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intro bus final
Last exam
| Question | Answer |
|---|---|
| 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
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