Chapter 6 Intro to Business

Small business account for ____ of the U.S. GDP each year.

The money needed to pay for current operating costs of the business is called ________

An independent business with fewer than 500 employees

What element includes startup costs, sources of money, and budgets?

A gov. agency that helps small business owners develop business plans and obtain financing

What element includes a description of major advertisements to meet the target market?

The money needed to open a business is called _______

Nearly _____ percent of all Americans aged 18-64 is involved in entrepreneurial activity

Which of the following is NOT a reason small business fail:

Successful entrepreneurs tend to have all of the following characteristics EXCEPT:

Every business begins with a:

What element includes a description of clients and sales forecasts?

What element includes the organizational structure of the business and human resources?

The money needed for the main resources of the business, such as land, building, and equipment.

A competitive advantage that small businesses have over large businesses is:

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

The most common type of small business is:

A local _________ has members who can help with business problems

A written description of a business idea and how it will be carried out is called a ______

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

What element includes the major business idea, products/services, and goals?

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

Money provided by large investors to finance new products and busineses

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

An invention or creation that is brand new