Business Management And Law Chapter 6 Part 2: Question Preview (ID: 7544)

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About ___ of all Americans aged 18-64 is involved in some type of entrepreneurial activity.
a) one in ten
b) one in four
c) one in two
d) one in twenty

A written description of a business idea and how it will be carried out is called a(n)
a) loan application
b) business plan
c) entrepreneurship form
d) tax return

Which of these is the least common type of small business?
a) construction
b) professional, scientific and technical services
c) retail trade
d) educational services

Which of these is NOT a common source of information for people who want to open a business?
a) existing similar businesses
b) the Small Business Administration
c) business departments of colleges and universities
d) local chambers of commerce

The part of a business plan that describes and schedules major marketing activities and necessary resources.
a) Operations Plan
b) Marketing Plan
c) Customer Analysis
d) Description of the Business

Which of these is an example of an entrepreneur?
a) professional basketball player
b) CEO of the Walt Disney Company
c) President of the United States
d) feed shop owner

An invention or creation that is brand new.
a) innovention
b) innovation
c) immolation
d) innoculation

Which of these is not a reason many businesses fail?
a) lower than expected sales
b) lack of management experience
c) not enough employees to accomplish the work
d) failure to control operating expences

A good time to start a business is
a) when nobody has heard of the product or service you want to sell.
b) when everyone has purchased the product or service you want to sell.
c) noon on Tuesday.
d) when demand for the product or service you plan to sell is high.

Most new business owners are
a) in their teens
b) over 40
c) under 25
d) retired

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