Business Management And Law Chapter 6 Part 1: Question Preview (ID: 7543)

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A government agency that helps entrepreneurs develop business plans and obtain financing.
a) Chamber of Commerce
b) Venture Capitalists
c) Service Corps of Retired Executives
d) Small Business Administration

Memos should be used in a business setting for
a) long, complex information
b) personal, non-business related communication
c) formal yet simple messages
d) short and informal messages

Which of these is NOT a main reason small businesses fail?
a) Too much start-up money
b) Underestimating expenses
c) Failure to control credit offered to customers
d) Lack of management experience

Which is the main source of money for most new small businesses?
a) bank loans
b) the Small Business Administration
c) venture capital
d) personal savings and family and friends

Money needed for the main resources of a business that will last for many years
a) short-term financing
b) long-term financing
c) start-up financing
d) venture capital

Racial and ethnic minorities own about what percent of small businesses in the US?
a) a little more than 20%
b) about a third
c) almost half
d) two-thirds

The amount of money needed to open a new business.
a) short-term financing
b) long-term financing
c) start-up financing
d) venture capital

The most important step in starting a business.
a) Formulating an idea.
b) Developing confidence.
c) Obtaining a bank loan.
d) Becoming a proficient manager.

What is the first step in developing a business plan?
a) Develop strategic alternatives.
b) Write the plan.
c) Ask an expert to review the plan.
d) Gather and review information.

Which of these is NOT a personal characteristic of most entrepreneurs?
a) inquisitive
b) persistent
c) pessimistic
d) competitive

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