Exam (elaborations)
SMALL BUSINESS ENTREPRENEURSHIP FINAL EXAM 2024/2025
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SMALL BUSINESS ENTREPRENEURSHIP FINAL EXAM 2024/2025
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SMALL BUSINESS ENTREPRENEURSHIP FINAL EXAMThe key elements of a business plan can include _____. - Answers- Marketing and
Sales Strategy and Executive Summary
What is a snapshot of an entrepreneur's business plan as a whole? - Answers-
executive summary
An entrepreneur is a person who _____ a business venture. - Answers- assumes the
risk, operates, organizes
What is an example of a product-based business? - Answers- clothing
What are the 7 key elements of a business plan? - Answers- 1. Executive Summary
2. Market Analysis
3. Business Description and Vision
4. Organization and Management
5. Marketing and Sales Strategy
6. Description of Products and Services
7. Financial Management
Identical products sold by all companies is an example of what market structure? -
Answers- perfect competition
What is a target market? - Answers- a group of customers that a business decides to
aim its marketing efforts and ultimately its products.
What does it mean to do the right thing or to have moral principles. - Answers- ethical
Some causes of ethical issues in business include _____. - Answers- unfair treatment
of workers, harassment, and
corruption
What is sole proprietorship? - Answers- A business owned by only one person.
A _____ risk can result from a business move. - Answers- strategic
A nonprofit organization that mentors small business owners is _____. - Answers-
SCORE
The role of government being represented if inspections and licenses are required is
_____. - Answers- a supervisory body
What are some reasons why entrepreneurs improve the economy? - Answers- Self-
confidence = stimulated economy and new technology
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