Entrep - Business Plans

Front

What are the advantages of buying an existing business? Options: Limited potential for growth, Higher risk of failure, Complete control over business operations, Established customer base

Back

Established customer base

Front

What is the purpose of a mission statement and vision statement?

Back

To define the company's core values and purpose

Front

What type of tax do businesses pay on their income?

Back

Income tax

Front

What is the purpose of developing job descriptions for positions within a business?

Back

To define the roles and responsibilities of employees.

Front

What is the first step in creating a business organizational structure? Options: Developing a marketing plan, Determining the legal structure of the business, Defining the company's mission and vision, Hiring employees

Back

Determining the legal structure of the business

Front

What is the purpose of creating a business plan?

Back

To define the company's core values and purpose, attract potential investors, and outline the company's financial goals.

Front

How does entrepreneurship benefit the economy?

Back

It encourages innovation and creates jobs.

Front

What is the formula for calculating net profit? Options: Expenses - Income, Income - Gross profit, Income - Expenses, Gross profit - Expenses

Back

Income - Expenses

Front

Which of the following is an example of a license that a small business must obtain? Gym membership, Sales tax I.D., Library card, Driver's license

Back

Sales tax I.D.

Front

Statistical data that describes a given market by criteria such as age, gender, and income

Back

Demographics