Question 1

Which of the following questions is addressed in the business plan

Accepted Answer

A) What goods or services will the business provide 
B) Where will the business be located 
C) How will the business's goods or services be sold 
D) All of these. 
A) What goods or services will the business provide 
B) Where will the business be located 
C) How will the business's goods or services be sold 
D) All of these.

Question 2

Summarize the advantages and disadvantages of business ownership.

Accepted Answer

Advantages include independence, financi

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

The question "What is the outlook for the industry?" is taken up in the _____

Accepted Answer

A) "Description of Proposed Business" 
B) "Mission Statement" 
C) "Industry Analysis" 
D) "Competitive Overview" 
A) "Description of Proposed Business" 
B) "Mission Statement" 
C) "Industry Analysis" 
D) "Competitive Overview"

Question 5

Scenario-Based
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.

Accepted Answer

A) True 
 B)False

Question 6

Sometimes the only

Accepted Answer

A) "Mission Statement" 
B) "Production Overview" 
C) "Business Summary" 
D) "Executive Summary" 
A) "Mission Statement" 
B) "Production Overview" 
C) "Business Summary" 
D) "Executive Summary"

Question 7

The first step before actually starting a business is to get financing.

Accepted Answer

A) True 
 B)False

Question 8

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 9

In the "Marketing"

Accepted Answer

A) "Distribution" 
B) "Promotion" 
C) "Target Market" 
D) "Pricing" 
A) "Distribution" 
B) "Promotion" 
C) "Target Market" 
D) "Pricing"

Question 10

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

Accepted Answer

A) executive summary 
B) map of her proposed location 
C) bank statement 
D) list of loan guarantors 
A) executive summary 
B) map of her proposed location 
C) bank statement 
D) list of loan guarantors

Question 11

Which of the following best describes entrepreneurs?

Accepted Answer

A) They're usually onetime managers who open up a business for the sole purpose of providing an income for themselves and their family 
B) They're retired businesspeople working on a voluntary basis. 
C) They're risk takers who can adjust to changing situations. 
D) None of the above 
A) They're usually onetime managers who open up a business for the sole purpose of providing an income for themselves and their family 
B) They're retired businesspeople working on a voluntary basis. 
C) They're risk takers who can adjust to changing situations. 
D) None of the above

Question 12

The executive summary

Accepted Answer

A) is written before other parts of the plan are written. 
B) provides detailed information about the company's management team. 
C) comes at the end of the business plan. 
D) is the most important part of the business plan. 
A) is written before other parts of the plan are written. 
B) provides detailed information about the company's management team. 
C) comes at the end of the business plan. 
D) is the most important part of the business plan.

Question 13

Which of the following is the most common but riskiest option in becoming a small business owner?

Accepted Answer

A) Marketing an unknown product 
B) Starting from scratch 
C) Obtaining a franchise 
D) Buying an existing business 
A) Marketing an unknown product 
B) Starting from scratch 
C) Obtaining a franchise 
D) Buying an existing business

Question 14

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

Accepted Answer

A) He started his company because he was tired of changing a sweat-drenched T-shirt after morning and afternoon football practices 
B) His net is now about $2 billion 
C) He was always interested in athletics 
D) To earn money to pay for his graduate school tuition 
A) He started his company because he was tired of changing a sweat-drenched T-shirt after morning and afternoon football practices 
B) His net is now about $2 billion 
C) He was always interested in athletics 
D) To earn money to pay for his graduate school tuition

Question 15

Which of the following topics is/are included in the "Marketing"

Accepted Answer

A) Target market 
B) Pricing 
C) Promotion 
D) All of these 
A) Target market 
B) Pricing 
C) Promotion 
D) All of these

Question 16

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.
Essay Discussion

Accepted Answer

A) True 
 B)False

Question 17

The service-producing sector includes manufacturing, construction, and agriculture.

Accepted Answer

A) True 
 B)False

Question 18

To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

Accepted Answer

A) struggling 
B) small 
C) profitable 
D) innovative 
A) struggling 
B) small 
C) profitable 
D) innovative

Question 19

Jones includes a(n) _____

Accepted Answer

A) marketing 
B) production and operations 
C) personal 
D) appendix 
A) marketing 
B) production and operations 
C) personal 
D) appendix

Question 20

Entrepreneurs usually start _____, beginning with _____ resources.

Accepted Answer

A) at the bottom / limited 
B) small / limited 
C) independently / specialized 
D) small / patented 
A) at the bottom / limited 
B) small / limited 
C) independently / specialized 
D) small / patented

Which of the following questions is addressed in the business plan

Summarize the advantages and disadvantages of business ownership.

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

The question "What is the outlook for the industry?" is taken up in the _____

Sometimes the only

The first step before actually starting a business is to get financing.

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

In the "Marketing"

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

Which of the following best describes entrepreneurs?

The executive summary

Which of the following is the most common but riskiest option in becoming a small business owner?

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

Which of the following topics is/are included in the "Marketing"

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. Essay Discussion

The service-producing sector includes manufacturing, construction, and agriculture.

To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

Jones includes a(n) _____

Entrepreneurs usually start _, beginning with _ resources.

The Foundations of Business

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 2: Entrepreneurship

Which of the following questions is addressed in the business plan

Summarize the advantages and disadvantages of business ownership.

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

The question "What is the outlook for the industry?" is taken up in the _____

Sometimes the only

The first step before actually starting a business is to get financing.

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

In the "Marketing"

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

Which of the following best describes entrepreneurs?

The executive summary

Which of the following is the most common but riskiest option in becoming a small business owner?

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

Which of the following topics is/are included in the "Marketing"

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. Essay Discussion

The service-producing sector includes manufacturing, construction, and agriculture.

To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

Jones includes a(n) _____

Entrepreneurs usually start _____, beginning with _____ resources.

The Foundations of Business

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Entrepreneurs usually start _, beginning with _ resources.