BUS1010 - Intro to Business questions and
answers Graded A+
Jacob is an entrepreneur looking for his next big business idea. What are ways he
can generate new ideas? - ✅✅Select a feature of an existing product to create
a spin-off.
Combine two existing products into one new product.
Find an existing product and make it less expensive to produce.
Which of these would be most helpful in getting financing and thinking through
important details about your business idea?
Multiple choice question. - ✅✅Creating a business plan
Which statement is true about funding a new business? - ✅✅There is a wide
variety of possible sources of funding.
The Community Development Financial Institutions Fund is a private institution
that provides investing to ____. - ✅✅Underserved communities.
A Community Development Financial Institution (CDFI) is a private financial
institution that provides investing as well as personal and business lending
opportunities to underserved communities within the United States.
What is the name given to enterprises that are independently owned and run, are
not dominant in their field, and meet government criteria for number of
employees and amount of profit? - ✅✅Small businesses
, Which statement is true about generating new business ideas? - ✅✅It may
involve changes or additions to existing products.
Which of these statements are true about the importance of small businesses to
the U.S. economy? - ✅✅They provide a large number of jobs.
They represent the majority of sales in the United States.
What are reasons for writing a business plan? More than one answer may be
correct. - ✅✅To work out the specifics
To gain financial backing
What should you keep in mind when deciding whether or not to purchase an
existing small business? - ✅✅An existing business is likely to come with a
location and customer base.
Which funding sources are most likely to be based on personal finances? More
than one answer may be correct. - ✅✅Loan from a friend
Second mortgage
Drag each example to the corresponding cause of business failure. No items may
be used more than once. - ✅✅Inadequate managing skills: Tanya opens a
restaurant despite the fact that she has never worked at a restaurant.
Lack of financial support: Marcel owns a clothing store shop that sells designer
clothes but has no savings on hand to weather an economic downturn.
answers Graded A+
Jacob is an entrepreneur looking for his next big business idea. What are ways he
can generate new ideas? - ✅✅Select a feature of an existing product to create
a spin-off.
Combine two existing products into one new product.
Find an existing product and make it less expensive to produce.
Which of these would be most helpful in getting financing and thinking through
important details about your business idea?
Multiple choice question. - ✅✅Creating a business plan
Which statement is true about funding a new business? - ✅✅There is a wide
variety of possible sources of funding.
The Community Development Financial Institutions Fund is a private institution
that provides investing to ____. - ✅✅Underserved communities.
A Community Development Financial Institution (CDFI) is a private financial
institution that provides investing as well as personal and business lending
opportunities to underserved communities within the United States.
What is the name given to enterprises that are independently owned and run, are
not dominant in their field, and meet government criteria for number of
employees and amount of profit? - ✅✅Small businesses
, Which statement is true about generating new business ideas? - ✅✅It may
involve changes or additions to existing products.
Which of these statements are true about the importance of small businesses to
the U.S. economy? - ✅✅They provide a large number of jobs.
They represent the majority of sales in the United States.
What are reasons for writing a business plan? More than one answer may be
correct. - ✅✅To work out the specifics
To gain financial backing
What should you keep in mind when deciding whether or not to purchase an
existing small business? - ✅✅An existing business is likely to come with a
location and customer base.
Which funding sources are most likely to be based on personal finances? More
than one answer may be correct. - ✅✅Loan from a friend
Second mortgage
Drag each example to the corresponding cause of business failure. No items may
be used more than once. - ✅✅Inadequate managing skills: Tanya opens a
restaurant despite the fact that she has never worked at a restaurant.
Lack of financial support: Marcel owns a clothing store shop that sells designer
clothes but has no savings on hand to weather an economic downturn.
