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Business Management And Law Chapter 6 Part 3
Test Description: Chapter 6 Entrepreneurship and Small Business Management
Instructions: Answer all questions to get your test result.
1) A designed change that increases the usefulness of a product.
A
improvisation
B
imprimatur
C
impressment
D
improvement
2) The official standard for what makes a business small is
A
not dominant in the marketplace
B
the owner is also the manager
C
fewer than 500 employees
D
one or few locations
3) Most business plans are updated
A
every five years
B
monthly
C
once a year
D
twice a year
4) The part of a business plan that discusses industry characteristics and economic conditions.
A
Description of the Business
B
Operations Plan
C
Marketing Plan
D
Description of the Competition
5) Which of these is NOT an advantage small businesses have over larger competitors?
A
They need fewer customers to turn a profit.
B
They can purchase (and sell) common items at lower prices.
C
They can provide individualized attention to customer needs.
D
They can provide unique services for a small customer group.
6) Money provided by large investors to finance new products and new businesses.
A
short-term financing
B
venture capital
C
start-up financing
D
long-term financing
7) The business idea, ownership structure, and the business' long-term goals are discussed in this section of the business plan.
A
financial plan
B
marketing plan
C
operations plan
D
description of the business
8) Money needed for current operating activities of a business.
A
start-up financing
B
short-term financing
C
long-term financing
D
venture capital
9) The part of the business plan that discusses sales forecasts and the location and number of potential patrons.
A
operations plan
B
marketing plan
C
customer analysis
D
financial plan
10) Comparing the number of new businesses that start each year in the US with the number of businesses that fail,
A
the number of businesses that fail is much larger than the number that starts
B
about twice as many start as fail
C
the numbers are about the same
D
the number of businesses that start is much larger than the number that fails
*select an answer for all questions
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