Entrepreneurship Final Exam Review

A main reason that environmental scanning is important is so that businesses can be aware of

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

The amount of money needed to open a business is called ________ financing.

An example of public relations would be

The proprietorship is the most popular form of business in the United States.

Small businesses account for _______ of the US gross domestic product each year.

The amount of sales for a business is $390,700, and the total market size is $1,050,000. What is the market share?

When starting your own business, an important consideration is

Ownership that helps entrepreneurs gain protection from personal liability with the tax advantages of a partnership.

What does the franchisor provide for those purchasing the franchise?

This is the individual or organization selling the franchise.

A business owned by two or more people

An estimate of how much you will pay for merchandise from a supplier is

What is a franchise?

Your company manufactures 72 hr. emergency kits and wants to increase sales. What kind of marketing should be used?

Which of the following is not a disadvantage of owning a franchise?

Which of the following is (are) a problem area for small business?

What are fixed expenses?

Businesses should always set their prices

Type of business where you use parent companies name and sell their goods

An advantage of setting up a business as a corporation is the

A(n) ___________ is an invention or creation that is brand new.

An entrepreneur is

Entrepreneurship is

A business cannot control its

Small companies have some advantages over large companies, such as

Which of the following is NOT true about Product Prototype?

A designed change that increases the usefulness of a product, service, or process is called a(n)

Type of business owned and run by one person

An advantage of buying an existing business is

The first step in developing a business plan is to

Products or raw materials a business keeps on hand to do business are referred to as __________.

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and

Operating costs of a franchise

Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery?

Successful entrepreneurs tend to have all of the following characteristics EXCEPT

Money loaned to a business with the understanding the money will be paid, with interest, in a certain time period is

The reason a bank may turn down your loan application is

Why should a business practice good ethics?

Which of the following is not a financial statement needed for potential lenders and investors?

What is a Target Market?

In a _________ the owners have limited liability and avoid double taxation.

This feature makes your product distinctive and easy to determine from the others in the market?

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

Fees paid from franchisee to franchisor based on percentage of sales

When generating ideas for business, entrepreneurs often look for ways to

What is a disadvantage of entrepreneurship?

What is a franchisor?

More than _______ new businesses are created in the United States every year.

Benefits of owning a franchise business