Chapter 5: Sec 5-2 Review

Most successful entrepreneurs have similar characteristics

• True

• False

A new business undertaking involves risk and is called a(n) __________.

• enterprise

• gamble

• journey

• venture

A business can be classified as a "small business" if it has fewer than 50 employees.

• True

• False

When entrepreneurs find new ways to solve old problems they demonstrate their __________.

• Education

• Creativity

• Independence

• Enthusiasm

Internet businesses are often called __________ businesses.

• Start - Up

• Brick and Click

• Virtual

• Home- Based

Most businesses in the United States are owned and operated by __________.

• Families

• Foreign Investors

• One Person

• Partnerships

The most common form of business in the United States is __________.

• Partnership

• Cooperation

• sole proprietorship

• Franchise

During the first five years of operation, about 50 percent of small businesses fail.

• True

• False

__________ businesses are the principle source of new jobs in the United States.

• Small

• Global

• Home-Based

• Virtual

Company values and beliefs are established in the __________.

• Executive Summary

• Organizational Plan

• Mission Statement

• Vision Statement