Intro to Busn- 3rd Quarter Benchmark Review

Company values and beliefs are established in the _____.

• mission statement
• executive summary
• vision statement
• organizational plan

1st step starting a business, an entrepreneur needs to determine if there is enough _____.

• demand
• customers
• money
• competitors 

A business can be classified as a “small business” if it has fewer than ____ employees.

• 10
• 100
• 50
• 500

Most business in the United States are owned and operated by ____.

• big corporations
• partners
• one person
• foreign investors

People become entrepreneurs for only for the money.

• True
• False

Entrepreneurship is the process of ____.

• recognizing a business opportunity
• gathering the resources needed to go into business.
• using research to find if there is a market for a product.
• all of the above

One of the biggest obstacles in starting a business is

• obtaining financing
• having a good idea
• being good at something
• accepting responsibility

A brief account of the key points contained in a business plan is the

• executive summary
• company description
• vision statement
• mission statement

The business plan section that identifies likely risks to the business is called the _____.

• back-up plan

• contingency plan

• emergency plan

• risk analysis

Who would NOT be considered an entrepreneur?

• a doctor who starts own practice

• a doctor who is employed by a hospital

• a doctor who writes a book in his spare time

• a doctor who works as a consultant