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Intro to Business: Chapter 6 Test Review Flashcards | StudBud
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Intro to Business: Chapter 6 Test Review
Intro to Business: Chapter 6 Test Review
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entrepreneurs
Flashcards
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Questions
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Answers
1
Which of the following would NOT be discussed in the operations plan section of a business plan
organization of the company
sales forecasts
human resources plan
analysis of resources needed
2
Which of the following does NOT describe a typical small business?
it operates in one or very few locations
it serves a small market
the owner is usually the manager
it is dominant in its field
3
Money needed to pay for the current operating activities of a business are referred to as __
start-up financing
long-term financing
immediate financing
short-term financing
4
In the U.S., nearly as many small businesses close as begin each year.
True
False
5
The amount of money needed to open a business is called ___ financing.
long-term
start-up
short-term
capital
6
A design change that increases the usefulness of a product, service or process is called
improvement
advancement
invention
innovation
7
Location is important to small retail businesses because
all of these
customers do not want to travel long distances
most retailers need good customer traffic to survive
many potential customers will stay away if it's hard to find
8
The most popular use of business plans is to persuade lenders & investors to provide financing.
True
False
9
Many small businesses fail simply because they are not located in the right spot.
True
False
10
A business __ is a written description of a business idea and how it will be carried out.
plan
venture
administration
improvement
11
If you start a new business, you need information about
all of the these
customers
competitors
government regulations
12
A(n) __ is an invention or creation that is brand new.
venture
innovation
invention
improvement
13
All entrepreneurship opportunities emerge from inventions and innovations.
True
False
14
Products or raw materials a business keeps on hand to do business are referred to as
inventory
innovation
venture
stock
15
Which of the following is probably the LEAST important factor in becoming an entrepreneur?
developing a good initial business plan
having a real desire to be your own boss
living in a major U.S. city
having special skills & abilities
16
Entrepreneurs
almost always own their first business while in their teens
must have a business degree to be successful.
must have a very low tolerance for ambiguity
come from all age categories & educational backgrounds
17
Successful entrepreneurs tend to have of the following characteristics EXCEPT
creative
hesitant
goal-oriented
energetic
18
Most of the money needed to start a new business comes from
the sale of stock
bank loans
the entrepreneur and his/her family and friends
credit given by businesses that sell products and services
19
Small businesses have an advantage over big businesses when customers
all of the above
are willing to buy standard products
prefer low cost and efficient delivery
want more individual attention
20
__ financing is money needed for the main resources of a business that will last many years.
long-term
start-up
immediate
short-term
21
A(n) ___ is someone who takes a risk in starting a business to earn a profit.
entrepreneur
venture capitalist
adiminstrator
proprietor
22
it is easier for a small business to meet the precise needs of customers than larger businesses
False
True
23
Small businesses account for __ of the U.S. gross domestic product each year.
nearly half
about 75%
about 10%
almost a quarter
24
The most important step in starting a business is preparation.
True
False
25
Which element of a business plan discusses the entrepreneur's short and long-term goals
description of the competition
customer analysis
description of the business
financial plans
