BUSAD250 Module 2

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Most small businesses employ __________ employees.

0

Which of the following best characterizes a lifestyle business?

A business built around the needs of an individual or family.

Which of the following best describes a business plan?

A document that summarizes a proposed business venture, its goals, and plans for achieving those goals.

______________ are people who invest very small amounts of personal resources early in a new​ business's life in the hopes of eventually selling a percentage of the company for a profit.

Angel investors

Which of the following provide new businesses with a variety of services—such as counseling and financial support—that a company needs to get under​ way?

Business incubators

Which of the following terms describes various accommodations containing small companies and offering support services during a​ company's early growth​ phases?

Business incubators

Which of the following is true about a business incubator?

Business incubators provide facilities to start-up companies.

Which of the following summarizes an anticipated company project along with its​ objectives, and strategies for accomplishing particular​ objectives?

Business plan

Which one of the following statements is NOT an accurate reflection of the definition and functions of a business​ plan?

Business plans are written soon after the company is​ launched, when the company is seeking​ funding, and when it is up and running.

Which one of the following private sources of funding is extremely​ risky?

Credit cards and personal lines of credit

Which term defines a company seeking capital from the community for various business​ ventures, investments, or​ loans?

Crowdfunding

____________ involves pursuing investment from the public for business​ ventures, investments, or loans.

Crowdfunding

What is a specific type of machine learning that uses layers of artificial neural networks to mimic brain functions?

Deep learning

What system uses layers of artificial neural networks to process incoming data and become more​ accurate?

Deep learning

_____________________ is the​ optimistic, progressive aspiration to establish​ lucrative, sustainable business ventures.

Entrepreneurial spirit

Which of the following is the best explanation of what entrepreneurs do?

Entrepreneurs identify, evaluate, and exploit new business opportunities.

Which section of the plan should address how investors can cash out or sell their​ investment?

Exit strategy

Which of the following enables the buyer to use a larger​ company's trade name and sell its goods or services in a specific​ territory?

Franchise

Dan has developed an smart phone application that lets people know when they are most likely to be bitten by a mosquito. Which of the following best describes Dan in this context?

He is an entrepreneur.

Which of the following is NOT a common category of private​ financing?

IPO

Which of the following is a​ firm's first offering of the availability of stocks for​ purchase?

Initial public offering

Which of the following is true of an executive summary?

It is a shortened version of a business plan for quick presentation purposes.

The following are start-up companies in different situations. Which business is at a greater risk of failure?

Jelly Works faces an early surge in sales with insufficient inventory on hand.

What term refers to the general capability of computers to​ learn?

Machine learning

The following are start-up companies in different situations. Which business is at a greater risk of failure?

March Company has been careful not to borrow a lot of money to gets its business started, only the bare minimum.

​______________ represent establishments that offer minor quantities of capital to company owners who might not be eligible for conventional loans.

Microlenders

Which aspect of a business plan explains the intentions of the company and what it plans to​ accomplish?

Mission and objectives

Which of the following can put a business at a greater risk of failure?

Poor inventory control

________________ is the initial collection of resources expended in order to establish a company.

Seed money

Which group was created by the SBA to make smaller investments and consider businesses others might not want to finance by offering​ loans, venture​ capital, and management​ assistance?

Small Business Investment Companies​ (SBICs)

Which term defines a company that is generally not a leader in its​ industry; is individually​ owned, managed, and​ maintained; and characteristically has fewer than 500​ employees?

Small business

Which of the following is a way that smaller companies differ from larger​ companies?

Small firms have a narrow focus.

Which of the following is true of small businesses?

They are major employers.

Which best describes most small businesses?

They have no employees.

Which of the following is a trait of successful entrepreneurs?

They innovate to realize a vision.

Which of the following is true about microlenders?

They lend smaller amounts of money to business owners who might not qualify for conventional bank loans.

Which of the following is NOT a major contribution of small​ businesses?

They meet the needs of smaller organizations.

​A(n) _________________________ is a group of individuals with particular knowledge or important connections that assists a company owner with the evaluation of strategies and decision making.

advisory board

A collection of individuals with specific skills or significant connections who assist a company owner with the evaluation of strategies and decisions are known as​ _______.

advisory boards

Companies with solid growth potential may seek public​ funding, which can be secured from​ ________.

an initial public offering​ (IPO)

An example of a reliance on machine learning is​ _________.

a​ self-driving car

Jim, a businessman, wishes to start a chain of grocery stores. However, all the banks he approaches turn him down due to a lack of direction in his ideas. Finally, Sheila, a bank manager, asks Jim to draft a formal document that outlines the nature of his business, its short-term and long-term goals, and the potential for its success. Sheila advises him to draft this document and approach the bank once more. The formal document that Jim is advised to draft is known as a __________.

business plan

​A(n) _________ summarizes an anticipated company​ project, including the​ project's objectives and strategies for accomplishing those objectives.

business plan

Sean, operates a store that employees five people. One day Sean noticed that many students from a college in the neighborhood purchased pre-made sandwiches and food from his store. So he decided that setting up a fast-food kiosk near campus would be a good opportunity for him. Due to other commitments, he handed over the store to his wife to run and now he does not take part in its day-to-day management. When Sean set up the kiosk, he became a(n) __________.

entrepreneur

The​ optimistic, progressive aspiration to establish​ lucrative, sustainable business ventures is known as​ ________.

entrepreneurial spirit

​A(n) ____________ is an agreement in which an entity acquires permission to retail goods and utilize certain features of another​ business's structure.

franchise

​A(n) ____________ is a business that authorizes components of its business structure for use by other businesses for an initial​ start-up fee and monthly royalties.

franchisor

​"Intrapreneurship" is difficult to implement for all of the following reasons EXCEPT​ _____________.

innovating within a larger organization is often much easier

Entrepreneurial effort within a larger organization is referred to as​ _____.

intrapreneurship

Businesses that are built around the personal and financial needs of an individual or family are called​ _________.

lifestyle businesses

The general capability of computers to learn is known as​ _______.

machine learning

The​ ________ section of a business plan explains the purpose of the business and what it hopes to accomplish.

mission and objectives

Many cities and states have​ a(n) ____________ that helps companies succeed and contribute to the local or regional​ economy, specifically.

office of economic development

The right to sell trademarked goods purchased from the franchisor is the result of owning a __________.

product franchise

​FreshGrow, an organic vegetable​ market, is not a leader in its​ industry; is individually​ owned, managed, and​ maintained; and has 32 employees. FreshGrow is best described as a​ ______________.

small business

Compared with starting a new​ business, buying an existing business has both advantages and disadvantages. One of the disadvantages of buying an existing business is​ ________.

the potential for a considerable amount of financing

Financiers who offer capital to support​ start-up companies in order to gain a percentage of​ ownership, with the goal of eventually turning the company around and selling it for a​ profit, are called​ ____________.

venture capitalists


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