Entrepreneurship (Ch. 6 PBM)

Question 1

This part of the business plan discusses characteristics of the industry and economic condition

Accepted Answer

description of competition

Question 2

The first question you should ask yourself is

Accepted Answer

Why am I starting a business?

Question 3

Business ideas come from

Accepted Answer

all of the above

Question 4

This government agency helps entrepreneurs develop business plans and obtain financing

Accepted Answer

Small Business Administration

Question 5

New businesses are often discontinued because of

Accepted Answer

higher than expected expenses

Question 6

Home-Based businesses account for ___% of all small businesses

Accepted Answer

50

Question 7

Every business begins with an

Accepted Answer

idea

Question 8

Another important question to ask is

Accepted Answer

Who is my competition?

Question 9

The most important step in starting a business plan is

Accepted Answer

preparation and research

Question 10

Which is not part of a business plan

Accepted Answer

Questions and Answers

Question 11

Which is NOT one of the 10 steps to starting a business?

Accepted Answer

Rent a building for the business

Question 12

A small business will have fewer than

Accepted Answer

500

Question 13

Money needed for current operating expenses of the business

Accepted Answer

short term financing

Question 14

Which is NOT a reason a small business will fail?

Accepted Answer

not enough employees to do the work

Question 15

A successful entrepreneur does NOT have the following character flaw:

Accepted Answer

reckless

Question 16

Purchase of capital equipment that will last for many years

Accepted Answer

long term financing

Question 17

A designed change that increases the usefulness of a product or service

Accepted Answer

improvement

Question 18

Money used to open a business

Accepted Answer

start-up financing

Question 19

An entrepreneur is someone who takes a ____ in starting a business to earn a profit.

Accepted Answer

risk

Question 20

A good example of an entrepreneur is

Accepted Answer

a tire store owner

Question 21

An invention or creation that is brand new is called

Accepted Answer

innovation

Question 22

This % of U.S. small businesses are owned by minorities

Accepted Answer

16

Question 23

Most of the money needed to start a new business comes from

Accepted Answer

family and friends

Question 24

Over a 10-year period, ___% of businesses will be discontinued.

Accepted Answer

50

Question 25

A written description of the business idea

Accepted Answer

business plan

Entrepreneurship (Ch. 6 PBM)

Questions 25

Entrepreneurship (Ch. 6 PBM)

Questions 25