Unit 1 Test Review

Entrepreneurs and Small Businesses

Unit 1

Chpt 5.2, 6.1, 6.2, 6.3

Multiple Choice

What are the main sources of financing for entrepreneurs

• Family and Friends

• Personal Savings

• Venture Capital

• All are correct

Fill in the Blanks

Multiple Choice

Every business begins with a ?

• business plan

• innovation

• idea

• Article of Incorporation

Multiple Choice

What financing is used to purchase land, bldgs. and equipment?

• venture capital

• personal finance

• long-term financing

• family and friends

Multiple Choice

Small business employee _____ % of U.S. workers.

• 11

• 67

• 82

• 100

Multiple Choice

The fiscal year is?

• July 1 to June 30

• Aug 1 to May 30

• Jan 1 to Dec 30

Fill in the Blanks

Multiple Choice

What is the process for starting, organizing, and managing a business?

• written aggrement

• entrepreneurship

• Article of Incorporation

• business plan

Multiple Choice

What is the easiest form of business ownership?

• Partnership

• Sole Proprietorship

• Entrepreneurship

• Corporation

Multiple Choice

What are the elements of a business plan?

• Description of the Business

• Customer Analysis

• Operations Plans

• Marketing and Financial Plan

• All are correct