Chapter 5 Review - Intro to Business

Question 1

Which part of a business is the owner responsible for?

Accepted Answer

everything

Question 2

Part of the business plan that points out the type of business structure your company will have

Accepted Answer

legal plan

Question 3

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

Accepted Answer

lack of business savvy

Question 4

according to this agency, small business owners are usually the managers

Accepted Answer

small business administration

Question 5

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

Accepted Answer

entrepeneur

Question 6

Part of the BP that describes the kinds of products you will sell or services you will provide.

Accepted Answer

products and services section

Question 7

Which of the following is a disadvantage of being an entrepreneur?

Accepted Answer

work long hours

Question 8

money left over after a business has paid all costs of doing business

Accepted Answer

profit

Question 9

The Internet is a good arena for entrepreneurs to sell products and services.

Accepted Answer

True

Question 10

reason an entrepreneur may fail

Accepted Answer

lack of money

Question 11

This is a one- to three- page overview of the business plan.

Accepted Answer

summary

Question 12

Part of the BP that details who will run the company as well as their expertise and experience.

Accepted Answer

management plan

Question 13

The money left over after a business has paid all costs of producing its goods or services.

Accepted Answer

profit

Question 14

Most businesses in the United States are small businesses.

Accepted Answer

True

Question 15

A person who assumes the risks of a business enterprise

Accepted Answer

entrepreneur

Question 16

a business started by someone who accepts the risks of starting and running a business

Accepted Answer

entrepeneurship

Question 17

BP part - includes the company's financial needs and projections for revenues, costs & profits.

Accepted Answer

financial plan

Question 18

people who take chances

Accepted Answer

risk takers

Question 19

a business that operates on the Internet

Accepted Answer

dot-com company

Question 20

a business that employees less than 500 people

Accepted Answer

small business

Question 21

All dot-coms operate only on the Internet.

Accepted Answer

False

Question 22

Part of the business plan that describes your likely customers and details your competition.

Accepted Answer

marketing plan

Question 23

helps you focus on what you want to do, how you'll do it & what you expect to accomplish in bus

Accepted Answer

business plan

Question 24

The second part of the business plan, the ____ explains the type of company you want to start

Accepted Answer

company description

Question 25

More than 50 percent of the workforce in the US is employed by _________.

Accepted Answer

small businesses

Question 26

expertise needed for the success of a small business

Accepted Answer

good managerial skills

Question 27

A written description of a new business venture that describes all aspects of the business plan

Accepted Answer

business plan

Question 28

You should be able to prepare a good business plan in about an hour.

Accepted Answer

False

Question 29

A checklist is a good way to organize your thinking when you begin planning your own business.

Accepted Answer

True

Chapter 5 Review - Intro to Business

Questions 29

Chapter 5 Review - Intro to Business

Questions 29