Review: Starting a Business Unit 2

A person who risks their time, money, and other resources to start and manage a business is called:

• An entrepreneur

• An executive

• A leader

• A manager

An individual would NOT choose to open a business if they wanted to:

• Be challenged

• Be dependent on others

• Have flexibility

• Have the opportunity for greater financial success

A characteristic common to entrepreneurs is:

• Lack of confidence

• Low energy

• Resilience

• Risk-adverse

A privately owned and operated enterprise, typically with a small number of employees, is called a:

• Corporation

• Partnership

• Small business

• Sole Proprietorship

Bella just started her own business selling custom popcorn gifts, and will be attending an event in her town to start networking and promoting her business. She prepared a quick speech that she will give to potential clients and investors. This speech is commonly called a:

• Business plan

• Elevator pitch

• Networking offer

• Promotion statement

The executive summary of a business plan is generally used to:

• Briefly tell readers what the company is and why it will be successful

• Explain the problems that the company solves

• List out the consumers, organizations, and businesses that the company plans to serve

• Provide detailed information about the company

The section of a business plan that includes research on the potential customers of a business, its competition, as well as the industry that it operates in, is called the:

• Company description

• Executive summary

• Financial projections

• Market analysis

The section of a business plan that is used to provide supporting documents, such as licenses, patents, and legal documents, is called the:

• Appendix

• Company description

• Executive summary

• Organization and management

Ryan and Cooper started their own business together, acting as co-owners, and signing a voluntary agreement together. The form of business ownership they chose is called a:

• Corporation

• LLC

• Partnership

• Sole proprietorship

The term for when owners are not personally liable for claims against their business is called:

• Accountability

• Limited Liability

• Limited accountability

• Liability