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Business Ch 5

Business plan
A carefully constructed guide for the person starting a business
SCORE
A group of retired and active business people who volunteer their services to small business through SBA
SBA
A government agency that assists, counsels, and protects the interests of a small business in the United States
Venture capital
Money that is invited in small (and sometimes struggling) firms that have the potential to become very successful
Small-Business Institutes (SBIs)
Group of senior and graduate students in business administration who provide management counseling to small businesses
Small business
A business that is independently owned and operated for profit and is not dominant in its field
Franchisee
A person or organization purchasing a franchise
Franchise
A licensed to operate an individually owned business as though it were a part of a chain of outlets or stores
Franchising
The actual granting of a franchise
Franchisor
An individual or organization granting a franchise
True
The SBA has to find a small business as one independently owned operated for profit and not dominant in its field
False
The various types of businesses attracting small business are generally grouped into service industries distribution industries and financial industries
False
Small businesses are generally managed by professional managers
True
Small firms have traditionally added more than their proportional share of new jobs to economy
False
Economically the US government is not concerned with whether or not small businesses make it
False
SCORE is a group of active business executives offering their services to small businesses for a fee
False
A small business investment company is a government agency that provides venture capital to small enterprises
False
The purchaser of a franchise is called the Franchisor
False
And agreement between two franchisors in which the two franchisors offer their products together is called double franchising
True
International trade will become more important to small business owners in the new century
Mismanagement resulting from lack of business know know-how
What is the primary reason that so many new businesses fail?
Have a relatively low initial investment
Businesses such as flower shops restaurants bed-and-breakfast is an automobile repair are good candidates for entrepreneurs because they?
Entrepreneurial spirit
An individual’s desire to create a new business is referred to as?
They over-expand without proper planning
What is a common mistake that small business owners make when their businesses begin growing?
Technical innovation
The fact that insulin and power steering both originated with individual inventors and small companies as testimony to the power of small businesses as providers of
Personal relationships with customers
In her small retail shop Joslyn knows most of her best customers by name and knows their preferences and clothing and shoes this demonstrates which advantage of small business?
She should consider alternative sources of financing because banks provide only a proportion of the total capital to small businesses
Shonta started a graphic design firm a year ago. The business has done well but it needs a lot more equipment, computers, and employees to continue expanding. Shonta thinks she can get all the money she will need from her bank, what advice might you get to her?
Retired and active business people from different industries
Volunteers for SCORE are?
Franchisor
An individual or organization granting a license to operate an individually owned business as though it were part of the chain of outlets stores is a(n)?
Consider purchasing a franchise
Mnju ask for your advice and opening a new business. She plans to provide tax-related services to individuals and small business owners in her community. Of course she wants an attractive means of starting and operating her business with avreasonable hope of succeeding in it. What will be your advice?

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