Business-Chapter 5

A business that operates on the Internet is a

• virtual business

• brick and mortar

• small business

An independently owned business that usually has the owner as its manager is a

• business plan

• small business

• management company

• dot-com company

A written description of a new business venture that describes all aspects of the business is called a

• organization

• business plan

• planner

• vision statement

A statement that expresses the specific aspirations of a company, the major goals it will try to reach, is a plan

• mission statement

• vision statement

• executive summary

The section that includes a summary of each section is an

• vision statement

• executive summary

• mission statement

How many essential parts to a business plan?

• 16

• 14

• 15

Which of these is a characteristic of a successful entrepreneur?

• Goal-oriented

• lackadaisical

• dependent

• talkative

Most people become an entrepreneur so they can

• make a lot of money

• be the boss

• learn new things

• take risk

The biggest challenge in becoming an entrepreneur is

• getting employees

• having the knowledge

• getting start-up funds

Why is the growth plan a vital component of a business plan?

• because if the business doesn't grow it will fail

• it shows the business can grow pass the initial stage

• it shows every move the business plans to make