Ch 06 Entrepreneurship and Small Business Management

Front

The process of starting, organizing, managing, and assuming the responsibility for a business is called capitalism.

Back

False

Front

Is everyone who owns a business an entrepreneur?

Back

False

Front

In the United States, nearly as many small businesses close as begin each year.

Back

True

Front

According to the IRS, sole proprietorships account for more than $1.5 trillion in annual sales.

Back

True

Front

Do all entrepreneurship opportunities emerge from inventions and innovations?

Back

False

Front

Are most new businesses successful and show a profit ten years after they were started?

Back

False

Front

Many small businesses fail simply due to their location.

Back

True

Front

The most important step in starting a business is preparation.

Back

True

Front

Once a business plan is written, it should never be revised nor updated.

Back

False

Front

A business plan usually will be required if a business owner needs help from others, especially for financing the new business.

Back

True