Business Essentials- Unit 2 Exam

75% of all businesses are considered small business.

• True

• False

A business is considered a small business when it has less than 500 employees.

• True

• False

The main reason for becoming an entrepreneur is to get wealthy.

• True

• False

An Executive Summary summarizes what you expect your business to accomplish.

• True

• False

In the business plan, a Sales Strategy is getting your products and services in front of potential clients.

• True

• False

To start a partnership, you need a written partnership agreement.

• True

• False

A producer is a type of business that gathers raw materials.

• True

• False

A business organization that is owned and operated by its members is a sole proprietorship.

• True

• False

Leadership means taking a company and its employees in a direction based upon visions and goals.

• True

• False

In a democratic leadership style one person runs everything and makes all of the decisions without consulting others.

• True

• False