Becoming an Entrepreneur

Question 1

Buying an existing business _____.

Revolt · Accepted Answer

allows the owner to build upon the goodwill of previous customers

Question 2

A disadvantage to joining a family business is that _____.

Revolt · Accepted Answer

family relationships may be negatively affected

Question 3

Location is not important for a business.

Revolt · Accepted Answer

F

Question 4

A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____.

Revolt · Accepted Answer

corporation

Question 5

In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____.

Revolt · Accepted Answer

sight and foresight

Question 6

An existing business can be for sale because _____.

Revolt · Accepted Answer

all of the above

Question 7

A business’ success depends on four key factors: financing, location, management, and _____.

Revolt · Accepted Answer

competition

Question 8

Taking over a family business can help to maintain the goodwill of the customers.

Revolt · Accepted Answer

T

Question 9

Jefferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____.

Revolt · Accepted Answer

financial plan

Question 10

A person who organizes a business and then runs it is called a(n) _____.

Revolt · Accepted Answer

entrepreneur

Becoming an Entrepreneur Answers

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