Entrep - Business Plans

What are the advantages of buying an existing business?

• Limited potential for growth
• Higher risk of failure
• Complete control over business operations
• Established customer base

What is the purpose of a mission statement and vision statement?

• To outline the company's financial goals
• To create a marketing strategy
• To define the company's core values and purpose
• To attract potential investors

What type of tax do businesses pay on their income?

• Property tax
• Sales tax
• Payroll tax
• Income tax

What is the purpose of developing job descriptions for positions within a business?

• To define the roles and responsibilities of employees
• To attract potential investors
• To create a marketing strategy
• To outline the company's financial goals

What is the first step in creating a business organizational structure?

• Developing a marketing plan
• Determining the legal structure of the business
• Defining the company's mission and vision
• Hiring employees

What is the purpose of creating a business plan?

• To define the company's core values and purpose
• To attract potential investors
• To outline the company's financial goals
• All of the above

How does entrepreneurship benefit the economy?

• It has no impact on the economy
• It decreases competition
• It encourages innovation and creates jobs
• It leads to increased unemployment

What is the formula for calculating net profit?

• Expenses - Income
• Income - Gross profit
• Income - Expenses
• Gross profit - Expenses

Which of the following is an example of a license that a small business must obtain?

• Gym membership
• Sales tax I.D.
• Library card
• Driver's license

Statistical data that describes a given market
by criteria such as age, gender, and income

• Demographics

• Geographics

• Psychographics

• Marketing