Intro to Business- Midterm Exam
Questions and All Correct Answers
2026 Updated.
75% of start up capital for a business.. - Answer savings, bank loans, and credit cards
small businesses are independent businesses with fewer than how many employees - Answer
500
specialists with responsibilities for specific parts of a company's operations - Answer middle
management
Long Term Financing - Answer money needed for main resources of a business
start up financing - Answer money needed for inventory, supplies, and licenses
short term financing - Answer money needed for operating activities of a business
Minorities who own a business (%) - Answer 17%
Women who own businesses (%) - Answer 25%
Owners under 35 years old (%) - Answer 14%
Businesses that are home based (%) - Answer 50%
True or False. Core values describe the reasons a business exists - Answer FALSE
Long Term & Short Term Goals are in - Answer Description of Business
sales forecasts are in - Answer Customer Analysis
Human Resource Plans are in - Answer Operations Plans
description of resources needed is in - Answer Marketing Plans
, Budget and Financial Statements are in - Answer Financial Plans
True or False. Venture Capital is money provided by large investors to finance a new business -
Answer TRUE
True or False. Tactical management is more collaborative - Answer FALSE
True or False. Over a 10 year period, more than 50% of all businesses are discontinued - Answer
TRUE
True or False. A small business typically dominates its field - Answer FALSE
True or False. The SBA is a government agency that helps small business owners obtain
financing - Answer TRUE
Which group started a wave of retirement in 2011? - Answer Baby Boomers
BY 2018, nearly 1/2 of all jobs will be held by - Answer Women
A majority of US businesses employ how many people? - Answer 1
True or False. Management is the process of accomplishing goals of an organization through the
effective use of people and resources - Answer TRUE
Easiest form of business to start and end - Answer proprietorship
Business that makes up 9.55% of all US business - Answer partnership
A written expression of the reason a business exists and what it wants to achieve - Answer
Mission Statement
A precise statement of results a business expects to achieve - Answer Goal
Guidelines used in making consistent decisions - Answer Policies
Questions and All Correct Answers
2026 Updated.
75% of start up capital for a business.. - Answer savings, bank loans, and credit cards
small businesses are independent businesses with fewer than how many employees - Answer
500
specialists with responsibilities for specific parts of a company's operations - Answer middle
management
Long Term Financing - Answer money needed for main resources of a business
start up financing - Answer money needed for inventory, supplies, and licenses
short term financing - Answer money needed for operating activities of a business
Minorities who own a business (%) - Answer 17%
Women who own businesses (%) - Answer 25%
Owners under 35 years old (%) - Answer 14%
Businesses that are home based (%) - Answer 50%
True or False. Core values describe the reasons a business exists - Answer FALSE
Long Term & Short Term Goals are in - Answer Description of Business
sales forecasts are in - Answer Customer Analysis
Human Resource Plans are in - Answer Operations Plans
description of resources needed is in - Answer Marketing Plans
, Budget and Financial Statements are in - Answer Financial Plans
True or False. Venture Capital is money provided by large investors to finance a new business -
Answer TRUE
True or False. Tactical management is more collaborative - Answer FALSE
True or False. Over a 10 year period, more than 50% of all businesses are discontinued - Answer
TRUE
True or False. A small business typically dominates its field - Answer FALSE
True or False. The SBA is a government agency that helps small business owners obtain
financing - Answer TRUE
Which group started a wave of retirement in 2011? - Answer Baby Boomers
BY 2018, nearly 1/2 of all jobs will be held by - Answer Women
A majority of US businesses employ how many people? - Answer 1
True or False. Management is the process of accomplishing goals of an organization through the
effective use of people and resources - Answer TRUE
Easiest form of business to start and end - Answer proprietorship
Business that makes up 9.55% of all US business - Answer partnership
A written expression of the reason a business exists and what it wants to achieve - Answer
Mission Statement
A precise statement of results a business expects to achieve - Answer Goal
Guidelines used in making consistent decisions - Answer Policies
