Exam 5: Entrepreneurship and New Venture Management

Henry discovered and added a new flavor of ice cream to his menu of homemade ice creams in the ice cream parlor he owns in Florida. The ice cream became an instant hit; he plans to sell the ice cream in Georgia by supplying it to the retailers there. Henry is involved in _____.

Who among the following is most likely to be an entrepreneur?

Sarah has started a day care centre of her own. She makes the major decisions about how the centre runs, what services it provides, and at what prices. She has funded the venture with her own savings and will be taking up complete responsibility of the success or failure of the venture. Sarah is most likely a(n) _____.

Identify the true statement about small businesses.

When an entrepreneur pays a parent company a monthly percentage of the gross income of her business in return for using the parent company's name and products, it is known as _____.

Minorities and _____ are starting more small businesses than in the past.

_____ serve fewer customers than other providers.

The roles of entrepreneurial firms in our economy are innovation, _____, and importance to large business.

What is a disadvantage of starting a business through a franchise agreement?

Which of the following statements is true about small businesses in the United States?

Ryan has started a store where customers can find a wide range of organic products manufactured by different companies. Ryan's business is in the _____ industry.

Gadgetbug, a gadget repair store, has 26 employees and operates in a two-storey building. The firm is well known in the community and the city in which it operates but not in the entire country. Gadgetbug manages to make annual sales of $80,000. Gadgetbug qualifies as a _____.

Graver Bros. Inc. is a company that buys packaged organic grains from local farmers and sells it to supermarkets in large cities. Graver Bros. Inc. operates in the _____ industry.

Mortgage companies, and pawnshops operate in the _____ industry.

_____ are the aspects of business that a firm performs better than other companies in the same industry.

Match the following numbered items with the most correct response. A response may be used once, more than once, or not at all. -Provides a proven business plan

The National Association of Women Business Owners:

Which of the following is an accurate statement about small businesses?

Which of the following statements is true about entrepreneurs?

One important part of a business plan is the entrepreneurs' estimate of the amount of business they expect, also called a(n) _____.