Intro to Business Final Exam Review

Front

When developing a product or service, a business must do all of the following except: create a need for the product or service, evaluate the demand for the product or service, obtain start-up and operating capital, keep records to satisfy government requirements.

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create a need for the product or service

Front

One of the biggest obstacles in starting a business is obtaining financing.

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obtaining financing.

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A written description of a business venture that describes all aspects of the business is called

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a business plan.

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SBA stands for

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Small Business Administration

Front

Challenges an entrepreneur might face include all of the following except: risk of losing their investment, getting start-up funds, being fully responsible for the business.

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profit.

Front

The description of the business's media plan is included in the

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marketing plan

Front

There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations.

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True

Front

All of the following are disadvantages of forming a corporation except: increased government regulation, double taxation, difficult to start.

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limited liability.

Front

A business may stop manufacturing because

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there's a decrease in demand.

Front

The main reason people become entrepreneurs is so they can be creative.

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False