Introduction To Business Lesson 2

A_____is a formal written statement that describes in detail the idea for a new business and how it will be carried out. A. mission statement B. business plan C. business statement D. Strategic vision

business plan

_____are corporate takeovers financed by large amounts of borrowed money. A. Hostille takeovers B. Equity mergers C. Financial mergers D. Leveraged buyouts

leveraged buyouts

Many classic entrepreneurs are _____who start small and plan to keep their business small. A. micropreneurs B. intrapreneurs C. growth entrepreneurs D. multipreneurs

micropreneurs

Businesses close for many reasons. Which of the following is not A. The business made too little money B. The business didn't get any new customers in its first year. C. Cash flow was poor D. Expenses were lower than the owner expected.

Expenses were lower than the owner expected

_____are entrepeneurs who apply their creativity, vision, and risk-taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer. A. Growth entrepeneurs B. Intrapreneurs C. Micropreneurs D. Multipreneurs

Intrepreneurs

An S corporation is generally set up to A. allow easy entry into an industry B. implement an exit strategy C. reduce tax burdens D. attract capital

Reduce tax burdens

A type of business entity that provides liability protection but is taxed like a partnership is a/an

S corporation

The_____is a federal government agency that offers both managerial and financial assistance to small businesses. A. Business Welfare Administration B. Small Business Adminustration C. Council for Small Business D. Federal Aid Program

Small busineds administration

_____is financing obtained from investments firms that specialize in financing small, high-growth companies and receive an ownership interest and voice in nanagement in return for their money. A. Equity financing B. Entrepeneurial capital C. Venture capital D. Corporste stock financing

Venture capital

Which of the following provides the legal and managerial guidelines for operating a firm? A. Bylaws B. Corporate structure C. Articles of incorporation D. Constitution

Bylaws

_____is the sharing of job duties and authority with subordinates A. Social network B. Delegation of authority C. Job-sharing D. Networking

Delegation of Authority

A team made up of employees from about the same hierarchical level, but different functional areas of an organization, is called a _____ team. A. problem B. project C. cross-functional D. sports

cross-functional

The managing activity of organization A. determines groups and assigns work activities B. plans and monitors strategy implementation C. determines goals, strategies, and tactics D. compares expected performance with actual performance

determines goals, strategies, and tactics

Small Business Administration (SBA) A. is a financial institution B. doesn't have a website C. helps people start anf manage small businesses D. is a privately-owned company

helps people start and manage small businesses

Export management companies A. do consulting work only B. handle all aspects of exporting for a percentage fee of the business C. import as well as export D. work on flat fees per month

import as well as export

Which statement accurately describes a business plan? A. it provides money to the business B. it's meant to be a short summary C. it provides instructions on how to use an exit strategy for the business D. it describes in detail the idea for the new business and how it will be operated

it describes in detail the idea for the new business and how it will be operated

The form of business ownership that has the most difficulty in raising capital is the A. sole proprietorship B. corporation C. limited partnership D. cooperative

sole proprietorship