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Chapter 6 Practice Quiz

A business plan is a written document that summarizes the ________.
proposed business venture, goals, and plans for achieving those goals
A company that licenses elements of its business system to other companies is called a ________.
franchisor
A company’s ________ defines how it will generate revenue and produce a profit.
business model
A corporation’s first offering of shares of stock to the public is called ________.
an initial public offering (IPO)
Andy, an entrepreneur, plans to open a bakery in his neighborhood. He realizes that there are no branded bakeries in the locality, even though there are a number of independent bakeries. He approaches Soft Bakes, an international bakery chain, and signs an agreement with them that gives him the right to open a bakery shop that uses Soft Bakes’ name and management methods. In this scenario, which of the following business methods does Andy use?
business-format franchise
Compared to starting a new business, buying an existing business can involve more work and more risk. True or False
False
Investors who provide money to finance new businesses or turnarounds in exchange for a portion of ownership, with the objective of reselling the business at a profit are called ________.
venture capitalists
Money used or needed to set up a new business is ________.
seed money
One of the general characteristics of a small business is that it typically sells fewer products ________.
to fewer market segments
________ provide a small business with a wide array of support resources and services during its early growth phase.
Business incubators
The failure rate of new businesses is usually high during the first year. True or False
True
A business plan summarizes the proposed business venture, goals, and plans for achieving those goals. True or False
True
Small companies tend to differ from large ones because ________.
they can react to market changes and make decisions more quickly than larger companies
Three factors contributing to the increased number of small businesses are technologies such as e-commerce, growing diversity in entrepreneurship, and ________.
downsizing and outsourcing
Well-known examples of ________ include Taco Bell, Pizza Hut, The UPS Store, and Curves fitness centers.
business franchises

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