TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Entrepreneur -
correct answer ✅a businessperson who accepts both the risks and
the opportunities involved in creating and operating a new business
venture
Entrepreneurship -
correct answer ✅the process of seeking business opportunities
under conditions of risk
Small business -
correct answer ✅one that is independent (not part of a larger
business) and that has relatively little influence in its market
Small business importance -
correct answer ✅Job creation
Innovation
Contributions to big business
Entrepreneurial Characteristics -
correct answer ✅Resourcefulness
Concern for good, personal customer relations
Strong desire to be their own bosses
,TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Deal with uncertainty and risk
Understanding Distinctive Competencies -
correct answer ✅Identify new niches in a Established Market
Identify new markets
Move quickly (First-mover advantage)
Business plan -
correct answer ✅Document in which the entrepreneur describes
her or his business strategy for the new venture and demonstrates
how it will be implemented
Crafting a Business Plan -
correct answer ✅Setting Goals and Objectives
Sales Forecasting
Financial Planning
Franchise -
correct answer ✅arrangement in which a buyer (franchisee)
purchases the right to sell the good or service of the seller
(franchiser)
,TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Franchise Advantages -
correct answer ✅Proven business opportunity
Access to management expertise
Franchise Disadvantages -
correct answer ✅Start-up costs
Ongoing payments
Management rules and restrictions
Buying a Business -
correct answer ✅Better odds
Relationships already set
35% of new business
Reasons for Failure in business -
correct answer ✅Managerial incompetence or inexperience
Neglect
Weak control systems
Insufficient capital
, TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Reasons for Success in Business -
correct answer ✅Hard work, drive, and dedication
Market demand for the products or services being provided
Managerial competence
Luck
Noncorporate Business Ownership -
correct answer ✅Sole Proprietorship
General Partnership
Cooperatives
Sole Proprietorship -
correct answer ✅business owned and usually operated by one
person who is responsible for all of its debts
General Partnership -
correct answer ✅business with two or more owners who share in
both the operation of the firm and the financial responsibility for its
debts
Questions & Answers (Grade A+)
Entrepreneur -
correct answer ✅a businessperson who accepts both the risks and
the opportunities involved in creating and operating a new business
venture
Entrepreneurship -
correct answer ✅the process of seeking business opportunities
under conditions of risk
Small business -
correct answer ✅one that is independent (not part of a larger
business) and that has relatively little influence in its market
Small business importance -
correct answer ✅Job creation
Innovation
Contributions to big business
Entrepreneurial Characteristics -
correct answer ✅Resourcefulness
Concern for good, personal customer relations
Strong desire to be their own bosses
,TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Deal with uncertainty and risk
Understanding Distinctive Competencies -
correct answer ✅Identify new niches in a Established Market
Identify new markets
Move quickly (First-mover advantage)
Business plan -
correct answer ✅Document in which the entrepreneur describes
her or his business strategy for the new venture and demonstrates
how it will be implemented
Crafting a Business Plan -
correct answer ✅Setting Goals and Objectives
Sales Forecasting
Financial Planning
Franchise -
correct answer ✅arrangement in which a buyer (franchisee)
purchases the right to sell the good or service of the seller
(franchiser)
,TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Franchise Advantages -
correct answer ✅Proven business opportunity
Access to management expertise
Franchise Disadvantages -
correct answer ✅Start-up costs
Ongoing payments
Management rules and restrictions
Buying a Business -
correct answer ✅Better odds
Relationships already set
35% of new business
Reasons for Failure in business -
correct answer ✅Managerial incompetence or inexperience
Neglect
Weak control systems
Insufficient capital
, TTU BA 1301 Exam 2 Review
Questions & Answers (Grade A+)
Reasons for Success in Business -
correct answer ✅Hard work, drive, and dedication
Market demand for the products or services being provided
Managerial competence
Luck
Noncorporate Business Ownership -
correct answer ✅Sole Proprietorship
General Partnership
Cooperatives
Sole Proprietorship -
correct answer ✅business owned and usually operated by one
person who is responsible for all of its debts
General Partnership -
correct answer ✅business with two or more owners who share in
both the operation of the firm and the financial responsibility for its
debts
