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