Small Business Management (Bus 202) - Units 1-4 with correct answers 100%

Small Business Management (Bus 202) - Units 1-4 with correct answers 100% Entrepreneur - Correct Answer A person who starts, operates, or owns a business and assumes all risks Founders, or "pure entrepreneurs," - Correct Answer Typically the biggest risk-takers, and are usually the most creative Second generation entrepreneur - Correct Answer Normally carrying on the family tradition Franchisees - Correct Answer Restricted in freedom but have invested money and experience Three primary rewards of entrepreneurship - Correct Answer Profit Independence Personal fulfillment Business - Correct Answer An organization that combines inputs of raw materials, capital, labor and management skills to produce useful outputs of goods and services as to earn a profit Small business - Correct Answer The backbone of the American economy. A business which is independently owned and operated and is not dominant in its field of operation Four characteristics of small businesses - Correct Answer Financing supplied by one or few individuals Other than marketing, operation is local Fewer than 100 employees Small compared to larger competitors Manufacturing business - Correct Answer A business that makes finished goods from raw materials by hand or by machinery Merchandising business - Correct Answer A business that purchase finished goods for resale Service business - Correct Answer A business that provides a service as opposed to a product The five functions of small business management - Correct Answer Planning Organizing Motivating Directing (actuating) Controlling (evaluating) Planning - Correct Answer A function of determining in advance of what needs to be accomplished in order to achieve a particular goal Organizing - Correct Answer Arranging in independent parts, each having a specific function or relation with respect to the whole; the arrangement and distribution of work among members of an organization Motivating - Correct Answer The function of providing incentives to supply the proper quantities of demanded products or services, to increase work capacity Directing (actuating) - Correct Answer Regulating the activities of an organization to guide and/or supervise the activities of that organization Controlling (evaluating) - Correct Answer Management function which compares organizational and individual performance with predetermined standards or expected results Business plan - Correct Answer A new venture plan. A written description of a new business that projects marketing, operational and financial aspects of a proposed business Motivation to start a small business - Correct Answer Make money Be your own boss Enjoy a satisfying life Contribution to the community