chapter 6 study guide entrepreneurship
(startup)(short-term)(long-term) large amounts of money paid over many years.
(long-term)
(startup)(short-term)(long-term) the land that the business is built on.
(long-term)
(startup)(short-term)(long-term) financing that is obtained for less than a year.
(short-term)
(startup)(short-term)(long-term) money to pay for current operating costs of the business
(short-term)
(startup)(short-term)(long-term) purchase of the equipment to open a business
(start up)
(startup)(short-term)(long-term) money used to open the business.
(start-up)
(startup)(short-term)(long-term) the license to operate a business
(start-up)
true or false ( An independent business with 200 employees is considered a small business.)
TRUE
true or false ( one of the main reasons that businesses started by entrepreneurs fail is inadequate capital.)
TRUE
true or false ( A business plan includes a description of the strengths and weaknesses of competitors.)
TRUE
true or false ( an entrepreneur is someone who takes a risk by starting his or her own business.)
TRUE
true or false ( successful entrepreneurs have many personal characteristics in common.)
TRUE
The process of starting, organizing, and managing a business
entrepreneurship
A change that increases the usefulness of a product
improvement
a brand new invention
innovation
a written description of the business idea
mission statement
money provided by large investors to finance new businesses.
venture capital
Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years is a) start-up financing b)short-term financing c) long-term financing d)credit
C
every business begins with a(n) a) customer b) profit c) idea d) invention
C
Small Business Administration (SBA)considers a business small if it employs fewer than _________ employees. a)5 b)20 c)100 d)500
D
a competitive advantage that small businesses have over large businesses is....? a) lower costs b) more consumer research c) lower prices d) attention to unique customer needs.
D
which of the following is not one of the reasons small business fail? a) poor customer credit practices b) the owner does not have an adequate experience c)a poor business location d)not enough employees to work
D
true or false everyone who owns or manages a business is an entrepreneur.
FALSE
true or false ( most new business owners obtain start-up money to finance their business from banks.)
FALSE
true or false ( small businesses employ only 10 percent of the U.S. workers.)
FALSE
true or false ( start-up finance is money needed to pay current operating costs of a business.)
FALSE
true or false a business plan does not have to be written because the owner is well aware of the information in the plan
FALSE
