Chapter 6 intro to business assessment questions

True or False. A business plan does not have to be written because the business owner is well aware of the information in the plan.

false

True or False. Everyone who owns or manages a business is an entrepreneur.

false

True or False. The primary reason that businesses started by entrepreneurs close is disagreements with business partners

false

True or False. Those small business owners enjoy being part of a team.

false

Every business begins with a(n)

idea

Money needed for the important resources of a business (such as land, building, and equipment) that will last for many years is called

long-term financing

Which of the following is not one of the reasons small business fail?

not enough employees to do the work

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable is known as

venture capital

The Small Business Administration considers a business small if it employs fewer than how many employees?

500

Which of the following is not a characteristic of entrepreneurship in the US?

about 3 percent of people ages 18-64 are involved in entrepreneurship activity

A competitive advantage that small businesses have over larger business is

attention to unique customer needs