Intro to Business- Chapter 5 Test Prep

A SMALL BUSINESS, AS DEFINED BY THE SBA, SERVES A LIMITED GEOGRAPHIC AREA AND EMPLOYES NO MORE THAN 100 PEOPLE

• TRUE

• FALSE

SBA STANDS FOR--

• SMALL BUSINESS ASSOCIATION

• SMART BUSINES ADMINISTRATION

• SMALL BUSINESS ADMNISTRATION

• SMALL BUSINESS ACCORD

KNOWING ABOUT BUSINESS ONLY BENEFITS YOU AS AN EMPLOYEE--NOT AS A CONSUMER.

• FALSE

• TRUE

There are 10 essential parts of a business plan

• True

• False

According to the American City Business Journals, small businesses that use the internet have grown 45% faster than those that do not

• True

• False

Many successful entrepreneurs work in a related business before starting their own company

• True

• False

Before you decide to start a particular business, you need to do market research to see if there is a demand for your product or service

• False

• True

The main reason people become entrepreneurs is to have the opportunity to be creative

• True

• False

The vision and mission statements in the business plan states the guiding principles by which a business functions

• True

• False

A virtual business acts like a business; but is not a real business

• False

• True