| A | B |
|---|
| An independently owned business that usually has the owner as its manager. | small business |
| A business that operates on the Internet. | virtual business |
| A written description of a new business venture that describes all aspects of the business. | Business plan |
| A brief recounting of the key points contained in a business plan | Executive summary |
| A statement that establishes the scope and purpose of a company and reflects it values and beliefs. | Vision statement |
| A statement that expresses the specific aspirations of a company, the major goals for which it will strive. | Mission statement |
| List the 12 characteristics of successful entrepreneurs. | risk-taking, self-confident,responsible, inquisitive,persistent, restless, goal-oriented, action-oriented, creative, inquisitive, enthusiastic, self-demanding |
| What reward is the main reason most people become an entrepreneur? | Being your own boss |
| A business can be classified as a “small business” is it has fewer than ______. | 500 employees |
| A business plan is a written description of a new business venture that describes all ____ of the business. | aspects |
| In a business plan, the size, scope, and type of business is explained in the ______. | company description |
| What is a corporation? | a business with many owners |
| Why do people have trouble getting money to start their own businesses? | Banks are concerned that they won't be repaid. |
| What is the most important reason many small businesses fail? | Entrepreneurs sometimes don't start with good financial planning. |
| What is the most important reason for having a business plan? | to help you focus on how to succeed in your new venture |
| Know the parts of a business plan. | Company Description, Executive Summary, Growth Plan, Product and Service plan, Mission and Vision Statement, Market Analysis |
| A business owned by only one person. | Sole proprietorship |
| A liability that holds the owner fully responsible for a company’s debts. | Unlimited liability |
| A business owned by two or more people who share the risks and rewards | Partnership |
| Company that is registered by a state and operated by its members | Corporation |
| A type of business that focuses on providing a service rather than making a profit | Nonprofit organization |
| A contractual agreement to use the name and sell the products or services of a company in a designated geographic area. | Franchise |
| Income from a sole proprietorship is _____. | taxed once |
| A major advantage of forming a corporation is _____ liability. | limited |
| An organization that is owned and operated by its members is a _____. | cooperative |
| During the life of a business, the way the business is organized _____. | can be changed |
| A processor changers raw material into a _____ product. | more finished |
| A firm that buys large quantities of produce from many farms and then divides fruits and vegetable sinto smaller quantities and sells them to grocery stores is a _____. | distributor |
| What are the three main forms of business organization? | sole proprietorships, partnerships, and corporations |
| Which is true of intermediaries, wholesalers, and retailers? | They buy and sell goods. |
| In which type of business do most Americans work? | service |
| Which of the following are qualities needed to be a good leader? | Motivation, Communicatin skills, confidence, integrity |
| Which of the following are the three basic styles of leadership? Choose all that apply. | Autocratic Leadership, Free-Rein Leadership, Democratic Leadership |
| _______ is a term that is used to refer to the people who are in charge of running a business. | management |
| Controlling, leading, organizing, and planning are the four ________ of management | functions |
| The process that managers use to develop goals and objectives, as well as strategies to achieve them, is called ________. | planning |
| The management function that requires managers to provide direction and vision is called _____ . | leading |
| Monitoring customer satisfaction is a component of the _____ function. | controlling |
| Most managers carry out _____ different functions of management. | four |
| ____ involves measuring how a business performs in order make sure that the operational and financial goals are met. | evaluating |
| A manager in charge of a department is generally classified as a ____. | middle manager |
| Reviewing employee performance is a component of the _____ function. | controlling |
| A disadvantage to line authority is that the managers have _____ who help with their responsibilities. | few specialists |
| A firm that has a centeralized organization concentrates authority with _____. | top managers |
| One of the characteristics of a formal structure is _____. | departmentalization |
| On an organizational chart a direct line of authority is indicated by a ____ line. | solid |
| Informal structure often works well for _____. | small businesses |
| Many managers begin their career in a(n) _____. | entry-level job |
| _____ of a manager's day is spent interacting with other people. | most |
| One of the disadvantages of being a manager is high _____. | pressure |
| A disadvantage of the line and staff authority structure is that it can lead to ___. | overstaffing |
| Consistent decision making is a hallmark of a firm with a(n) ______. | centralized organization |
| Technology refers to the _____ that people have invented to make life easier. | machines and tools |
| An early invention that had a huge impact on business was the _____. | telephone |
| Computers were first used only by _____. | the military |
| When referring to handheld devices that allow users to send e-mail, list contacts, and access the Internet, "PDA" is short for _____ digital assistant. | personal |
| People who work with computers while doing business are part of the _____ workforce. | electronic |
| Using the Internet to do business is called _____. | e-commerce |
| A(n) _____ workflow links all the steps in a process digitally. | digital |
| The well-known technology center located in California is called _____. | Silicon Valley |
| In years since the end of _____, electronic devices have revolutionized business and society. | World War II |
| The economies of many countries, such as _____, are based on manufacturing electronics. | Japan and Taiwan |
| A start-up is a(n) _____ business that is usually small. | newly formed |
| E-tickets are an example of _____. | e-commerce |
| At the beginning of the 21st century, consumers top online merchandice purchases were _____. | computers and software |
| Businesses often call their stores and warehouses _____. | brick-and-mortar |
| A company that sells its products in stores, by mail, and online IS called a(n) _____. | multi-channel retailer |
| An e-tailer that sells consumer products might consider every consumer with access to _____ to be a potential customer. | the Internet |
| Convenience is a(n) _____ of electronic retail. | advantage |
| Purchasing an e-ticket for airline travel is _____. | popular |
| One of the disadvantages of shopping online is that you have to wait _____. | for delivery |
| Retail businesses that have stores in the mall and also sell products online are called _____ operations. | clicks-and-mortar |
