WorksheetsPrinciples of Business Chapter 5
Total questions: 36
Worksheet time: 35mins
Knowing about business only benefits you as an employee, not as a consumer.
True
False
A small business, as defined by the SBA, serves a limited geographic area and employs no more than 100 people.
True
False
A virtual business acts like a business, but is not a real business.
True
False
The main reason people become entrepreneurs is to have the opportunity to be creative.
True
False
Many successful entrepreneurs work in a related business before starting their own company.
True
False
Before you decide to start a particular business, you need to do market research to see if there is a demand for your product or service.
True
False
There are 10 essential parts of a business plan.
True
False
The executive summary of the business plan should be no more than two pages and should include the most important information from each section of the plan.
True
False
The vision and mission statements in the business plan state the guiding principles by which a business functions.
True
False
Entrepreneurship is the process of
recognizing a business opportunity
using market research to determine if there is a market for a product or service.
gathering the resources needed to go into business.
all of the these
A new business undertaking that involves risk is called a
venture
small business
virtual business
dot-com company.
All of the following are recommended traits for a career in entrepreneurship except being
enthusiastic
cost-conscious
a risk-taker
goal-oriented
A virtual business is a business that
is almost a business
operates on street corners only
operates on the Internet
does not use money in any transactions
Most U.S. businesses are
virtual businesses
successful
corporations
sole proprietorships
One of the biggest obstacles in starting a business is
obtaining financing
having a good idea
being good at something.
accepting responsibility
A written description of a business venture that describes all aspects of the business is called
a company charter
a company policy
a business plan
an executive summary
A business plan is used by
potential investors to see if they want to invest in the business
top management involved in the start-up of a new business.
the entrepreneur to keep focused on the goals of the business.
All of these
The company description section of a business plan helps investors understand
the size of the business
the scope of the business
the type of business
all of the these
A vision statement
expresses the specific aspirations of the company
establishes the scope and purpose of the company
includes the major goals that the company will try to reach
explains why the venture will succeed
In a business plan, research about the business’s customers is included in the
competitive analysis
marketing plan
market analysis
operational plan
A brief account of the key points contained in a business plan is the
executive summary
company description
vision statement
mission statement
All of the following are examples of an industry except
medical supply companies
financial service firms
auto mechanics
food service businesses
In a business plan, the description of the business’s media plan is included in the
marketing plan
product and service plan
vision statement
competitive analysis
SBA is an acronym that stands for the
Start-Up Business Administration
Small Business Administration
Small Businesses Agency
Small Businesses of America
26. A is a new business undertaking that involves risk.
(a)
Unlike people who run corporations and partnerships, (a) do not have to consult with others before making a decision
A (a) is owned and run by two or more people
About four out of five businesses fail in their first (a) years
To determine if there is a demand for your product or service, you must do (a)
entrepreneur
A person who organizes, manages, and assumes the risks of starting and operating a business
small business
An independently owned business that usually has the owner as its manager
virtual business
A business that operates on the Internet
significant
Having a special meaning or importance
business plan
A written description of a new business venture that describes all aspects of the business
executive summary
A brief account of the key points contained in a business plan
vision statement
A statement that establishes the scope and purpose of a company and reflects its values and beliefs
mission statement
A statement that expresses the specific aspirations of a company
concept
A general idea
venture
A new business undertaking that involves risk
List five of the 12 personal characteristics of successful entrepreneurs.
List five (5) rewards for entrepreneurship.
List three (3) challenges of entrepreneurship.
List three (3) questions to be included in the checklist for starting a venture
What is in the contingency plan portion of the business plan?
