BUS101 Economics terms (busi,econ) 91

BUS101 Economics terms (busi,econ) 91 - Term(p 165 When...

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C. be purposefully vague, since specifics can restrict creativity and flexibility. D. focus on the nature of the business and the target market, omitting per- sonal information about the owner in order to avoid personality issues. Definition B. describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifi- cations. Term (p. 162) The executive summary section of the business plan contains: A. computerized information that readers can access interactively. B. information that will capture the attention of bankers and other investors who receive many business plans every day. C. qualifications, experience, and education of the entrepreneur and prospec- tive employees. D. a financial summary prepared by the business' accountant. Definition B. information that will capture the attention of bankers and other investors who receive many business plans every day.
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Unformatted text preview: Term (p. 165) When seeking financial backing from a venture capitalist, a small busi-ness owner should realize that the venture capitalist will: A. charge an interest rate that is much higher than any other lender. B. not be interested in the management of the business. C. expect an ownership stake in the company in exchange for financial back-ing. D. demand that the money be repaid within 90 days or less. Definition C. expect an ownership stake in the company in exchange for financial back-ing. Term (p. 166) A market consists of potential buyers of a good or service. However, for a market to exist: A. the business requires wholesalers and retailers. B. one firm must dominate in sales and product development. C. people must have unsatisfied wants and needs as well as a willingness and ability to buy. D. the product must be laboratory tested and approved by the Food and Drug Administration (FDA). Definition...
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