Business Essentials Ch 5

Knowing about business only benefits you as an employee, not a consumer

• TRUE

• FALSE

A small business, defined by the SBA, serves a limited geographic area and employs no more than 100 people.

• TRUE

• FALSE

A virtual business acts like a business, but is not a real business.

• TRUE

• FALSE

According to American City Business Journals, small businesses that use the internet have grown more than 45% faster than those who do not.

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• FALSE

The main reason people become entrepreneurs is to have the opportunity to be creative.

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• FALSE

Many successful entrepreneurs work in a related business before starting their own company.

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• FALSE

Before you decide to start a particular business, you need to do market research to see if there is a demand for your product or service.

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• FALSE

There are 10 essential parts of a business plan.

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• FALSE

The executive summary of a business plan should be no more than two pages and should include the most important information from each section of the plan.

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• FALSE

The vision and mission statements in the business plan state the guiding principles by which the business functions.

• TRUE

• FALSE