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Chapter 6 : Study Guide Questions

question

An independent business with 200 employees is considered a small business
answer

True
question

Most new business owners obtain start up money to finance their business from banks
answer

False
question

Small businesses employ only 10 percent of U.S. workers
answer

False
question

Successful entrepreneurs have many personal characteristics in common
answer

True
question

An entrepreneur is someone who takes a risk by starting his own business
answer

True
question

Start up financing is money needed to pay current operating costs of business
answer

False
question

One of the main reasons that businesses started by entrepreneurs fail is inadequate capital
answer

True
question

A business plan includes a description of the strengths & weaknesses of competitors
answer

True
question

The process of starting organizing & managing a business
answer

D
question

A brand new invention
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E
question

A written description of the business ides
answer

F
question

Money provided by large investors to finance new businesses
answer

B
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A change that increases the usefulness of a product
answer

A
question

Money to pay for current operating costs of the business
answer

Short Term
question

Purchase of the equipment to open a business
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Start Up
question

Money used to open the business
answer

Start Up
question

Financing that is obtained for less than a year
answer

Short Term
question

The license to operate a business
answer

Start Up
question

Large amounts of money paid over many years
answer

Long Term
question

The land that the business is built on
answer

Long Term