Small Business Management Exam 1 Practice Quizzes & Answers(Rated A+)

Service {Ans: 25-300}Refugee {Ans: A person who becomes an entrepreneur to escape an undesirable situation.}Management Skills {Ans: 1. technical skills - these are the abilities necessary to carry out specific tasks that have been assigned 2. human skills - the ability to work with, motivate, and direct individuals for to a common goal 3. conceptual skills - ability to understand the degree of complexity in a given situation and to reduce that complexity to a level at which specific course of action can be determined}Copyright {Ans: THE REGISTERED RIGHT OF A CREATOR TO REPRODUCE, PUBLISH, AND SELL THE WORK WHICH IS THE PRODUCT OF THE INTELLIGENCE AND SKILL OF THAT PERSON}Patent {Ans: The registered right of an inventor to make use and sell an invention.}A successful going concern has demonstrated? {Ans: An ability to attract customers. Can control cost. Can make a profit. Has a track record under actual marketing conditions.}Artisan entrepreneur {Ans: a person with primarily technical skills and little business knowledge who starts a business}Goodwill {Ans: An intangible asset such as the name of a funeral home; also an intangible asset which enables business to earn a profit in excess