ch. 1 bus manage

Entrepreneurs try to meet the needs of the marketplace by supplying a product or service.

• True

• False

A person who takes the risk of a business venture is

• not directly affected by the consequences of their decisions

• an employee

• an entrepreneur

• sure to be successful

There are generally four types of businesses: manufacturing, wholesaling, retailing, and franchising.

• True

• False

A person who works for someone else is

• an entrepreneur

• an employee

• the one who receives the profits of the business

• taking the risk of the business venture

Manufacturing businesses produce the products they sell

• True

• False

Which of the following is a retailing business?

• Automotive repair shop

• travel agency

• grocery store

• farm

Small businesses with fewer than 500 employees represent about 25% of all businesses in america today

• True

• False

An entrepreneur who is green focuses on

• helping other who are in need

• operating with integrity

• finding societal needs that are not being met by the gov.

• conserving resources

Small businesses contribute billions of dollars to the U.S economy every year

• True

• False

About how many new businesses do not survive beyond five years?

• about 10%

• about 25%

• about 50%

• about 90%