Exam 2: Entrepreneurship

In addition to your initial investment,you will have to pay a(n)_____ to cover your share of national and regional advertising.

Clarke Santiago and his wife Teresa,parents of two children,opened a buffet restaurant last year.They've been so successful with their family-style atmosphere that some investor friends have offered funding to expand into two additional locations.The investors also want to consider opening several more restaurants each year.After thinking it over,the Santiagos decided to stick with one restaurant and add catering services-a move that should provide them with a satisfactory income.The Santiagos' business is a good example of a _____.

The executive summary section of a business plan:

Even though the _____ is often the first thing that readers consider,it's usually written _____ the other sections of the plan are completed.

One advantage of working for someone else is the likelihood of making more money than if you were running your own business.

There are more than 40 million small businesses in the United States.

As a business owner,you're in charge and can decide when and where you want to work.This managerial freedom best reflects the _____ advantage of small business ownership.

While many _____ ventures are based on innovative ideas,others revolve around improvements to existing goods or services.

The "Financial Plan" section of the business plan reports the amount of cash needed by the company for startup and initial operations.

When buying a franchise,the business owner must pay a monthly royalty fee but typically reserves the right to buy core products from other suppliers.

Almost one-third of small businesses that have employees go out of business within the first two years.

A survey conducted by the Wall Street Journal indicates that _____ have a more satisfying business experience.

In which industries would you find a heavy concentration of small businesses?

Which of the following best describes entrepreneurs?

According to the Small Business Administration,one of the most common reasons for starting a business is to _____.

Starbucks' Howard Schultz is an example of a person who came up with a business idea as a result of a hobby.

The Small Business Administration offers an array of programs to help small business owners and prospective business owners.Services include all of the following except assistance in_____.

To be successful in business,you should:

About 80 percent of small businesses in the U.S.are concentrated in the _____ sector.

The _____ section of your business plan tells the reader where you will purchase products for resale.