Entrepreneurship
TRUE or FALSE- There is little evidence that developing a business plan has any impact on whether a new business fails or succeeds?
False
TRUE or FALSE Entrepreneurship is risky
TRUE
In what type of business organization is each owner personally liable for all business debts, even if the debts were created by the other owners?
Partnership
True or False- Has technology has allowed people to work fewer hours
False
Over the past 50 years, the proportion of women who work outside the home has what?
Significantly Increased
TRUE or FALSE- Approx 1/2 of small businesses are home-based businesses?
True
This major form of business ownership is the most difficult form to start
corporation
What is a short, specific written declaration of the reason a business exists and what it wants to achieve?
Mission Statement
_____-Term financing is the money needed to pay for the current operating activities of a business.
Short
What is the easiest form of business to start?
One of the three we learned
Proprietorship
This is an invention or creation that is brand new
Innovation
What percentage of new jobs are created by businesses with fewer than 500 employees?
80 percent
A ________ is a business owned by one person
Sole-Proprietorship
A corporation must create corporate _______ that are the operating procedures for the company
Bylaws
________ are guidelines used in making consistent decisions.
policies
Short-Term financing is obtained for a period of less than this time
One year
What is the most common type of small business?
Retail
Physicians, Web designers, and furniture movers are what type of business?
Service Business
Small businesses account for _________ of the US Gross Domestic Product each year?
more than half About 75 percent
Almost a quarter about 10 percent
more than half
Customer Analysis, Marketing Plan, and Description of business are all part of what document?
Business Plan
This person provides money to help startup or finance new products or businesses that have a good chance to be profitable
Venture Capitalist
Members of this administration are retired business people who volunteer their services to help new business owners?
Small Business Administration
What type of business must name a board of directors?
Corporation
Most of the money used to start a new business comes from where?
Personal and business loans
XYZ company produces and sells five products. People who specialize in production and marketing are assigned to each product. XYZ Company has what type of organizational structure?
Matrix