Chapter 6 : Study Guide Questions

Flashcard maker : Lily Taylor
An independent business with 200 employees is considered a small business
True
Most new business owners obtain start up money to finance their business from banks
False
Small businesses employ only 10 percent of U.S. workers
False
Successful entrepreneurs have many personal characteristics in common
True
An entrepreneur is someone who takes a risk by starting his own business
True
Start up financing is money needed to pay current operating costs of business
False
One of the main reasons that businesses started by entrepreneurs fail is inadequate capital
True
A business plan includes a description of the strengths & weaknesses of competitors
True
The process of starting organizing & managing a business
D
A brand new invention
E
A written description of the business ides
F
Money provided by large investors to finance new businesses
B
A change that increases the usefulness of a product
A
Money to pay for current operating costs of the business
Short Term
Purchase of the equipment to open a business
Start Up
Money used to open the business
Start Up
Financing that is obtained for less than a year
Short Term
The license to operate a business
Start Up
Large amounts of money paid over many years
Long Term
The land that the business is built on
Long Term

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