Chapter 5 Entrepreneurship

1.

Multiple Choice

30 sec

1 pt

Entrepreneurs might face which challenge when starting a business

losing the business

start-up funds

being fully responsible

all of the above

2.

Multiple Choice

30 sec

1 pt

People who use the business plan include all of the following except

investors

customers

management team

the entrepreneur

3.

Multiple Choice

30 sec

1 pt

The company description section of a business plan includes

the size of the business

the scope of the business

the type of business

all of the above

4.

Multiple Choice

30 sec

1 pt

Main reason people become an entrepreneur

to be creative

to be the boss

to work hard

because they have to

5.

Multiple Choice

20 sec

1 pt

More than 99 percent of businesses in the US are small businesses

True

False

6.

Multiple Choice

30 sec

1 pt

Characteristics of entrepreneurs included all of the following except

risk taker

goal-oriented

cost-conscious

creative

7.

Multiple Choice

20 sec

1 pt

The vision and mission statement in the business plan state the guiding principles of a business

True

False

8.

Multiple Choice

20 sec

1 pt

Small businesses only serve a small area and employ no more than 100 people.

True

False

9.

Multiple Choice

30 sec

1 pt

Research to learn about the business's customers is included in which part of the business plan?

market analysis

operational plan

executive summary

marketing plan

10.

Multiple Choice

20 sec

1 pt

The executive summary includes a brief account of key points located within the business plan.

True

False

11.

Multiple Choice

30 sec

1 pt

The BIGGEST obstacle in starting a business is

flexibility.

obtaining financing.

having a good idea.

communication.

12.

Multiple Choice

20 sec

1 pt

In a business plan, the market analysis includes research about the business's customers.

True

False

13.

Multiple Choice

30 sec

1 pt

A business might include how it will advertise on social media in which part of the business plan?

marketing plan

product and service plan

mission statement

competitive analysis

14.

Multiple Choice

20 sec

1 pt

There are 16 essential parts in a business plan.

True

False

15.

Multiple Choice

30 sec

1 pt

Tyler and Mya own a Pet Store. This type of ownership is known as

corporation

sole proprietorship

partnership

franchise

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