Unit 3 Test Review

Our textbook describes 12 characteristics of successful entrepreneurs. Which is NOT one of them?

• Risk taking

• Self-demanding

• Dependent on others

• Enthusiastic

A ___ is a new business undertaking that involves risk.

• small business

• entrepreneurship enterprise

• venture

• corporation

What U.S government agency provides support to small businesses?

• U.S. Entrepreneurship Academy

• American Business Association (ABA)

• 500 or Less Club

• Small Business Administration (SBA)

Small businesses that use _____ have grown more than 45% faster than those that do not.

• bitcoin

• gold and silver

• the Internet (as a shopping option)

• international employees

Which is NOT one of the rewards of being an entrepreneur? (per your text)

• Being the boss

• Taking off lots of time to raise a herd of alpacas

• Doing what you enjoy

• Having the opportunity to be creative

What are most businesses in the U.S.?

• Sole proprietorships

• Partnerships

• Corporations

What is one of the biggest obstacles in starting a business?

• Finding a physical location for your business

• Securing permits

• Obtaining financing

• Attracting customers

What is a written description of a new business venture that describes all aspects of the business?

• Business Plan

• Marketing Plan

• Business Summary

• Business Guidelines

Which statement expresses specific aspirations of a company (the major goals it will try to reach)?

• Goals and objectives statement

• Situational analysis

• Mission statement

• SWOT Analysis

Which needs a charter from the state (where the main headquarters are located)?

• sole proprietors

• corporations

• partnership