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Exam 2: Entrepreneurship

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Question 21

Multiple Choice

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According to the Small Business Administration, one of the most common reasons for starting a business is to _____.

A) be your own boss
B) develop managerial skills
C) achieve financial security
D) manage team-oriented projects

E) B) and C)
F) A) and D)

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Question 22

Multiple Choice

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To succeed in a business, a new owner must understand _____.

A) the basics of business management
B) the principles of cash flow
C) the essentials of time management
D) all of these

E) A) and D)
F) All of the above

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Question 23

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In what ways do small businesses help the U.S.economy?

The "Target Market"

To be successful in business, you should:

Explain at least three of the nine keys to succeeding in managing a business.

Which of the following is among the rewards of being a small business owner?

The past two decades have seen a _____ in the number of businesses owned by women and minorities.

Almost one-third of small businesses that have employees go out of business within the first two years.

The _____

Entrepreneurs typically copy what is being done by others rather than take changing situations into account.

The dollars and cents of the business plan are especially important to loan committees.Jones is well aware that an entrepreneur must show how, when, and why the business will make a profit.He thus ensures that his _____

The startup phase of a business usually lasts for more than _____.

The "Executive Summary"

At the end of the day, entrepreneurs' successes will depend on their ability to manage and grow the organizations that they created to implement their visions.

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

In which industries would you find a heavy concentration of small businesses?

Scenario-Based 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

A local bakery is acting as a _____ when it sells desserts to a restaurant.

Which of the following is a characteristic of an entrepreneur?