Chapter 6 - Intro to Business (Entrepreneurship and Small Business Management)

Question 1

A designed change that increases the usefulness of a product, service, or process is called __.

Accepted Answer

improvement

Question 2

Money needed for the important resources of a business that will last for many years is called

Accepted Answer

long-term financing

Question 3

An invention or creation that is brand new is called a(n) _______.

Accepted Answer

innovation

Question 4

Most small business owners enjoy being part of a team.

Accepted Answer

False

Question 5

What percentage of all jobs are created by small businesses?

Accepted Answer

over 80 percent

Question 6

The money needed to pay for the current operating activities of a business is called ____.

Accepted Answer

short-term financing

Question 7

A business with more than 500 employees is called a(n) _____.

Accepted Answer

large business

Question 8

A competitive advantage that small businesses have over large businesses is

Accepted Answer

attention to unique customer needs

Question 9

How many small businesses are home based businesses?

Accepted Answer

50-55 percent

Question 10

Money provided by investors to finance new products that have a good chance to be profitable

Accepted Answer

venture capital

Question 11

Products or raw materials on hand are called ____.

Accepted Answer

inventory

Question 12

Every business begins with a(n)

Accepted Answer

idea

Question 13

How old are the majority of small business owners?

Accepted Answer

over 50

Question 14

Where are the most common type of small businesses found?

Accepted Answer

Retail trade

Question 15

Small Business Administration considers a business small if it employs less than ___employees.

Accepted Answer

500

Question 16

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

Accepted Answer

entrepreneurship

Question 17

The following are all elements of a business plan except:

Accepted Answer

looking at potential careers

Question 18

Someone who takes a risk in starting a business to earn a profit is called a(n) ____.

Accepted Answer

entrepreneur

Question 19

Which of the following is not one of the reasons small business fail?

Accepted Answer

not enough employees to do the work

Question 20

The government agency that helps small businesses get started is called the ____.

Accepted Answer

Small Business Administration (SBA)

Questions 20