Small business

This is a type of business that is owned & operated by 1 person.

• sole proprietorship

• partnership

• Corporation

• franchise

A form of business ownership where 2 or more people share the assets, liabilities and profits.

• partnership

• sole proprietorship

• corporation

• franchise

A type of business that sells products directly to consumers.

• retail business

• e-commerce business

• service business

• e-marketing business

Work that is done for others is what type of business organization?

• service business

• business plan

• retail business

• blue print

Many small businesses have an advantage over larger businesses because they are better able to _____

• Provide unique services to customers

• Market their products

• Raise large amounts of financial capital

• Mass produce products

Which of the following is not a common reason for the failure of small businesses?

• A lack of sufficient start-up money

• Shortage of skilled workers

• lack of management experience

• failure to manage credit offered to customers

You will likely pay more for a product or service from a small company than from a large one.

• true

• false

A _____ business should locate in an area with access to raw materials and transportation systems

• Retail

• Manufacturing

• service

• wholesale

A(n) ____ is an invention or creation that is brand new.

• Development

• Improvement

• Innovation

• Advancement

Before a business owner completes the business plan, he or she should ask business experts to review the plan.

• True

• False