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intro bus final

Last exam

QuestionAnswer
Baby Bombers have dominated the US labor market since 1960's
Over the next 10 years, the number of of contingent workers in the US is expected to nearly double
The form of ownership most common among US businesses proprietorship
Businesses that produce are: extractors, farmers, & manufacturers. A type of business that does NOT produce is: Retailers
The easiest form of business to start is called the Proprietorship
How many people have to be involved in a partnership? At least two people
A unique business organized by two or more other businesses to operate for a limited time and for a specific venture is called a Joint Venture
The direction for a business comes from its Mission Statement
The obligation to complete specific work is called responsibility
In a matrix organizational structure work is structured around particular projects, products, or customer groups
A business is owned and operated by only one person proprietorship
The operating procedures for a corporation corporate bylaws
An automobile factory is this type of business producer
Guidelines used in making consistent decisions policies
The people who make the major policy and financial decisions for a corporation board of directors
A grocery store is this type of business intermediary
A business owned and controlled by at least two people who have entered into a written agreement partnership
A written contract granting permission to operate a business franchise
An internet service provider is this type of business service business
Descriptions of the way work is to be done procedures
A temporary or _________ worker is one who has no explicit or implicit contract for long-term employment. contingent
The six basic business activities generating ideas, raising capital, employing & training personnel, buying goods & services, marketing goods & services, and maintaining business records
The ________________ is a written legal document that defines ownership and operating procedures and conditions for a corporation. articles of incorporation
A _______________ partnership identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the daily management of the business. limited liability
A(n) _________________ is a diagram that shows the structure of a business, classification of work and jobs, and the relationships among those classifications. organization chart
A good example of an entrepreneur is a gift shop owner
Personal characteristics of successful entrepreneurs do not include recklessness, greed, or pessimism. Rather persistence.
Nearly __ percent of all Americans aged 18-64 is involved in some type of entrepreneurial activity. 10
New businesses are often discontinued because of low sales, competitive pressure and higher than expected expenses.
According to the Small Business Administration (SBA) a small business is an independent business with fewer than 500 employees
What percentage of US small businesses are owned by women more than 25%
Small businesses have an advantage when customers want more individual attention
Business ideas can come from books and magazines, business experiences, and hobbies and interests
The business idea, ownership structure, and the business's long-term goals are discussed in this section of a business plan description of the business
Most business plans are updated annually
A designed change that increases the usefulness of a product or service improvement
A government agency that helps entrepreneurs develop business plans and obtain financing Small Business Administration
Money provided by large investors to finance new products and new businesses venture capital
The part of a business plan that discusses sales forecasts and the location and number of potential patrons. customer analysis
Money needed for the main resources of a business that will last for many years long-term financing
A group of retired local business people who volunteer their services to counsel and mentor new business owners. Service Corps of Retired Executives
An invention or creation that is brand new innovation
The part of a business plan that discusses the industry characteristics and the condition of the economy description of competition
Money needed to pay for the current operating activities of a business short-term financing
The process of starting, organizing, managing and assuming the responsibility for a new business is entrepreneurship
Small businesses are responsible what percentage of the US gross domestic product each year? almost 50
Professional, scientific, and _________ services account for the largest percentage of small business in the United States. technical
A written description of a business idea and how it will be carried out is called a business plan
What is the money needed to open a new business called? start-up-financing
Created by: smithcarla