A disadvantage to joining a family business is that _____.a.more can be achieved by working in a teamb.family relationships may be negatively affectedc.one individual must take on all of the financing responsibilitiesd.there is little trust and loyalty
The expenses involved in going into business, such as buying a space and purchasing equipment, are examples of _____.a.marketing fundsb.start-up costsc.financial plansd.operating expenses
The three traits an entrepreneur must possess to be successful are _____. a.motivation, humility, and decision makingb.conflict management, motivation, and decision makingc.sight & foresight, decision making, and motivationd.humility, conflict management, and sight & foresight
Taking over a family business can help to maintain the goodwill of the customers.
In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____. a.interpretationb.sight and foresightc.independenced.decision making skills
Buying a franchise might be a good decision for someone who _____.a.wants to create a new product or serviceb.doesn’t want to work long hoursc.doesn’t have experience developing management systemsd.likes to work alone without many rules and regulations
A business’ success depends on four key factors: financing, location, management, and _____.a.opportunity costsb.retail salesc.competitiond.employment opportunities
A person who organizes a business and then runs it is called a(n) _____.a.entrepreneurb.financial plannerc.franchiserd.stockholder
Jefferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____. a. buy-out plan b. income statement c. partnership agreement d. financial plan Please select the best answer from the choices provided
An existing business can be for sale because _____.a.the owners are retiringb.the owners are entering a new businessc.the business is losing moneyd.all of the above
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