Question 1

Which of the following questions is addressed in the business plan

Accepted Answer

A)  What goods or services will the business provide
B)  Where will the business be located
C)  How will the business's goods or services be sold
D)  All of these.

Question 2

The first step before actually starting a business is to get financing.

Accepted Answer

A) True 
 B)False

Question 3

Sometimes the only

Accepted Answer

A)  "Mission Statement"
B)  "Production Overview"
C)  "Business Summary"
D)  "Executive Summary"

Question 4

Scenario-Based
Mary Gonzalez recently expanded her chain of flower shops.As the only small flower shop located in major airports in the Midwest, she has a unique operation.She has 72 employees in 30 shops, and although her company isn't dominant in its industry, her shops are busy year round.To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won't leak either in the airport or aboard planes.
-Gonzalez's company should be considered a small business.

Accepted Answer

A) True 
 B)False

Question 5

A small business that buys flowers from a local grower and sells them to a grocery store is an example of a wholesaler.

Accepted Answer

A) True 
 B)False

Question 6

What is not true about Kevin Plank, founder of Under Armour:

Accepted Answer

A)  He started his company because he was tired of changing a sweat-drenched T-shirt after morning and afternoon football practices
B)  His net is now about $2 billion
C)  He was always interested in athletics
D)  To earn money to pay for his graduate school tuition

Question 7

The question "What is the outlook for the industry?" is taken up in the _____

Accepted Answer

A)  "Description of Proposed Business"
B)  "Mission Statement"
C)  "Industry Analysis"
D)  "Competitive Overview"

Question 8

In the "Marketing"

Accepted Answer

A)  "Distribution"
B)  "Promotion"
C)  "Target Market"
D)  "Pricing"

Question 9

Which of the following best describes entrepreneurs?

Accepted Answer

A)  They're usually onetime managers who open up a business for the sole purpose of providing an income for themselves and their family
B)  They're retired businesspeople working on a voluntary basis.
C)  They're risk takers who can adjust to changing situations.
D)  None of the above

Question 10

Which of the following topics is/are included in the "Marketing"

Accepted Answer

A)  Target market
B)  Pricing
C)  Promotion
D)  All of these

Question 11

To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

Accepted Answer

A)  struggling
B)  small
C)  profitable
D)  innovative

Question 12

Jones includes a(n)  _____

Accepted Answer

A)  marketing
B)  production and operations
C)  personal
D)  appendix

Question 13

Which of the following is the most common but riskiest option in becoming a small business owner?

Accepted Answer

A)  Marketing an unknown product
B)  Starting from scratch
C)  Obtaining a franchise
D)  Buying an existing business

Question 14

Entrepreneurs usually start _____, beginning with _____ resources.

Accepted Answer

A)  at the bottom / limited
B)  small / limited
C)  independently / specialized
D)  small / patented

Question 15

Summarize the advantages and disadvantages of business ownership.

Accepted Answer

Advantages include independence, financi...

Question 16

The executive summary

Accepted Answer

A)  is written before other parts of the plan are written.
B)  provides detailed information about the company's management team.
C)  comes at the end of the business plan.
D)  is the most important part of the business plan.

Question 17

Before asking for a $155,000 bank loan, Shelia Pataki must include a(n)  _____ in her business plan.

Accepted Answer

A)  executive summary
B)  map of her proposed location
C)  bank statement
D)  list of loan guarantors

Question 18

The service-producing sector includes manufacturing, construction, and agriculture.

Accepted Answer

A) True 
 B)False

Question 19

Gonzalez's shop managers regularly think of new ways to market their products, improve their quality, keep them fresher, and meet consumer needs.In this respect, Gonzalez's business is unusual among small businesses.
Essay Discussion

Accepted Answer

A) True 
 B)False

Question 20

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

Accepted Answer

A) True 
 B)False

Exam 2: Entrepreneurship

The question "What is the outlook for the industry?" is taken up in the _____

Correct Answer
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Entrepreneurs usually start _, beginning with _ resources.

Correct Answer
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Which of the following topics is/are included in the "Marketing"

Correct Answer
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The executive summary

Correct Answer
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The service-producing sector includes manufacturing, construction, and agriculture.

Correct Answer
verified

Which of the following questions is addressed in the business plan

Correct Answer
verified

What is not true about Kevin Plank, founder of Under Armour:

Correct Answer
verified

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

Correct Answer
verified

A small business that buys flowers from a local grower and sells them to a grocery store is an example of a wholesaler.

Correct Answer
verified

Summarize the advantages and disadvantages of business ownership.

Correct Answer
verified
Advantages include independence, financi...
View Answer

To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

Correct Answer
verified

Sometimes the only

Correct Answer
verified

Jones includes a(n) _____

Correct Answer
verified

Correct Answer
verified

Which of the following is the most common but riskiest option in becoming a small business owner?

Correct Answer
verified

Which of the following best describes entrepreneurs?

Correct Answer
verified

Before asking for a $155,000 bank loan, Shelia Pataki must include a(n) _____ in her business plan.

Correct Answer
verified

Gonzalez's shop managers regularly think of new ways to market their products, improve their quality, keep them fresher, and meet consumer needs.In this respect, Gonzalez's business is unusual among small businesses. Essay Discussion

Correct Answer
verified

In the "Marketing"

Correct Answer
verified

The first step before actually starting a business is to get financing.

Correct Answer
verified

Exam 2: Entrepreneurship

The question "What is the outlook for the industry?" is taken up in the _____

Correct AnswerverifiedShow Answer

Entrepreneurs usually start _____, beginning with _____ resources.

Correct AnswerverifiedShow Answer

Which of the following topics is/are included in the "Marketing"

Correct AnswerverifiedShow Answer

The executive summary

Correct AnswerverifiedShow Answer

The service-producing sector includes manufacturing, construction, and agriculture.

Correct AnswerverifiedShow Answer

Which of the following questions is addressed in the business plan

Correct AnswerverifiedShow Answer

What is not true about Kevin Plank, founder of Under Armour:

Correct AnswerverifiedShow Answer

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

Correct AnswerverifiedShow Answer

A small business that buys flowers from a local grower and sells them to a grocery store is an example of a wholesaler.

Correct AnswerverifiedShow Answer

Summarize the advantages and disadvantages of business ownership.

Correct AnswerverifiedAdvantages include independence, financi...View AnswerShow Answer

To understand where _____ businesses are concentrated, you need to divide them into the goods-producing sector and the service-producing sector.

Correct AnswerverifiedShow Answer

Sometimes the only

Correct AnswerverifiedShow Answer

Jones includes a(n) _____

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is the most common but riskiest option in becoming a small business owner?

Correct AnswerverifiedShow Answer

Which of the following best describes entrepreneurs?

Correct AnswerverifiedShow Answer

Before asking for a $155,000 bank loan, Shelia Pataki must include a(n) _____ in her business plan.

Correct AnswerverifiedShow Answer

Gonzalez's shop managers regularly think of new ways to market their products, improve their quality, keep them fresher, and meet consumer needs.In this respect, Gonzalez's business is unusual among small businesses. Essay Discussion

Correct AnswerverifiedShow Answer

In the "Marketing"

Correct AnswerverifiedShow Answer

The first step before actually starting a business is to get financing.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Entrepreneurs usually start _, beginning with _ resources.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Advantages include independence, financi...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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