BUS 100 Exam 2 (5, 6, 7, & 9) || with 100% Correct Answers.
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Course
BUS 100
Institution
BUS 100
An entrepreneur is correct answers a person who creates a business or product and manages his or her resources and takes risks to gain a profit
Entrepreneuriship correct answers the process of creating and managing a business to achieve desired objectives
A small business correct answers is o...
BUS 100 Exam 2 (5, 6, 7, & 9) || with 100% Correct Answers.
An entrepreneur is correct answers a person who creates a business or product and manages his or her resources and takes risks to gain a profit
Entrepreneuriship correct answers the process of creating and managing a business to achieve desired objectives
A small business correct answers is one that is not dominant in its competitive area and does not employ more than 500 people
Why are small businesses vital to the American economy? correct answers because they provide products, jobs, innovation, and opportunities
Some personal advantages of a small business owner would include: correct answers independence, freedom of choice, and the option to work from home
Small business advantages would include correct answers flexibility, the ability to focus on a few
key customers, and the chance to develop a reputation for quality service
Some personal DISadvantages of a small business owner would include: correct answers expenses, physical and psychological stress, and a high failure rate
Small businesses fail for many reasons such as: correct answers under-capitalization, management inexperience or incompetence, neglect, disproportionate burdens imposed by gov. regulation, and vulnerability to competition from larger companies
What is the first step in starting a small business? correct answers developing an idea
What is the second step in starting a business? correct answers Devising a business plan to guide planning and development of the business
What is the third step in starting a business? correct answers Deciding what form of business ownership to use (sole proprietorship, partnership, corporation, LLC)
What is the fourth step in starting a business? correct answers Coming up with the funds that are needed
What is the last (fifth) step in starting a business? correct answers Deciding whether to start from
scratch, buy an existing business, or buy a franchise operation
Economic turbulence presents both _____________ & ______________ to the survival of a small business correct answers opportunities; threats
What has helped small businesses ability to expand their operations abroad? correct answers technological advances and an increase in service exports ___________________ & _______________ have created an environment in which small businesses have fewer regulatory and legal barriers correct answers Trade agreements; alliances
More large companies are copying small businesses in an effort to make their firms more, __________, ____________, ___________ correct answers flexible, resourceful, and innovative
What is intrapreneurship? correct answers when an employee takes responsibility for (champions) developing innovations of any kind within the larger organization
Retailing, wholesaling, services, manufacturing, and high technology attract small businesses because correct answers they are easy to enter, require relatively low initial financing, and may experience less heavy competition
Minority owned businesses are the fastest growing in the industry. T/F correct answers True
Business plan correct answers a precise statement of the rationale for a business and a step-by-
step explanation of how it will achieve its goals
What is equity financing? correct answers money that you already have, something you don't have to pay back, using personal assets
What is debt financing? correct answers funds raised through various forms of borrowing that must be repaid, taking out a loan, using credit cards
What is a venture capitalist? correct answers A person that agrees to provide some funds for a new business in exchange for an ownership interest or stock (Sharks from Shark Tank)
Collateral correct answers something pledged as security for repayment of a loan, to be forfeited in the event of a default
Line of credit correct answers A financial arrangement between a firm and a bank in which the bank pre-approves credit up to a specified limit, provided that the firm maintains an acceptable credit rating
Trade credit correct answers Suppliers allow the business to take possession of the needed goods and services and pay for them at a later date/installments
Bartering correct answers trading goods and services without using money (using their products)
Franchise correct answers a license to sell another's products or to use another's name in business, or both
Franchiser correct answers the company that owns the product or service and grants the rights to another business
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