Intro to Business Unit 2

What is a business started by someone who notices a need for a product or service?

• virtual business

• dot-com company

• entrepreneurship

• entrepreneur

What is a business that operated on the internet? (It is also known as a dot-com company.)

• virtual business

• small business

• entrepreneurship

• entrepreneur

What do we call the PERSON who recognizes a business opportunity and organizes, manages, and assumes the risks of a business enterprise, with the intention of increasing the market value of the business?

• virtual business

• small business

• entrepreneurship

• entrepreneur

Which one is NOT an advantage of entrepreneurship?

• satisfaction of taking risks for becoming successful

• showing expertise and skills

• working from home

• long hours

Which one is NOT a disadvantage of entrepreneurship?

• financial risks

• total responsibility of the business

• gaining profit

• long hours

A small business serves a limited geographical area and employer fewer than _____ employees.

• 10

• 100

• 500

• 200

Small businesses offer many opportunities and are easier to form than a large business. Advantages include, being the boss, ease of formation and

• opportunities to offer services large companies cannot offer

• effects of changes (ie style and trends)

• managerial skills

• inadequate financial planning

The ________ ____ includes a summary, company description, marketing plan, legal plan, management and operating plan and a financial plan.

What is a business owned by only one person?

• sole proprietorship

• partnership

• corporation

• limited partnership

What is a business owned by two or more persons who share the risks and rewards?

• sole proprietorship

• partnership

• corporation

• limited liability