Exam 2: Entrepreneurship

The "Executive Summary" section of a business plan answers the question "What is the outlook for the industry?"

_____ tend to offer environments that appeal to individuals with the talent to invent new products or improve the way things are being done.

As a business owner,if you need individualized advice from experienced executives on how to manage your business,you can get it through the Service Corps of Retired Executives (SCORE).

Which of the following is an advantage of buying an existing business?

Small businesses in the U.S.generate close to 50% of our gross domestic product (GDP).

A small business that buys flowers from a local grower and sells them to a grocery store is an example of a wholesaler.

Which of the following is among the disadvantages of small business ownership?

The final step in the process of starting a business is _____.

The "Executive Summary" provides an overview of your business plan by paraphrasing key sentences from each section of the plan.

Before asking for a $155,000 bank loan,Shelia Pataki must include a(n)_____ in her business plan.

Managing the money that comes in and goes out of a business means managing _____.

The majority of Americans entered the business world by working for _____,which are constantly creating jobs and providing opportunities for a vast number of workers.

Brothers Ronnie and Jacob are both in college; Ronnie is a senior and Jacob a sophomore. They’re both majoring in business administration and want to open a small business a few years after graduation. They understand that it’s important to gain more management experience and build good credit ratings. Ronnie wants more security in his work and would be satisfied working with an older partner until he “learns the ropes.” More than Jacob, he’d prefer a business that’s been established for a few years. Although he likes a certain degree of independence, he’s willing to follow directions and take advice. Jacob, on the other hand, wants more freedom to make his own choices and to succeed or fail on his own merits. He’s quite creative and likes to set his own rules. -If you were a business advisor,what would you probably recommend for Ronnie?

The largest areas of the goods-producing sector are construction and manufacturing.

The _____ section of the business plan describes the fundamental beliefs about what is and isn't appropriate in conducting company activities.

It is unlikely that you'd decide to set up a new company to make cars.

Sometimes the only section of a business plan that readers will consider is the _____.

Small business output in the United States generates about _____ of our gross domestic product.

The critical financial concept of cash flow tracks money coming in as well as money going out of a business.

A new business owner can expect to work _____ hours a week on average.