Business Management And Law Chapter 6 Part 3: Question Preview (ID: 7545)

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A designed change that increases the usefulness of a product.
a) improvement
b) improvisation
c) impressment
d) imprimatur

The official standard for what makes a business small is
a) the owner is also the manager
b) one or few locations
c) fewer than 500 employees
d) not dominant in the marketplace

Most business plans are updated
a) every five years
b) twice a year
c) once a year
d) monthly

The part of a business plan that discusses industry characteristics and economic conditions.
a) Description of the Business
b) Description of the Competition
c) Operations Plan
d) Marketing Plan

Which of these is NOT an advantage small businesses have over larger competitors?
a) They can purchase (and sell) common items at lower prices.
b) They can provide unique services for a small customer group.
c) They need fewer customers to turn a profit.
d) They can provide individualized attention to customer needs.

Money provided by large investors to finance new products and new businesses.
a) short-term financing
b) long-term financing
c) start-up financing
d) venture capital

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) description of the business
d) operations plan

Money needed for current operating activities of a business.
a) short-term financing
b) long-term financing
c) start-up financing
d) venture capital

The part of the business plan that discusses sales forecasts and the location and number of potential patrons.
a) operations plan
b) customer analysis
c) marketing plan
d) financial plan

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) the number of businesses that start is much larger than the number that fails
c) the numbers are about the same
d) about twice as many start as fail

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