marketing plan
competitive analysis
9
Which is NOT a reward of entrepreneurship?
risking capital resources
doing what you enjoy
being creative
being the boss
10
Which is not a small business?
a delivery service consisting of ten teens with bikes
a babysitting team
a web store
a fast food chain
11
What is the immediate future of virtual, or online, businessess?
They are on the decline
No one can predict what will happen next
More and more are coming on the scence
People aren't as interested in starting them now
12
What is the most important reason for having a business plan?
to do market research
to find out what to produce in your business
to make a checklist
to help you focus on how to suceed in your new venture
13
What is a characteristic of the executive summary in a business plan?
It describes your service plan
It discusses how you will fill in any gaps in expertise
It contains details
It tells the most important points of the business plan
14
Why do people have trouble getting money to start their own businesses?
Banks want to own the entrepreneur's business
Banks give more money to corporations
Banks are concerned that they won't ne repaid
Banks don't give loans to entrepreneurs
15
What is a corporation?
a business bought out by someone new
a business with many owners
a business bought out by two people
a business owned by one person
