chapter 5-10

The small business Administration SBA asists small businesses by providing advice in management and financial matters

True

one of the biggest advantages that a small business has over a large business is a greater ability to serve specialized markets

True

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. vision c. business plan d. statement of purpose e. venture plan

c

The two forms of business financing are________(borrowed funds) and _______(ownership funds). A.Credit ;leverage b. Equity ;debt c. Debt;equity d. equity;leverage e. debt ; credit

c

An entreprenuer is a(n) person who opens and manages his or her own business

True

All of the following are characteristics of an entrepreneurial personality EXCEPT A. the willingness to take risks b. creativity c. Problem solving skills d. A high energy level e. The willingness to be a follower rather than a leader

E

The first step in starting your own business is: a. to determine where the funding will come from b. a self-assessment c. a business plan d. find an idea for a new product or service e. Choose a form of business organization

B

A well-written business plan should contain: a. executive summary or company overview b. a marketing plan c. a vision and mission statement d. a management plan E. All of the above

E

Minorities are not interested in becoming entrepreneurs

False

more than half of smal businesses have between one and 4 employees

I cant tell this answer z both are circled