BUSN test 2 - Quiz 5

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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.

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

the difference between the small business owner and the entrepreneur is that the entrepreneur:

assumes the risk of the business

Baer is an example of a ____ entrepreneur

classic

Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa. Hanson used ____ financing.

debt

_____ 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

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

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

_____ financing is a form of financing consisting of funds raised through the sale of stock in a business.

Equity

Since he has his idea, Ghermizian's next step is to:

choose a form of business organization

A business plan:

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

____ 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

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?

The first step in starting your own business is:

a self-assessment

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

Yocom has decided to call his new venture Invision Golf Group Inc. What should he include in his business plan?

all of the above

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

Many class entrepreneurs are _____ who start small and plan to keep their business small.

micropreneurs

Angel investors:

provide funding for start-up businesses

Which of the following elements does NOT typically appear in a well-prepared business plan?

names of all employees

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

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

The person who takes the risk of starting and managing a business to make a profit is called an:

entrepreneur

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

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

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

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

Who provides the start-up financing for the majority of new small businesses?

the business owner and his or her family and friends

All of the following are characteristics of an entrepreneurial personality EXCEPT:

the willingness to be a follower rather than a leader


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