Understanding Business 12th Edition Chapters 6 & 7

A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product

• True

• False

• True

• False

Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support

Centers that offer new businesses low-cost offices with basic business services

A business which is independently owned and operated and is not dominant in its field of operations and meets certain standards of size (set by the SBA) in terms of employees or annual receipts.

• small company

• private company

• small business

• private business

A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).

• business strategy

• business plan

• marketing plan

• marketing strategy

• True

• False

• True

• False

SBA stands for Small Business Agency

• True

• False