BUSN test 2 - part 1
the difference between the small business owner and the entrepreneur is that the entrepreneur:
assumes the risk of the business
_____ financing is a form of financing consisting of funds raised through the sale of stock in a business.
Equity
Baer is an example of a ____ entrepreneur
classic
businesses close down for many reasons. Which of the following is NOT a typical reason for a business failure?
expenses were lower than the owner expected
Yocom has decided to call his new venture Invision Golf Group Inc. What should he include in his business plan?
all of the above
Since he has his idea, Ghermizian's next step is to:
choose a form of business organization
The difference between small business owners and entrepreneurs is that small business owners:
accept the status quo and take a short-term view of the future
Entrepreneur Bonner would more than likely have which if the following characteristics?
all of the above
Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other internet companies with similar missions. The investment group is called:
angel investors
____ are individual investors or groups of experienced investors who provide funding for start-up businesses.
angel investors
Intrapreneurs:
are accurately described by all of the above
Many class entrepreneurs are _____ who start small and plan to keep their business small.
micropreneurs
A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.
mission statement
The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a:
multipreneur
_____ are entrepreneurs who start a series of companies.
multipreneurs
Which of the following elements does NOT typically appear in a well-prepared business plan?
names of all employees
The first step in starting your own business is:
a self-assessment
Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa. Hanson used ____ financing.
debt
Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of an:
entrepreneur
As an _____ , Farmer's annual income exceeds $100,000 annually.
entrepreneur
Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality. Four years later, their idea has evolved into an important division of Nortel called Channelware. Larose and Allan are examples of:
intrapreneurs
Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit. His next step will be to:
look for customers
It is a small business and Logue plans to keep her business small. Logue is an example of a:
micropreneur
Pogell started small and plans to stay small. She would be correctly called a:
micropreneur
Angel investors:
provide funding for start-up businesses
Who provides the start-up financing for the majority of new small businesses?
the business owner and his or her family and friends
In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an appropriate question to ask?
All of the above are appropriate questions to ask.
____ are entrepreneurs 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.
Intrapreneurs
When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than 1/2 a million dollars of sale during his first year of operation. Farmer was an example of a ______ entrepreneur.
classic
A business plan:
describes in detail the idea for the new business and how it will be carried out
Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers. Jain used _____ financing.
equity
The company has assisted in the sale of tens of millions of dollars worth of tickets annually and is always trying to sell more. It charges a small fee for its assistance. Baker and Fuhr would be classified as:
growth-oriented entrepreneur
Lachlan Stuart is employed by International Paper, a company that values his vision and creativity. Stuart is an example of an:
intrapreneur
an entrepreneur is a person who ____ a business.
owns and operates
A common use of business plans is to:
persuade lenders and investors to finance the venture
All of the following are characteristics of an entrepreneurial personality EXCEPT:
the willingness to be a follower rather than a leader
In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask?
What are you going to do with the down payment?
_____ financing is a form of business financing consisting of borrows funds that must be repaid with interest over a stated time period.
debt
the two forms of business financing are ____ (borrowed funds) and ______ (ownership funds).
debt;equity
The person who takes the risk of starting and managing a business to make a profit is called an:
entrepreneur
