PBMF - Chapter 6 Review

Short-term financing is obtained for a period of less than

The first step in developing a business plan is to

In the United States, nearly as many small businesses close as begin each year.

Small business owners

Location is important to small retail businesses because

Small businesses account for ____________________ of the U.S. gross domestic product each year.

All entrepreneurship opportunities emerge from inventions and innovations.

U.S. businesses with just a single owner and no staff account for more than $990 billion in annual sales.

The most important step in starting a business is preparation.

Which of the following does NOT describe a typical small business?

The process of starting, organizing, managing, and assuming the responsibility for a business is called capitalism.

If business owner needs help from others, for financing the new business, a business plan usually is required.

Manufacturer of laundry detergent recently added a new ingredient to give the detergent extra cleaning power. This is an

Everyone who owns a business is an entrepreneur.

According to Small Business Administration, a small business is an independent business with fewer than _____ employees.

Once a business plan is written, it should never be revised nor updated.

In the United States, women own close to this percentage of small business.

Successful entrepreneurs tend to have all of the following characteristics EXCEPT

The most successful small business owners

It is easier for a small business to meet the precise needs of customers than a large business.

A(n) ____________________ is someone who takes a risk in starting a business to earn a profit.