Business Foundations Chapter 6

  1. What is a person who takes a risk in starting a business to earn a profit called?
    an entrepreneur
  2. What is the process of starting, organizing, managing and assuming the responsibility for a business?
  3. What is money provided by large investors to finance new products and new businesses that have a good chance to be very profitable?
    venture capital
  4. What is an invention or creation that is brand new?
    an innovation
  5. What is a designed change that increases the usefulness of a product, service, or process?
  6. What is an independent business with fewer than 500 employees?
    a small business
  7. What is a government agency that helps small business owners develop business plans and obtain financing and other support for their companies?
    SBA (Small Business Administration)
  8. What is a written description of the business idea and how it will be carried out, including all major business activities?
    a business plan
  9. What is the amount of money needed to open a business?
    start-up financing
  10. What is the money needed to pay for the current operating activities of a business?
    short-term financing
  11. What is money needed to pay for the main resources of a business that will last for many years?
    long-term financing
  12. True or False: An entrepreneur has a real desire to be their own boss.
  13. Are young entrepreneurs divided equal between men & women?
  14. About how many women own their own business?
    about 6 million
  15. How many new businesses are created in the US every year?
    .5 million
Card Set
Business Foundations Chapter 6