Exam 2: Entrepreneurship

Which of the following is not a reason that many business fail?

Mary Gonzalez recently expanded her chain of flower shops. As the only small flower shop located in major airports in the Midwest, she has a unique operation. She has 72 employees in 30 shops, and although her company isn’t dominant in its industry, her shops are busy year round. To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won’t leak either in the airport or aboard planes. -Gonzalez's company should be considered a small business.

Which of the following are provided to business people by the SBA?

When it has more than one ____,a business can operate as a partnership or a corporation.

Which of the following is not an advantage of buying an existing business?

Entrepreneurs usually start with few resources but build their businesses with the collective help of family members and investors.

The _____ section of the business plan specifies the proposed legal form of the organization-sole proprietorship,partnership,or corporation.

A(n)_____ is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.

The goods-producing sector is home to only 20 percent of all small businesses,the majority of which are in _____.

The _____ section of the business plan describes the purpose of the proposed business-its reason for existence.

In the "Marketing" section of a business plan,the _____ section describes the proposed business's typical business customer.

Under the Small Business Administration's SCORE program,retired executives help business people who need advice.

Peter Jackson has included the résumés of his management team and a set of financial statements in his business plan.In what section of the plan will a bank officer find this information?

The _____ section of the business plan tells the reader what the organization is committed to doing.

Which of the following business options makes it easiest for the owner to predict future business success?

The _____ section of the business plan is designed to convince the reader that the company will be operated by well-qualified and experienced people.

The "Target Market" section of the business plan profiles future customers.

What is not true about Kevin Plank,founder of Under Armour:

In order to meet the financial needs for future business growth as well as current demands, TruWood Cabinet Makers must secure a business loan of $125,000 from a local bank. The loan committee has asked owner and general manager Jarret Jones to write a comprehensive business plan that meets all of First Security Bank’s requirements for such a large loan. After a lot of research and careful writing, the plan is constructed and ready for presentation to the loan committee. -The section of his business plan in which Jones sets forth the purpose of his cabinet-making business-its reason for existing-is called the _____.

Mary Gonzalez recently expanded her chain of flower shops. As the only small flower shop located in major airports in the Midwest, she has a unique operation. She has 72 employees in 30 shops, and although her company isn’t dominant in its industry, her shops are busy year round. To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won’t leak either in the airport or aboard planes. -Gonzalez's shop managers regularly think of new ways to market their products,improve their quality,keep them fresher,and meet consumer needs.In this respect,Gonzalez's business is unusual among small businesses.