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Exam 3: Competing in the Global Marketplace

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Question 21

True/False

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A business plan is a detailed written statement that describes the nature of the business,the target market,the advantages the business will have in relation to competition and the resources and qualifications of the owner(s).

A) True
B) False

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Question 22

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An action-oriented entrepreneur must have a burning desire to realize,actualize and build your own dream into reality.

A) True
B) False

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Question 23

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In order to finance the Loaf Shop,a mobile bakery business that services several large downtown companies,Missy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with:

Owners of stock in a C corporation are liable for the debts of the corporation beyond the money they invested.

Unlimited liability refers to the responsibility of business owners for all the debts of the business.

As a high net worth individual,Denna searches for growth firms in need of additional funding to achieve their goals.In return for this ____________,Denna expects to assume ownership in the business.

A conventional (C)corporation is a state chartered legal entity with the authority to act and have liability separate from its owners.

In business,a market is the place where businesspeople purchase inventory.

Explain the common characteristics that all successful entrepreneurs have in common.

The board of directors is the group ultimately responsible for the business.

Angel investors are the government agencies that invest money in new companies before they go public.

A venture capitalist will likely take a stake in the business in return for loaning the business money.

_________ refers to the processes,customs,policies,laws and institutions affecting the way in which a corporation is directed,administered or controlled.

Stores a chain owns are called ___________ stores.

A firm or individual providing financial capital to a small business in exchange for an ownership stake in the company is called a(n) :

Explain the alternatives to starting a business from scratch.

Flash lighting means looking carefully at existing inventory to be sure it is all being used efficiently.

A _________ is a written document that details the business idea,the target market and the businesses competitive advantage,financial resources available for the business and the qualification of the management.

The advantage of an S Corporation is that it is taxed like a sole proprietorship.

List and discuss at least three causes of small business failure.