Exam 5: Entrepreneurs and Small Businesses

When a wealthy individual invests his or her own money into a business project or startup company with little intention to influence decision making, he or she is MOST often called a(n)________.

The Entrepreneurs Organization connects business owners with experts in their industries for individual mentoring.

Which of the following is ALWAYS TRUE about the purchases of existing businesses?

A(n)________ is defined as a business that is independently owned and operated and is not dominant in its field of operations.

If you are planning to start a new business, how long should you realistically expect it to take for your business to earn a profit?

Martha has just bought a video store franchise. Which of the following factors probably did NOT affect her decision to buy a franchise instead of starting up her own business?

Which of the following statements about small business failure is FALSE?

An advantage of buying a franchise is that no initial training is necessary.

Fred started his new landscaping business with a commercial loan. He uses his credit card to pay for weekly supplies such as fertilizer and mulch. Business growth has been slow and Fred is having a difficult time keeping up with his monthly loan and credit card payments. He is now considering borrowing against his home to stay current with his initial loan and for other needed expenses. Fred's business is MOST at risk because ________.

Technology has had a significant impact on small businesses because ________.

Advisory boards generally do NOT have the authority to ________.

Kyle is an entrepreneur who runs his own advertising agency. He can see the whole picture of what is involved in growing his company, and he has developed a solid plan for every aspect of the business, including production, financing, and marketing. This approach to his business indicates that Kyle is a ________.

What is the most common reason small business owners neglect to seek outside help when starting a business?

Which of the following is LEAST likely to be a characteristic of successful entrepreneurs?

An advisory board is responsible for making and implementing recommendations concerning varied aspects of a small business.

Credit cards are not suitable sources of long-term funding for startup companies.

To qualify for Small Business Administration programs and benefits specifically targeted for small businesses, a business must generally have fewer than 20 employees.

Peter has applied for a loan to purchase a franchise of a popular convenience store in an area that is experiencing rapid population growth. If the loan is approved, it will MOST likely be because ________.

Alisha has just completed a program in floral design and plans to open her own business as a florist. As part of her preparation, Alisha is working on her operational plan. Which of the following aspects of her business would be included in her operational plan?

Which of the following statements is TRUE?