BUSI 1301 Test 2 (Ch. 6-8) *A day*

Front

One reason we have seen continued growth in home-based businesses is affordable technology makes it easier to compete.

Back

affordable technology makes it easier to compete.

Front

What best describes why individuals accept the risks of business ownership?

Back

the opportunity for independence and exciting challenges

Front

Small businesses create about 1/3 of the new jobs in the United States.

Back

FALSE

Front

When starting a small business, it's important to remember: learning from others and gaining relevant business experience improves the odds for success.

Back

learning from others and gaining relevant business experience improves the odds for success.

Front

Small businesses often have advantages in international markets. Which best describes one of those advantages?

Back

They can provide individualized customer service as opposed to impersonal corporate bureaucracies.

Front

What statement best describes the outlook for small businesses in international markets?

Back

The world is a larger, and potentially a more lucrative, market than the U.S. domestic market.

Front

One of the best places for young entrepreneurs to start shopping for an SBA loan is a

Back

Small Business Development Center.

Front

What should you keep in mind regarding cover letters in a comprehensive business plan?

Back

Include a cover letter which summarizes your project, and address the letter to the potential investor by name.

Front

Organizing a business begins with determining the work to be done.

Back

determining the work to be done.

Front

Dividing up tasks, setting up departments, and assigning responsibilities are all part of which process?

Back

structuring an organization