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Experience:  MBA
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The primary reason for people to become an entrepreneur

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The primary reason many people become entrepreneurs is to
(Points :5)
achieve a more stable income.
avoid risk.
make more money.
obtain benefits (such as health care) at a more affordable price.
Entrepreneurs with a strong internal locus of control tend to
(Points :5)
be unwilling to accept personal responsibility for their actions.
have trouble learning from past mistakes.
put too much faith in the ability of others within their business.
feel that the success or failure of their companies are largely the result of their own actions and decisions.
All of the following are traits common to entrepreneurs EXCEPT
(Points :5)
external locus of control.
tolerance of failure.
Overhead costs for small businesses
(Points :5)
tend to be much higher than they are for large businesses when expressed as a percentage of total expenses, which is one of the reasons the failure rate of small businesses is so high.
are about the same as they are for big companies when measured as a percentage of total expenses.
are often lower than they are for big companies, giving small businesses a competitive opportunity.
primarily arise because small businesses must hire so many outside consultants.
Which of the following is an actual competitive disadvantage for many small businesses?
(Points :5)
high overhead costs.
lack of business knowledge and expertise by the owners.
inability to take advantage of advances in technology.
inability to compete effectively in global markets.
A business plan should include all of the following topics EXCEPT
(Points :5)
a description of the good or service and an explanation of the need it will fill.
a financial plan, including how the firm intends to raise the money needed to get the business up and running.
a detailed description of the firm’s contingency plans.
an appendix which describes the research about the firm’s market and industry.
For individuals starting a small business, writing a business plan is
(Points :5)
more work than it is worth.
not always necessary, but it is essential if the company needs to obtain external financing.
the first and most critical step toward getting the company up and running. Small businesses that aren’t guided by a plan are almost never successful.
a simple process that usually takes no more than a week or two to complete.
The primary outside users of business plans are
(Points :5)
small business administrators.
investors and lenders.
vendors and suppliers.
_________ are firms that invest in start-up companies with high growth potential in exchange for a share of ownership.
(Points :5)
Mutual funds
Venture capitalists
Commercial bankers
Institutional lenders
The majority of new small business owners rely heavily on ____________ to finance their start-ups.
(Points :5)
personal sources, including family, friends, and credit cards
loans from commercial banks
angel investors
investments by venture capital firms
Accounting provides users with
(Points :5)
auditing references to assist the IRS in collecting tax payments.
timely and relevant information needed to make sound economic decisions.
information on the financial decisions of its shareholders.
knowledge of how to position a product for its market.
_________ are responsible for verifying accuracy of their organization’s internal records and validating the accounting procedures.
(Points :5)
IRS officials
Public accountants
Internal auditors
Forensic bookkeepers
______________ accountants combine their knowledge of accounting with investigative skills. These accountants can help detect and investigate tax evasion, embezzlement, money laundering, and securities fraud.
(Points :5)
____________ is the private self-regulating board established to develop generally accepted accounting principles used in the practice of financial accounting.
(Points :5)
____________________ would provide stockholders or creditors with information about the overall financial performance of a firm, while _________________ would provide information needed by a firm’s vice president of marketing who wants to view changes in the marketing budget for a new product.
(Points :5)
Internal auditors; financial accounting
Financial accounting; accrual accounting
Financial accounting; managerial accounting
Bookkeepers; auditors
The __________ summarizes a firm’s financial position at a specific point in time (i.e., a specific quarter or year).
(Points :5)
statement of cash flows
income statement
balance sheet
investment income statement
__________ is/are what the firm owes its creditors.
(Points :5)
Retained earnings
Owners’ equity
The ___________ indicates whether a firm earned a profit or suffered a loss over the past accounting period.
(Points :5)
balance sheet
income statement
statement of cash flows
cash budget
The income statement shows that
(Points :5)
Owners’ Equity - Assets = Liabilities.
Net Income - Expenses = Revenue.
Revenue - Expenses = Net Income.
Assets = Liabilities + Owners’ Equity.
________________addresses the needs of managers, providing detailed reports to management with information that makes informed decision-making possible.
(Points :5)
Forensic accounting
Investigative accounting
Managerial accounting
Financial accounting
Submitted: 7 years ago.
Category: Homework
Expert:  Steve replied 7 years ago.

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