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Entrepreneurship Final Exam Review Flashcards | StudBud
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Entrepreneurship Final Exam Review
Entrepreneurship Final Exam Review
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Flashcards
51 cards
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Answers
1
What is a document?
Any kind of business communication.
Any kind of paper.
All paper forms.
Any kind of text message.
2
Interest
The bank you borrow money from.
The time the loan is extended.
The amount of the loan.
The amount to be paid for borrowing the money.
3
Markup
Amount discounted.
Amount you have in stock.
Amount added to the sale price.
Amount deducted from sale price.
4
What makes them different from an employee?
They assume risk.
They have headaches.
They quit.
They retire later.
5
What is a partnership agreement?
Legal document that outlines who is responsible for what.
Legal document for adoption.
Legal document to get out of jail.
Legal document for a marriage.
6
Markdown
The amount added to the sale price.
The amount discounted.
The amount that you have in stock.
The amount deducted from the sale price.
7
What does OSHA do?
It oversees and inspects the workplace.
They watch the football game on Sunday.
It oversees the break room vending machine.
They sit on couches during the work day.
8
What is a cost for buying into a franchise?
Start-up Costs.
Royalty Fees.
Initial Fee.
Advertising Fees.
9
What is a service business?
A construction company.
Someone who sells an action rather than a product.
A pet groomer.
A nail salon.
10
How many people are liable in a partnership?
All
2
6
None.
11
What is Mrs. Hammel’s favorite Christmas Movie?
The Polar Express
Elf
It’s a Wonderful Life
National Lampoons Christmas Vacation
12
What does 2/10, n/30 mean?
There is 30 days in a month.
There is a 30 days discount.
There is a 2% discount if the loan is paid in 10 days.
There is 2 slices of pizza left.
13
What does concise mean?
Short and to the point.
Brief.
Elaborate.
Detailed.
14
What is the definition of supply?
Ability to try something new.
Willingness to produce a product at different prices.
Willingness to stop production.
Ability to make something once.
15
What is a subsidy?
A payment for electricity in Chicago.
A payment the government pays to small businesses.
A payment that is paid to the government.
A payment for your phone bill.
16
Principal
The money the bank has.
Mr. Riley.
The amount of money paid.
The amount of money borrowed.
17
What is a memo?
An informal form of business communication.
A compliment.
An insult.
A piece of advice.
18
Entrepreneur is the same as an employee.
False
True
19
What is the definition of demand?
The ability to buy an Xbox on Friday.
The ability to have blue eyes.
The ability to make a cake for grandma.
The ability to purchase products at different prices.
20
What is a command economy?
A set of directions.
A government meeting place.
An Economy under the government’s control.
A blueprint for a business.
21
What is a monopoly?
Property to buy.
When a company buys burgers.
Where a company runs an entire market.
A game with paper money.
22
What is a valuator?
A special person.
A genius.
A math whiz.
An expert in giving the value of a business.
23
Service
A TV provider.
A dog.
A cell phone company.
An action performed for a fee.
24
What is a market economy?
An economy run by individual choice.
A meeting with the President.
A group of people dressed in pink.
An economy run by the government.
25
Listening is the same as hearing.
False
True
26
What is stationary?
Envelopes.
Preprinted letterhead.
Where to park.
What store to go to shop.
27
What are trade shows?
Meetings where products are displayed for small businesses.
Meetings with Donald Trump.
Meetings to eat food together.
Meetings for shy people.
28
Percentage of businesses that employ 20 or fewer people...
90-91%
89-90%
98-99%
94-95%
29
What does the USDA do?
It inspects meat, poultry, and eggs.
It determines job positions.
It inspects workplace safety.
It determines hours and wages.
30
What does scarcity mean?
Unlimited resources for unlimited wants and needs.
Limited resources for limited wants and desires.
Limited resources for unlimited wants and needs.
Unlimited resources for limited wants and desires.
31
What is marginal benefit?
What you pay for a unit.
What you get paid from a good.
What you gain from making one more unit.
What kind of good you make.
32
Term
The amount of time spent in the bank.
How long a loan is extended for.
How long you have money.
The years a president serves in office.
33
What is a salutation?
The closing of the letter.
The greeting of the letter.
The middle of the letter.
The envelope the letter is in.
34
What does SBA stand for?
Small Blue Animal.
Super Bald American.
Short Blue Alpaca.
Small Business Association.
35
Characteristics of a successful entrepreneur...
Creative
Goal-Oriented
Independent
Passionate
36
What is the basic economic problem?
Scared
Scarred
Scarcity
Screened
37
Interoffice memo.
A reminder to order lunch.
Memo in one company from one person to another.
A sticky note on a book.
Memo to another company.
38
What is a retailing business?
Selling products directly to the customer.
Selling products to someone besides the final customer.
Selling products to the President.
Selling products to Dairy Queen.
39
What is a law of supply and demand?
As supply decreases and demand increases; prices rise.
As supply decreases and demand increases; prices fall.
As supply increases and demand decreases; prices rise.
As supply increases and demand decreases; prices fall.
40
What are fixed costs?
Costs that don’t change with sales.
Costs that fix your business.
Costs that change hourly.
Cost that vary everyday.
41
What is equilibrium price?
Where demand and supply are different.
Where supply and demand argue.
Where supply and demand equal each other.
Where supply and demand separate.
42
What is an employee?
Someone who works under someone else.
Someone who gives up easily.
Someone who runs a business.
Someone who hates their boss.
43
What are variable costs?
Costs that remain the same no matter what.
Costs that vary with production and sales.
Costs that vary with electricity.
Costs that vary with the weather.
44
What is a business broker?
A person who is in real estate.
An owner of a business.
A person who sells businesses for a living.
A person who is a banker.
45
What is a wholesaling business?
Sells products for a living.
Sells products to Kanye West.
Sells products to someone besides the final customer.
Sells products directly to the final customer.
46
What is a public good?
A good that harms one person.
A good that is shared on social media.
A good that goes viral.
A good that benefits everyone.
47
What is a self-assessment?
A song list.
A quiz for math.
A quiz for entrepreneurship.
A “quiz” to determine your strengths and weaknesses.
48
What is aptitude?
The ability to forget tasks.
The ability to sing.
The ability to learn the alphabet.
The ability to learn a particular job.
49
What is an entrepreneur?
A person who assumes risk, and operates a business.
A person who buys a business.
A person who’s favorite color is black.
A person who likes coffee.
50
What is an opportunity cost?
The ability to dig in sand.
The cost of denying a friendship.
The ability to choose on your own.
The cost of choosing one option over the other one.
51
What is marginal cost?
The cost of producing one more unit.
The consequence of producing one more unit.
The benefit of making one more unit.
The ability to create one more unit.
