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Intro to Business - Ch 5 Review Flashcards | StudBud
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Intro to Business - Ch 5 Review
Intro to Business - Ch 5 Review
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1
Which part of a business plan describes management and tells who will run the firm?
growth
operational
organizational
financial
2
What is true of a long-term investment?
"Long-term investing" means "to retire."
A "long term" is for less than two years.
The value of the investment fluctuates over time.
The investment includes a savings account.
3
What is the immediate future of virtual, or online, businesses?
People aren't as interested in starting them now.
No one can predict what will happen next.
They are on the decline.
More and more are coming on the scene.
4
Who would NOT be considered an entrepreneur?
a doctor who works as a consultant
a doctor who is employed by a hospital
a doctor who starts own practice
a doctor who writes a book in his spare time
5
What other piece of the business plan is related to the market analysis?
marketing plan
mission statement
industry overview
competitive analysis
6
What is the most important reason for having a business plan?
to help you focus on how to succeed in your new venture
to make a checklist
to do market research
to find out what to produce in your business
7
What is a characteristic of the executive summary in a business plan?
It describes your service plan.
It discusses how you will fill in any gaps in expertise.
It contains details.
It tells the most important points of the business plan.
8
What is the most important reason many small businesses fail?
Entrepreneurs sometimes don't start with good financial planning.
Entrepreneurs get bought out by bigger companies.
Entrepreneurs feel insecure.
Entrepreneurs work alone too often.
9
Which is NOT a small business?
a babysitting team
a web store
a delivery service consisting of ten teens with bikes
a fast food chain
10
Which is often especially important to a small business?
creativity
accounting
digitizing
electronics
11
Which would most likely describe a successful entrepreneur?
self-starter
shy
bossy
lazy
12
What is a corporation?
a business with many owners
a business owned by one person
a person owned by two people
a person owned by two people
13
Which is NOT a reward of entrepreneurship?
being the boss
being creative
risking capital resources
doing what you enjoy
14
What does a mission statement do?
tells the major goals of a business
describes the company
reflects the purpose of the company
tells your business concept
15
Why do people have trouble getting money to start their own businesses?
Banks give more money to corporations.
Banks are concerned that they won't be repaid.
Banks don't give loans to entrepreneurs.
Banks want to own the entrepreneur's business.
