Duplicate of Intro to Business - Chapter 6 Review

Question 1

An invention or creation that is brand new

Accepted Answer

Innovation

Question 2

A small business is defined as having ________ employees or less.

Accepted Answer

500

Question 3

T or F: Friends/Family provide most of the money to start an entrepreneurship.

Accepted Answer

True

Question 4

Consumers are always looking for new and better choices to meet their wants and _____.

Accepted Answer

Needs

Question 5

Money needed for the main resources of the business (buildings, equipment, etc.)

Accepted Answer

Long term financing

Question 6

Which of the following is NOT a reason that small businesses fail?

Accepted Answer

Experience in business

Question 7

T or F? A small business operates in ONE location only.

Accepted Answer

False

Question 8

T or F? Experience working in a small business is recommended before starting a small business

Accepted Answer

True

Question 9

The majority of small business owners are over ______ years old.

Accepted Answer

40

Question 10

What government agency offers information, publication and counseling to small businesses?

Accepted Answer

Small Business Administration (SBA)

Question 11

Someone who takes a risk in starting a business to earn a profit.

Accepted Answer

Entrepreneur

Question 12

The amount of money needed to open a business.

Accepted Answer

Start up financing

Question 13

Small businesses are responsible for nearly _______ of the U.S. GDP.

Accepted Answer

50%

Question 14

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

Accepted Answer

Improvement

Question 15

T or F: Large businesses are more efficient in meeting specific, specialized customer needs.

Accepted Answer

False

Question 16

The National Federation of Independent Business says , ______ of new businesses are profitable.

Accepted Answer

1/3

Question 17

Which industry makes up the highest percentage of small business in the U.S.?

Accepted Answer

Professional/Service

Question 18

Money needed to pay for the current operating expenses for the year (or less).

Accepted Answer

Short term financing

Question 19

Business plans are typically developed for a __________ year period.

Accepted Answer

One

Question 20

Which is NOT a factor in finding the right place and time to start a small business?

Accepted Answer

Where the owner lives

Question 21

Which of the following in NOT a characteristic of an entrepreneur?

Accepted Answer

Unreliable

Question 22

A written description of a business idea and how it will be carried out.

Accepted Answer

Business plan

Question 23

Over a ten year period, it is estimated that _____ of new businesses are discontinued.

Accepted Answer

50%

Question 24

Money provided by large investors to finance new businesses

Accepted Answer

Venture Capital

Question 25

Which is NOT true about entrepreneurs?

Accepted Answer

Few women are entrepreneurs

Duplicate of Intro to Business - Chapter 6 Review

Questions 25

Duplicate of Intro to Business - Chapter 6 Review

Questions 25