FM-116 Chapter 7 Review Questions and Correct Answers
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Course
FM 116
Institution
FM 116
What are entrepreneurs?people who risk their time, money, and other resources to start and manage a business
What is an internal locus of control?A deep-seated sense that the individual is personally responsible for what happens to his or her life
What is an external locus of control?A deep-seate...
FM-116 Chapter 7 Review Questions and
Correct Answers
What are entrepreneurs?✅people who risk their time, money, and other resources to
start and manage a business
What is an internal locus of control?✅A deep-seated sense that the individual is
personally responsible for what happens to his or her life
What is an external locus of control?✅A deep-seated sense that forces other than the
individual are responsible for what happens in his or her life
What are alternative lenders?✅Private firms that charge very high interest rates,
structure loans to be repaid in months rather than years, and often collect payments
daily or weekly to reduce risk
What are angel investors?✅Individuals who invest in start-up companies with high
growth potential in exchange for a share of ownership
What are venture capital firms?✅Companies that invest in start-up businesses with
high growth potential in exchange for a share of ownership
What is a market niche?✅A small segment of a market with fewer competitors than the
market as a whole
What is the Small Business Administration (SBA)?✅An agency of the federal
government designed to maintain and strengthen the nation's economy by aiding,
counseling, assisting, and protecting the interests of small businesses
What is the Small Business Development Centers?✅Local offices-- affiliated with the
small business administration-- that provide comprehensive management assistance to
current and prospective small business owners
What is SCORE?✅An organization affiliated with the SBA that provides free,
comprehensive business counseling for small business owners from qualified
volunteers
What is a business plan?✅A formal document that describes the business concept,
outlines core business objectives, and details strategies and timelines for achieving
those objectives
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