Entrepreneurship Mid Term Review

Question 1

Independence, personal satisfaction, and prestige are considered by most entrepreneurs as being

Accepted Answer

important advantage of being self-employed.

Question 2

A_____ is a gathering of employers and job hunters in order to seek out potential employees.

Accepted Answer

job/career fair

Question 3

Point at which consumers buy all of a product that is supplied; neither surplus or a shortage.

Accepted Answer

equilibrium

Question 4

FBLA-PBL Week is held each year during the month of ____________.

Accepted Answer

February

Question 5

What is the National FBLA-PBL theme for the 2016-2017 school year?

Accepted Answer

Time to Shine

Question 6

Intangible (nonphysical) products of our economic system that satisfy consumers’ wants & needs.

Accepted Answer

Services

Question 7

____________ is the gestures, postures, and eye contact that you use to send messages.

Accepted Answer

Body language

Question 8

Many entrepreneurs were influenced early in life by _________________.

Accepted Answer

entrepreneurial role models

Question 9

FBLA-PBL is divided into _______ administrative regions.

Accepted Answer

five

Question 10

Information about a job from friends, classified ads, a teacher, school counselor is a

Accepted Answer

job lead

Question 11

What does FBLA stand for? _______________________

Accepted Answer

Future Business Leaders of America

Question 12

Which of the following topics is illegal for an employer to ask about? _________

Accepted Answer

your citizenship

Question 13

_____ are state and federal laws that regulate the conduct and organization of businesses.

Accepted Answer

Antitrust

Question 14

Infrastructure/ foundation that supports all products, processes, & services of a new business

Accepted Answer

new venture capital

Question 15

The matchmaker between job seekers & companies; sole purpose of filling company job openings.

Accepted Answer

Employment agencies

Question 16

Driving force of the start-up process; they recognize opportunities, gather & exploit resources

Accepted Answer

entrepreneur

Question 17

A _____ is the work, duty, or task that a person does regularly in order to earn money.

Accepted Answer

Job

Question 18

Having high expectations of oneself is called ________________.

Accepted Answer

self-confident

Question 19

____ is what is left after all the expenses of running a business are deducted from the income.

Accepted Answer

Profit

Question 20

The land for the FBLA-PBL National Center was purchased through a grant from the _______.

Accepted Answer

Conrad Hilton Foundation

Question 21

A _________________ is an idea that has commercial value.

Accepted Answer

opportunity

Question 22

Point at which consumers buy all of a product that is supplied. neither surplus or a shortage.

Accepted Answer

equilibrium

Question 23

Capital, labor, legal/financial advice, facilities, customers, etc. needed for business startup

Accepted Answer

start-up resources

Question 24

Which of the following are questions that you cannot ask during an interview?

Accepted Answer

When will I get a raise?

Question 25

Gives one an opportunity to educate people re: premature birth, the #1 cause of babies deaths.

Accepted Answer

Prematurity Awareness

Question 26

One specific advantage of being an entrepreneur is having __________.

Accepted Answer

the opportunity to become creative.

Question 27

When is American Enterprise Day? ____________________

Accepted Answer

November 15

Question 28

Your ___ determine where your company to be in sales & growth after 1 - 5 yrs of operation.

Accepted Answer

problem solving and decision making skills

Question 29

What are four basic questions that an economic system attempts to answer?

Accepted Answer

all of these

Question 30

Process of recognizing an opportunity, test the market, & gather resources to start a business.

Accepted Answer

entrepreneurship

Question 31

The beliefs and principals by which you choose to live by is called ____________.

Accepted Answer

niche, values

Question 32

Setting one’s own agendas and schedules and making one’s own decisions is called ______.

Accepted Answer

being responsible

Question 33

The seller of a franchise is called a(n) ____________.

Accepted Answer

franchisor

Question 34

What are the four basic factors of production? __________

Accepted Answer

land, labor, capital, entrepreneurship

Question 35

Which of the following are questions that an interviewer can ask?

Accepted Answer

Why should I hire you for this position?

Question 36

Which of the following are questions that an interviewer cannot ask? ____

Accepted Answer

all of these

Question 37

The official colors of FBLA-PBL are?_________________________

Accepted Answer

blue and gold

Question 38

The buyer of a franchise is called a(n) ___________________.

Accepted Answer

franchisee

Question 39

A person who undertakes the creation, organization, and ownership of a business.

Accepted Answer

entrepreneur

Question 40

The process of working collaboratively with a group in order to reach a common goal is called__

Accepted Answer

teamwork

Question 41

Specially designated areas of a community that provide tax benefits to new businesses.

Accepted Answer

Enterprise Zones

Question 42

The favor and loyalty of a business acquires by its good reputation is called _________.

Accepted Answer

goodwill

Question 43

A that must be completed for people who are seeking potential employment within a company.

Accepted Answer

job application

Question 44

Someone whose job is to bring buyers and sellers of a business together for a fee is called a

Accepted Answer

broker

Question 45

What is the correct web address for FBLA? ______________________

Accepted Answer

http://www.fbla-pbl.org/

Question 46

Law that establishes price alone doesn't determine demand & other factors, e.g. income, taste.

Accepted Answer

diminishing marginal utility

Question 47

The four stages of the business cycle include which of the following:

Accepted Answer

Growth, Recession, Depression, and Recovery

Question 48

The Gold Seal Award of Merit is named after __________________________.

Accepted Answer

Hollis and Kitty Guy

Question 49

Economic choice is about _______________.

Accepted Answer

choosing to own private property.

Question 50

After an interview, you should follow-up by doing which of the following?

Accepted Answer

all of these

Entrepreneurship Mid Term Review

Questions 50

Entrepreneurship Mid Term Review

Questions 50