Entrepreneurship EOPA Practice Test

These questions are part of the practice quiz. Start practicing

• Which term describes blending product, price, distribution, and promotion used to reach a target market?
• Which term denotes ownership or exclusive rights to processes or other products resulting from intelligent thought, such as trade secrets, copyrights, patents, or trademarks?
• Making your own rules, doing work you enjoy, creating greater wealth, helping your community?
• Contracts with retailers defining the repayment of the purchase price plus finance charges in equal regular payments
• Which term is defined as a medium of exchange, a good that can be used to buy other goods and services?
• Which concept involves making contact with a variety of people in related fields to foster communication and access information beyond the initial contact?
• Which term refers to goods made by people and used to produce other goods and services (also called intermediate goods)?
• A business owned by two or more people is called a
• Which term describes the borrower or the party that uses credit?
• What is the term for revenue left after subtracting the cost of products sold from net sales?
• The regular ongoing operating expenses of a business, including rent, utilities, upkeep, taxes, administrative salaries; costs not directly associated with the product/service.
• APR refers to which of the following?
• Which term describes a venture aimed at creating social or community impact through entrepreneurship?
• The measure of how effectively a business converts inputs into outputs is known as what?
• Which term best matches the definition: Resources used by businesses to produce goods and services.
• Which term best describes the asset on a balance sheet that includes raw materials, work-in-progress, and finished goods?
• Which lease type has the landlord pays building insurance and the tenant pays rent, taxes and other expenses?
• Which term describes the situation in which people are willing and able to work at current wages but do not have jobs?
• Which term describes the description of the characteristics of the person or company that is likely to purchase a product or service?
• Which term labels the people who start and manage a business venture?
• A predetermined level of inventory that signals when new stock should be ordered is called?
• Which term means a legally binding agreement between two or more persons?
• The sum of all activities that influence commercial movement (sale) of goods and services from the provider to the consumer is:
• In periods of rising prices, which inventory costing method produces a lower gross margin, lower income before tax, and smaller cash outflows for income tax purposes?
• Which term describes resources such as buildings, machinery, tools, and equipment used to produce goods and services?
• What term refers to the primary financial district in the United States known for major banks and markets, located in New York City?
• What term describes time worked beyond the regular 40 hours?
• Which approach uses customer needs as the primary focus during planning, production, distribution, and promotion?
• Vesting applies to which type of benefits?
• Which term is used to describe goods that are used in production rather than consumption?
• Which economic system emphasizes private ownership of resources by individuals?
• What term describes the routes that products and services take from production to consumption?
• What term refers to a business that is legally treated as a person, yet remains separate from its owners?
• The amount owed by the business to the owner.
• All natural, human and human-made aids to production are called what?
• Which term best matches the definition: A business where the primary activity of business or primary operating office is in one's own home.
• Which inventory method assumes the newest items are sold first?
• Which term refers to people who use resources to make goods and services; also called workers?
• The name of your business, registered with the Secretary of State's office, also referred to in some states as 'fictitious' or 'assumed' name is called what?
• Which describes a contract where all parties are obligated to abide by its terms?
• Which term refers to a promise or representation about goods that is part of the contract and creates an expectation that the goods will conform to that promise?
• A written document that describes all the steps necessary for opening and operating a successful business is called?
• Which term refers to money in circulation issued by the government?
• Potential business failure, unexpected obstacles, financial insecurity, long hours and hard work?
• What is the process of running a business of one's own?
• Which term refers to the unauthorized use of protected works?
• Which stage focuses on securing the inputs necessary to launch the venture?
• Which term describes the economic resources needed to produce goods and services?
• A loan wherein the borrower pledges property or other assets to assure the creditor of repayment is a
• Which term describes credit arrangements that are repaid in a fixed number of payments?
• A press release aimed at gaining unpaid media coverage describes which concept?
• Which analysis identifies the sales threshold required to cover fixed and variable costs?
• A formal agreement or promise between two or more parties that is legally enforceable is a
• What term refers to a person or company to whom you owe money?
• Which term describes resources available in a business to cover short-term expenses, calculated as current assets minus current liabilities?
• Which term denotes the most common legal form of business ownership; unlimited liability?
• Which term describes a business that makes most of its money selling the same or similar products or services to the same market as the other business?
• An asset management and valuation method that assumes assets produced or acquired last are the ones used, sold or disposed of first
• A share of profits paid to stockholders of a corporation.
• Which term describes a written agreement to make regular payments on a purchase?
• What term describes the quantity of goods available at a given price?
• Which term describes a letter that introduces an accompanying document?
• Which term is defined as Sales minus variable costs and fixed costs?
• Which term best matches the definition: The purpose for which something is designed or exists.
• Costs that go up or down depending on the quantity produced are called?
• The price and quantity at which supply and demand balance is called?
• Which channel is characterized by moving products directly from the producer to the consumer, without intermediaries?
• A legal relationship created by two or more individuals voluntarily associating to carry on as co-owners of a business for profit.
• Which term describes the legal relationship of two or more individuals co-owning a business for profit?
• Which term is the name of your business registered with the Secretary of State, often called a fictitious or assumed name?
• Which term refers to the assets pledged to a lender to secure or support a loan?
• Which element refers to the exchange of value between parties?
• What does SBA stand for?
• Which stage is most closely associated with creating the blueprint for the venture, including a formal plan and IP considerations?
• Natural ability to perform well at a specific task is known as what?
• Which phrase best describes activities such as building business knowledge, financial skills, career exploration, and community awareness to increase potential?
• Which term describes a financial statement based on projected revenues and expenses?
• Which entity is described as a hybrid between a partnership and a corporation, offering limited liability and avoiding double taxation?
• The exclusive right to reproduce, sell, publish, or distribute literary or artistic work is known as
• Which document is the result of operational planning and whose highlights are included in the business plan?
• Which term describes credit extended by providing services or goods with payment due later?
• Which term refers to making additions, revisions, or changes to increase usefulness or value?
• The dollar amount originally borrowed or financed on which interest is paid; also referred to as the 'face amount' of a loan.
• Which term best matches the definition: Net sales (gross sales less returned merchandise, discounts, or other allowances) minus cost of goods sold; also referred to as 'Gross Margin'.
• Rule of 72 describes what?
• To commit money or capital in order to gain a financial return.
• Which term refers to data describing a group of people in terms of age, marital status, income, and education?
• Which stage emphasizes recognizing opportunities and assessing feasibility of ideas?
• Which business form is a common example of sole ownership, often chosen for simplicity and full control?
• Which term is defined as a medium of exchange that can be used to buy other goods and services?
• Copying another's work without permission and passing off the copy as an original is called
• What term identifies a business or product by a distinctive name or symbol?
• Which term represents the net asset value after subtracting debts from assets?
• Which buying decision is based on logical evaluation of options?
• Which term is often used to describe the net working capital of a business?
• Where one joint debtor has the right to insist that a co-debtor be joined in the liability.
• Which term is listed as a main category of credit?
• Which concept involves comparing different options to determine which has the best value?
• The dollar amount originally borrowed or financed on which interest is paid; also referred to as the 'face amount' of a loan
• What is the term for a written promise to repay money on a specified date?
• The person who uses credit.
• Which stage is about recognizing opportunities and assessing feasibility of ideas?
• The largest possible market for a product; the broadest starting point for segmentation strategy.
• Which statement best describes Net Profit?
• Which term describes ownership or exclusive rights to processes or other products resulting from intelligent thought, such as patents or copyrights?
• In business, what term describes the financial gain after expenses are subtracted from revenues?
• Which term describes the lack of sufficient capital to take a venture through the early stages?
• To divide proportionally over a period of time is to
• Which of the following best describes the purpose of a SWOT analysis?
• A name, symbol, or special mark used to identify a business or brand of a product is called a
• What term describes the essential resources used to produce goods and services?
• Which term describes a group discussion used to gather ideas from target customers?
• What federal office is responsible for copyright registrations in the United States?
• Which term means a way of viewing or thinking about something that affects how you feel about it?
• Evaluating your strengths and weaknesses?
• Which type of credit is typically extended to finance a purchase and repaid in fixed installments?
• The process of moving goods from producers to consumers through intermediaries is called what?
• Which term refers to the inputs used to produce goods and services, such as land, labor, and capital?
• Dependence on others for goods and services; occurs as a result of specialization.
• It literally means a network of networks. The Internet is comprised of thousands of smaller regional computer networks scattered throughout the globe.
• Someone who creates and runs a business and takes on the risk is called what?
• What term means an increase in the overall level of prices over an extended period?
• Which term is the area from which a business expects to attract customers?
• Which of the following lists are elements of an enforceable contract?
• Which pricing approach is based on the belief that certain prices influence how customers perceive a product?
• What is a brief account of a person's education, qualifications, and previous experience, typically sent with a job application?
• What term refers to the controlling financial interests of the United States, with Wall Street located in New York City?
• Product characteristics that satisfy customer needs
• What is a place where stocks, bonds or other securities are bought and sold, and also an association of stockbrokers who meet to trade according to fixed regulations?
• What legal framework sets the maximum interest rates that may be charged?
• Net Worth is best described as the difference between total assets and total liabilities.
• Which term means data found in already published sources?
• Recognizing an opportunity, marshaling the resources and initiating a venture for economic gain is best described as?
• What term describes the person who pays rent to occupy space owned by someone else?
• Which term refers to products or services that are new to both customers and the business?
• What describes special meetings where companies display their products?
• The process of choosing which wants you will satisfy using the resources you have is called?
• Which pricing approach uses the wholesale cost of an item as the basis for the price charged?
• Which term protects creative works, inventions, and brands through exclusive rights?
• What term describes an unincorporated, one-owner business, such as a farm or professional practice?
• Which term refers to the collection of products or services that a business offers?
• Which term describes the entity that competes with you by selling similar products to the same audience?
• Property you possess that is worth more than your debts.
• Which term denotes activities that increase workers' skills and knowledge?
• The methodical way of starting a new venture which involves four steps is called what?
• Which term refers to the group of activities that influence the buying decisions and facilitate the exchange of goods and services?
• In a lease where the landlord covers most major property expenses and the tenant pays rent, the lease is known as a gross lease.
• Which term is the counterpart to open-ended credit agreements?
• Which term best fits the concept of private ownership of resources by individuals within a market economy?
• An unpaid balance of money owed to your business by customer accounts
• Which business form is owned by two or more people and shares profits and losses?
• Private ownership of resources by individuals is a feature of which economic system?
• Which activity is designed to stimulate quick purchases by offering temporary incentives?
• Which concept uses the needs of the customers as the primary focus during planning, production, distribution, and promotion of a product or service?
• Which channel moves products directly from the manufacturer to the consumer?
• Which term refers to all the processes—planning, pricing, promoting, distributing, and selling—used to determine and satisfy the needs of customers and the company?
• What is the term for the calculation of the point at which total revenues equal total expenses?
• Which channel involves using intermediaries to move products from producer to consumer?
• Which pricing approach involves reducing price to clear inventory quickly?
• The quality that influences customer satisfaction and is reflected in every customer interaction and task completion?
• Which term describes the earning activities of a business, usually the act of performing a service or selling a product?
• A term used when the quantity of goods supplied exceeds the quantity demanded at the existing price.
• A special segment of a market, often defined by buyer characteristics, which a business aims to target, is called what?
• The amount charged to borrowers by merchants or banks for servicing an account or loan is known as a
• A written statement meant to inform the media of an event or product is associated with which public relations activity?
• What is the term for the initial amount paid by the local franchisee to obtain the right to operate a franchise?
• Which term best describes unauthorized copying of someone else’s work to deceive others?
• Which term describes organizations made up of professionals in a specific industry?
• The branch of economics that examines how scarcity affects decision-making and resource allocation?
• Which concept estimates the time required for an investment to double at a given interest rate by dividing 72 by the rate?
• A work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.?
• A combination of two or more businesses into one is:
• The concept that describes the overall framework for starting and growing a new venture, including evaluating opportunities and organizing resources?
• A link between computers with modems to access the World Wide Web.
• What is the term for a symbol that identifies a product and is officially registered, granting exclusive use to the owner?
• Which loan is repaid in fixed payments that include principal and interest?
• Which term describes bringing in and/or buying goods and services from another country?
• Which term refers to the set of traits and processes distinguishing entrepreneurs from employees?
• Which term refers to a section of land zoned for industrial businesses only?
• In a Limited Partnership, who typically has control over day-to-day management?
• What creative problem-solving activity emphasizes generating many possible solutions without judging them?
• Which software category is best for creating slideshows?
• Which stage involves deciding on the venture's future (growth, development, demise)?
• Which concept involves managing a favorable image of a company and its products through earned media exposure?
• Activities that can satisfy people's wants describe which economic category?
• Which term describes non-tangible legal protections for creations, ideas, and brand names?
• Which term describes a contract with retailers to repay the purchase price plus finance charges in equal regular payments?
• Which term best matches the definition: someone who thinks of new ideas to make life easier or better through innovative ideas?
• What is reflected in every contact with customers and in completion of work assignments?
• Which term describes a letter that introduces and explains an accompanying document or set of documents?
• Which statement best describes the purpose of job rotation?
• Which term describes people who work for another company?
• What is a name or symbol that represents a product?
• What is the privilege of buying now with the agreement to pay for it later, or borrowing money with the promise to pay it back?
• What are the assets pledged to a lender to secure or support a loan?
• Which term describes the process of preparing systems to prevent and recover from threats to ensure ongoing operations?
• What term describes a unit of ownership in a corporation?
• Taxes paid by households and business firms on the income they receive.
• Which act, enacted in 1970, was created to assure safe and healthful working conditions for workers by setting and enforcing standards and providing training and assistance?
• Which of the following describes the financing arrangement that allows borrowing up to a set amount as needed and is repaid during the life of the line?
• Which term is a wide area hypermedia information retrieval system that provides computer access to a large universe of documents?
• Which pricing concept describes pricing based on psychological factors influencing perception?
• Which office is part of the Library of Congress and handles copyright registrations?
• The name, symbol, or design used to identify your product
• Which metric represents the proportion of total sales captured by a company within its market?
• Which term is defined as a written record of an inventor's thoughts, experiments, data, discoveries, lessons learned, and results?
• Which term describes the act of establishing a favorable relationship with customers and the general public?
• An outline, sketch or plan in the form and structure of a product to be created or constructed.
• The total amount of money being transferred into and out of a business, especially as affecting liquidity, is known as what?
• Legal business where loans are made against the value of specific personal possessions
• Which term is a system for collecting, recording, and analyzing information about customers, competitors, goods, and services?
• What type of credit is defined by a lender placing a limit on how much a customer can borrow during a given period?
• Which term means related to a city or its inhabitants?
• What term describes the willingness and ability of consumers to purchase goods at various prices?
• Which term describes the next best alternative that must be given up when making a choice?
• Which practice describes professional organizations attempting to influence public officials to support policies beneficial to the profession?
• Which of the following best describes Installment Purchase Agreements?
• The measure of the advantage of producing one additional unit is called?
• Purchase decisions based on the desire to have a specific product or service are described as which type of buying decision?
• Which line on a financial statement shows net profit or loss?
• Activities that increase the skills and knowledge of workers.
• A group of people who pool money to make investments, majority vote.
• Which buying decision is based on the logical reasoning of customers?
• The range of products and services a company sells to customers is called the product line.
• Which term is described as a concise statement of a company's purpose and existence?
• Evaluating an opportunity and planning before launching a business is typically referred to as which term?
• Which planning document is described as resulting from operational planning and included as highlights in the business plan?
• Natural ability to do a particular type of work or activity well?
• What is a letter that introduces you, explains your purpose for writing, highlights a few experiences or skills, and requests an opportunity to meet personally with the potential employer?
• Paper money issued by the government is called
• The buying of parts of a product to be assembled elsewhere or the hiring of independent contractors to assist with business operations.
• Which term describes the result after subtracting all expenses and taxes from total revenue?
• The specific group of individuals who are chosen as most likely potential customers for the goods/services of a business and to whom the business wishes to appeal.
• A brief but compelling description of why a business exists.
• What term describes the process whereby workers perform only a single task or very few steps of a major production task?
• The condition of not being able to have all the goods and services we want is known as which concept?
• What are items of value owned that appear on the balance sheet, such as cash and property?
• Which term best matches the definition: A business in which two or more family members have a significant ownership interest and/or participate in the senior management, and where the ownership may be passed on to the next generation.
• Loans that are due within one year are classified as what?
• Which stage would most likely involve creating a plan to obtain necessary resources and outline actions before startup?
• Which term refers to businesses that supply products to other businesses?
• In a Limited Partnership, which statement about limited partners is true regarding liability and management control?
• What is a set of goals for spending, saving, and investing the money you earn?
• The supply of materials owned and held by a business, including raw materials, work-in-progress, finished goods.
• Which term best describes law developed over centuries based on custom and judicial opinions, as opposed to legislative acts?
• A time of economic crisis or bad times in commerce, finance, and industry, characterized by falling prices, restriction of credit, low output and investment, many bankruptcies and a high level of unemployment (many people without jobs). A less severe crisis is usually known as a recession.
• APR stands for which of the following terms?
• Prices, profits and losses act as incentives in a market economy. Which term best fits this idea?
• Which term describes all tangible and intangible features and benefits offered by a business, including a physical product or service?
• A small business owner who is responsible for all debts and decisions has what type of liability?
• What term is defined as the schedule of how much producers are willing and able to produce and sell at all possible prices during a given time period?
• Which term describes an in-depth interview with a group of target customers who provide valuable ideas on products and services?
• Which term identifies the plan to achieve marketing objectives?
• What is the process of creating systems of prevention and recovery to deal with potential threats to a company to allow for continuing sustainability?
• The amount that remains due on a loan, including principal and interest.
• What are thoughts or concepts that come from creative thinking?
• Which term means an appropriate time, favorable position, or chance?
• The implied beliefs, norms, values, and customs that define a society are called
• What identifies how marketing goals will be achieved?
• What are taxes paid by households and businesses on land and buildings called?
• Which term refers to the exclusive right to use a brand name or logo in commerce?
• People whose wants are satisfied by using goods and services are called?
• Which description best matches a rebate?
• Which term refers to the largest possible market for a product, used as the starting point for segmentation?
• Which term matches the description: information collected for the first time to fit a specific purpose?
• Which tax component for self-employed individuals is 12.4%?
• Which model shows the interactions between households and business firms exchanging goods and resources in markets?
• Which business form is typically characterized by a single owner and no separate legal entity from the owner?
• Which term describes a form of intellectual property protection covering original works such as books, music, and artistic works?
• The portion of the cost of tangible operating assets, such as buildings or equipment, recorded as expense for the accounting period; results from spreading out the cost of long-lived assets over several years.
• What describes the decision made when faced with two or more alternative uses for a resource?
• What term describes money used to finance new or unusual undertakings?
• A share of profits paid to stockholders of a corporation.
• Which business structure is owned by two or more people?
• In a franchise relationship, which term refers to ongoing payments based on performance?
• What term describes producing a narrower range of goods and services than you consume?
• Self-employed individuals pay 12.4% of gross income (6.2%*2). This corresponds to which tax?
• Which term describes a line of credit that does not require paying the balance in full every month and allows ongoing borrowing?
• The broad statement of what business the company should be in corresponds to which term?
• Which tax is charged on goods and services that people buy?
• Which term means dependence on others for goods and services; occurs as a result of specialization?
• Which term is used to describe the process of gathering and analyzing information to support business decisions about customers and competitors?
• Which stage involves applying the plan and turning resources into outputs to achieve objectives?
• Which term refers to the business process of purchasing a new facility and equipment?
• Which term refers to credit agreements that allow ongoing access to funds up to a limit?
• Which term describes techniques used by businesses to gain more customers and earn higher profits?
• Which term describes Microsoft Word?
• To put money in a bank or other financial institution.
• An itemized listing of goods or services sold; details such as costs, discounts, payment terms, and shipping dates.
• Which term refers to the system that enables access to information via hyperlinks on the Internet?
• Which term is an independent government agency created to help Americans start, build and grow businesses?
• Which term refers to paid to the franchise company to support television, magazine, or other advertising of the franchise as a whole?
• What term describes the combined concept of the amount of goods supplied and the desire of consumers for those goods?
• Which term is the ratio of output produced per unit of input?
• Which concept is a forward-looking plan detailing how a startup will operate and grow, including marketing, finance, and management?
• Having a service performed and paying for it later (ex. Telephone, power, cable)
• The statistical study of population characteristics. Demographics can also refer to a list of objective characteristics about an individual consumer like age, income, occupation, marital status, education, or location.
• Which term describes the price that clears the market when demand equals supply?
• Which application is best for creating reports, tables, letters and memos?
• Which term refers to the flow of money into and out of a business over time?
• What term refers to any of the equal parts into which the stock of a corporation or company is divided?
• In which stage are decisions often made about continuing growth or ending the venture?
• Which term describes data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits?
• The phrase describing potential negative outcomes and uncertainties in entrepreneurship?
• Which condition occurs when a business cannot meet its debt obligations and may seek reorganization or liquidation?
• Which term refers to the infrastructure that supports entrepreneurship to flourish?
• Which document describes the current market position and strategy for promoting the product?
• Which term describes money owed to your business by customers?
• The last date of the month that any purchase you made with your card or any payment made on your account was posted to your account.
• Which type of credit account allows paying in full each month or making a minimum payment based on the balance?
• Which term describes companies that sell products and services to businesses?
• Which term is a short restatement of a report?
• Which term describes data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income?
• Which term describes confidential methods, processes, and lists not known to the public?
• What describes the means through which goods and services are produced?
• Giving up one thing to get some of another is called what?
• What term describes ongoing mass communication from a business to customers about products, services, and a company's media plans?
• Which term means private ownership of resources by individuals?
• What is the money you have left to spend or save after taxes have been paid?
• Which plan allows employees to choose their working hours within defined limits but typically requires core time?
• In a two-person job sharing arrangement, salary and benefits determined?
• A period-of-time report on the profitability of business operations is a
• Which arrangement involves two people sharing one full-time position and splitting salary and benefits according to contributions?
• An individual's need or desire for a product or service at a given price is called?
• Interest paid only on the original amount, not on the interest accrued is called what?
• Which term best matches the definition: The quantity and quality of human effort directed toward producing goods and services (also called labor).
• Which term is the grant of a property right to an inventor to exclude others from making, using, or selling his or her invention?
• What term describes the direct, face-to-face selling approach?
• Which pricing approach offers customers a reduced price to encourage them to buy?
• Which option describes the legal right to exclude others from making or selling inventions for a period of time?
• Which financial statement provides a snapshot of a business's financial health at a specific date, showing assets, liabilities, and owner's equity?
• Which document is primarily a written communication that accompanies a resume and explains interest in a position?
• Which stage involves operating the venture and utilizing resources to achieve goals?
• Which term best matches the definition: The outflow or other use of assets by an entity in order to sell goods and services; expenses are subtracted from revenues to determine net income.
• Which of the following is a source of credit?
• Which field studies choice and decision-making in a world with limited resources?
• A written statement, in the broadest terms, describing what the business hopes to do and become is:
• The supplying of goods and services to retailers and others so that people's needs can be met.
• Which stage focuses on identifying and acquiring financial, human, and capital resources needed for startup?
• Which stage involves planning the venture, identifying needed resources using a business plan, and strategies to protect intellectual property?
• Which term governs land use and building restrictions within a jurisdiction?
• The human resource that assumes the risk of organizing other productive resources to produce goods and services is called?
• The act of trespassing or encroaching on the rights of another
• An unpaid balance of money owed by your business, generally referring to amounts owed for inventory, supplies, and other such ongoing expenses.
• Which term describes a nonpaid form of communication that calls attention to your business through media coverage?
• Purchase an item from a retailer and the item is held in your name until paid for
• What term describes a work schedule that fits the normal 40-hour workweek into less than five days?
• Debts owed to others by the business are called:
• Which term refers to goods and services provided by the government because individuals can't efficiently obtain them?
• Which term describes a well-researched, thought-out working document about your business concept including topics such as business description, marketing, financial, management/operations, etc?
• Which term means relating to the city or its inhabitants?
• A free promotional tool which communicates product or company information to mass audiences through the media, often starting with a press release?
• Which description best defines a revolving credit arrangement where funds can be used repeatedly up to a limit and payments can vary?
• The value of the next-best alternative you must pass up is called?
• Which financial process involves paying off debt with regular, fixed payments over time?
• Which term describes the trading of goods and services without money?
• The total amount of money generated through the sale of a product or service is called what?
• Self-employed individuals pay 2.9% of gross income (1.45%*2) for which tax?
• Who are people who own, operate, and assume the risk of a business venture?
• A business owned by a single person is called a
• Which term describes a discrete business location that may operate independently or as part of a larger corporate group?
• A pre-determined amount of short-term financing available for a business to borrow against on an "as needed" basis and repaid during the specified life of the line is called:
• What is the term for direct trading of goods and services without money?
• What term refers to a paid form of communication sent out by a business about a product or service?
• Which term is the financial gain after all expenses are paid?
• What is the ability to learn a particular kind of job?
• The final user of a product or service is called?
• A broad statement of what business the company should be in is the
• Required payments of money made to governments by households and business firms
• The cost of production would include which of the following?
• Which term describes the act of putting money into a business or project to try to earn more money?
• In accounting terms, which concept represents the owners' stake in the company after liabilities are subtracted from assets?
• The process and people involved in creating goods and services are called what?
• Which concept allows employees to temporarily leave their jobs without pay to care for themselves or a family member?
• An economic system where most goods and services are exchanged through private transactions by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets is called:
• What term describes the manufacturing (making) and selling of a particular type of good or service?
• Which term means to turn raw materials into finished goods, especially in large-scale operations?
• A single location business unit, which may be independent, called a single-establishment enterprise or owned by a parent enterprise is known as?
• The amount left after all deductions have been taken out of your gross pay is called what?
• A study covering a particular aspect of business can help to reveal if your idea has a good chance of success?
• Which term refers to items that are expected to last several years?
• Which term refers to the process of evaluating one's strengths and weaknesses?
• Which term describes information collected specifically for a project and is new?
• A legal agreement that gives a person the right to market a company's products in a specific area is a
• Which term refers to an evaluation of your strengths and weaknesses?
• A tax on imports.
• Which pricing approach is based on how much customers are willing to pay for a product or service?
• The value of a goods or service stated in money terms.
• Which term describes items that are expected to last several years?
• A pre-established amount that can be borrowed on demand is a
• The way a society organizes the production, consumption and distribution of goods and services is known as?
• Microsoft Excel is best described as what type of software?
• Which lease type has the tenant pay rent each month for the space occupied, and the landlord covers all property expenses for that space?
• Which term is the original, creative work of an artist or inventor?
• Which term describes evaluating your strengths and weaknesses to determine suitability for entrepreneurship?
• Which concept is described as producing a narrower range of goods and services than you consume?
• Which tax component for self-employed individuals is 2.9%?
• Which term means a member of a nation?
• Which term refers to distributions of corporate profits to shareholders?
• What does SCORE stand for?
• What term refers to an incentive offered to customers to increase sales?
• A way to establish a good credit record is to
• Communities where there is significant economic and social entrepreneurial activity and an effective system of entrepreneurship development are described as?
• Which term refers to the official business name filed with the state, sometimes called fictitious or assumed name?
• Which term describes the price-quantity point where supply equals demand?
• Which term is used to describe data about individuals' tastes, opinions, and lifestyle choices used to segment the market?
• Which concept blends product, price, place, and promotion to reach a target market?
• Which concept in financial accounting refers to the owners' residual interest in the assets after liabilities are deducted?
• What is the creative problem-solving technique that generates a large number of fresh ideas?
• What is the term for the next best alternative given up when a choice is made?
• What term refers to original creative work protected by patent, trademark, or copyright?
• Which term describes gifts of nature present without human intervention, often equated with land?
• Which channel uses intermediaries that move products between the manufacturer and the consumer?
• Which term best matches the definition: a process to compare different options against specific criteria?
• A formal summary of the aims and values of a company, organization, or individual is called what?
• What is the payment for work or services to workers called?
• Which term is an estimate for how much you will pay for merchandise or services?
• The chance of losing something?
• Which term describes an organization made up of more than 10,500 retired executives who volunteer their time to provide entrepreneurs with real-world advice and know-how?
• Property taxes are taxes paid on land and buildings. Which term describes this concept?
• Which term describes having too little capital to carry a new venture through its early development stages?
• Which element of a product describes its basic attributes and functions that satisfy customer needs?
• Amount earned as a result of an investment
• Which term describes a group of workers from the same occupation formed to benefit members through collective bargaining and mutual aid?
• Confidential methods, processes, customer lists, and similar business information which are not of common knowledge are called what?
• Which term describes a business arrangement where multiple family members share ownership and management responsibilities?
• Business purchase of a new facility and equipment.
• What ongoing payments does the local owner pay to the franchise company?
• What is the total self-employed tax rate, including employer-matching contributions?
• Scarcity occurs when needs and wants are unlimited and resources are limited.
• What term refers to the movement of cash into and out of a business?
• Which term covers data that exists in published sources rather than collected first-hand?
• Which term describes a written promise to pay a certain sum on a specified date?
• What is the format of the exam?
• The different products and services a business sells is called which term?
• Which inventory costing method tends to yield the highest reported profits in a rising-price environment?
• Entrepreneurs can seek technical and general assistance in a specific industry by joining organizations such as
• A consumer promises to pay the full balance owed each month
• Which condition occurs when the quantity demanded exceeds the quantity supplied of goods, services, or resources?
• Which term is described as the act that ensures safe working conditions?
• Which term refers to the costs associated with beginning a business?
• Which term describes debt expected to be repaid after 12 months, such as mortgages and long-term notes?
• Which term encompasses methods to promote a favorable relationship with the public; marketing examples include positive publicity, civic organization participation, etc?
• Which term is the geographic zone from which a business can attract customers?
• The individual in a family or business who is ultimately responsible for the final selection of a product or service is called what?
• Trading goods and services with people for other goods and services or for money, with the expectation that both sides are better off, is known as what?
• A specified amount of money, a loan
• What term describes the act of trespassing or encroaching on the rights of another?
• A segment of a population considered actual or potential buyers; a gathering place for selling and buying is:
• Which term refers to products or services that are new to both customers and to the business?
• Which business form typically provides limited liability for owners?
• Which term means the amount a borrower must pay to use credit?
• Copyright protects the form or manner in which the idea or information is proposed; it does not protect the idea itself. Copyright protects which aspect of a work?
• What is an estimate, often itemized, of expected income and expense for a given period in the future?
• The process of turning a new idea or technology into a business that can succeed and will attract investors is called what?
• A schedule of how much consumers are willing and able to buy at all possible prices during some time period is called what?
• The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers is called?
• To make or process a raw material into a finished product, especially by means of a large-scale industrial operation is to:
• What is the term for paying off debt with a fixed repayment schedule in regular installments over time?
• Microsoft Word is an example of what type of software?
• Which inventory valuation method sells the oldest items first?
• Which financial measure represents the result after subtracting all expenses and taxes from total revenue?
• A formal summary of the aims and values of a company.
• Which term describes a plan where a consumer reserves an item and pays over time before taking possession?
• The date on or before which payment is due is called the
• A business percentage of total sales generated by all companies in the same market
• What term describes the diagram that shows the managerial structure and designated areas of responsibility?
• Which term means a person living in a country?
• What term refers to the conditions specifying repayment of loans or payment of invoices, including time limits and discounts?
• Which entity offers limited liability and avoids double taxation, while remaining flexible for members?
• What term describes the unique traits, behaviors and processes that differentiate an entrepreneur from an employee or manager?
• Something desired, demanded or required.
• Employees are said to be vested after they have worked a specified period. This concept is associated with which type of plan?
• Which term is a brief explanation of why you are asking for a loan and what you plan to do with the money?
• Which term matches the definition: 'those things you think you must have in order to be satisfied'?
• Which element refers to the mental ability to understand the terms of a contract?
• Which term refers to goods made and used to produce other goods and services, such as buildings, machinery, tools and equipment?
• Which stage involves generating ideas, recognizing opportunities, and determining feasibility?
• Which term represents the goods and services a person must have?
• Which term is defined as direct communication between a prospective buyer and a sales representative?
• A retailing term referring to doubling the cost of an item of merchandise to determine its retail selling price.
• What is the term for a group of workers who work in the same or similar occupations, organized to benefit all employees in these occupations?
• Which term is the division of an area into zones to restrict the number and types of buildings and uses?
• Which term best describes the broad activity of buying and selling goods and services?
• What is the term for an organization of people in a particular occupation that requires substantial training and specialized skills?
• Recognizing an opportunity, marshaling the resources and initiating a venture for social or community gain describes what concept?
• Which term describes the ability to learn a particular kind of job?
• Microsoft PowerPoint is best described as what type of software?
• The outflow of resources used to operate a business that reduces net income.
• Which term refers to payments made to support group-wide advertising for a franchise?
• Which section of land is designated for industrial use?
• Who is a person who promises to pay the note if the maker fails to pay?
• A refund offered to people who purchase a product is known as which incentive?
• All resources used in producing goods and services for which owners receive payment are called
• A temporary grant issued by the government granting the right to exclude all other people from making, using or selling their inventions for a specified period of time to an individual inventor for his/her invention or process. They are usually only valid in the country in which they are issued. In the United States, utility and plant patents are valid for up to 20 years and design patents are valid for up to 14 years.
• Which term describes the extra benefit of producing one more unit?
• Which term best matches the definition: To send and/or sell goods and services outside of one's country.
• The infrastructure of public and private supports that facilitate entrepreneurship is known as?
• Which document introduces you to an employer and requests an opportunity to discuss employment?
• Which term describes an itemized listing of goods or services sold to a buyer?
• Which term refers to the assortment of products a business offers?
• A service available to charge customers whereby purchases are not billed to the customer until later is called
• Which areas suffer from lack of employment opportunities?
• Taking farm products such as wheat, corn or sunflowers and increasing the value by processing into products describes which concept?
• Which measure equals total assets minus total liabilities?
• Goods and services provided by the government because individuals cannot efficiently obtain them due to cost or practicality?
• Trade between states or nations is called what?
• The group of people sharing common characteristics used for market research is known as what?
• Which term refers to an ability learned through training and practice?
• Bringing in and/or buying goods and services from another country
• The business of buying and selling goods and services is called what?
• Which term refers to funding provided to support startups and high-risk ventures?
• Which term describes the value of the next-best alternative you must pass up?
• Which term describes the ownership stake in a corporation that can be bought and sold by investors?
• Which term describes the plan or sketch used to prepare the final product?
• What term describes employees who work for a company from home using a company computer connected over a modem?
• Which term refers to the body of law developed from courts rather than statutes?
• Which financial statement shows assets, liabilities, and owners' equity at a specific date?
• What term describes large events where different manufacturers, product and service providers set up booths to share information and promote their offerings to potential buyers?
• Which term describes agreements that legally bind two or more people?
• Which term denotes a tax on imported goods?
• What term describes amounts subtracted from gross pay?
• What type of contract can be written or oral; the terms stated in words?
• Which stage involves planning the venture using a business plan and identifying resource needs?
• Which term describes creating an image of a product in the customer's mind?
• Which term refers to the net result after subtracting expenses from revenues?
• Which of the following is typically a non-bank lender that may provide consumer loans?
• What term describes debt that must be paid within 12 months, such as taxes or accounts payable?
• Make loans through representatives, ex. Ford car dealership
• Which term describes an individual's need or desire for a product or service at a given price?
• Which term best matches the definition: Objects that can be beheld or touched that can satisfy people's wants.
• Which term is the person who owns and rents out buildings or space?
• What is the job design where employees rotate among different specialized tasks to increase variety?
• Which term describes the value a company owns, such as cash and property?
• The earnings activities of a business, usually the act of performing a service or selling a product, are called which term?
• Which term best describes a contract that must be legally binding on all signatories?