Entrepreneurship ACC Exam Review 1

Shared beliefs, values, and attitudes among employees can be described as the organization's

When looking for trends & determining what competitors are doing, you are performing:

Rule(s) to keep cash flowing include

A _____ is a document that thoroughly explains a business idea and how it will be carried out.

Part of the business plan which describes how the business is going to promote its products

Important reasons to keep good records every day include

An exclusive right, granted by the government, to produce, use, and sell an invention

Revenue, costs of goods sold, & gross profit, are among parts of which kind of financial report

____ is essential for initial investment, ongoing operations, and growth

Plan for how a business performs to surpass its competitors by proving what makes it special is

An item that exists in nature, is made by people, or you can touch is a ___.

What unique feature and benefit sets a company apart from its competition:

When you want to quickly describe your business you would give your:

Kickstarter.co, GiveForward.com, are places to provide ______ for your venture.

An investor who invests money into your business in exchange for equity receives _____

Cost of services sold is:

An organization's target market is:

There are two categories of variable costs

Net worth is another name for

Disadvantages of a Sole Proprietorship include

When a business details how it will provide products to customers it is describing:

If you are telling consumers Goodyear Tires' durability can save them $$, you are describing a

Assets that will take more than one year to use are called ____

To protect your business or property from disaster you should buy _______.

Services are intangible, meaning ________.

Effective ways to recruit outstanding applicants is

The greater the potential reward, _______.

Changes made to adapt a rented property for a particular business are

An income statement shows whether the difference between revenues and expenses is a profit or a

As a sole proprietorship, you sell tangible products to the public at retail. You need to pay

A loan document that is a written promise to pay a specific sum of money before a certain date

Where others see problems, entrepreneurs recognize:

Generally your product will do the best in a store if it has the best:

Group of individuals who love your company and communicate together on a regular basis:

When a customer is dissatisfied, the sales person is a javelin catcher. Customer can provide:

Promoting a brand through the internet that facilitates your message to each individual

The nature of a business' cash flows are susceptible to

Percentage of value of an asset subtracted each year until the value is zero to reflect wear

When transactions are recorded as cash paid out or received, the ____ method is being used.

Finding a location to sell water with no other vendors is maximizing which of the 4 P's?

A potential customer compares what you provide with what your competitor can they are reviewing

Private businesses operating in an environment with little government interference is the ____.

One of the key elements in making a business more successful is to increase its

Someone who wants your product and can afford it is

A _______ and position description for all key personnel should be included in a business plan.

When dividing the cost of goods sold from the balance sheet by average inventory you find the

The symbol "c" is used to indicate protect authors original work and is called _____.

When selecting a location for your retail facility you should

If you are paid a specific amount of money weekly or monthly by a company you are being paid

When a company pays an investor a share of it is called a _____.

A way to gain the trust and support of your suppliers is to

Your Client Relationship Management (CRM) database can provide you with:

Entrepreneurs use a(n) _____ to track assets and liabilities

When you ___ you not only increase your effectiveness you make it more worth while

A company may show a profit and have a negative cash flow; ____ and profit are not the same

There are two categories of variable costs: ________.

The system that produces and distributes the wealth of a country is called _____.

To understand how many units you need to sell to neither make a profit or a loss you should do

What is important about your product or service is:

Observing potential customers behavior and buying patterns in a non-scientific way is called:

Entrepreneurs invest time, energy, or money into a venture because they expect

A bill or statement that details the product or service sold and the cost

Something you own that has monetary value is a

If you were generating publicity through public speaking or networking you would be employing:

If you are a small business owner looking for a loan, a bank will expect you to_____.

Which of the following are areas for a business concept tested in a feasibility analysis:

In today's business climate the use of calling, texting, and voicemails are

____ are the amounts of inventory and work-in-progress kept to guarantee service levels

If an employee violates company rules you should

When a CPA does a tax return for a client they are providing a:

The main disadvantage of corporations is that corporate income is

______ is the management of sourcing, procuring, production, and logistics from start to end

Fixed Operating Costs _______.

Once a business begins to grow, an entrepreneur needs to keep an eye on _____

When you compare your company's performance against that of businesses in the same industry

When a buyer is willing to let you pay in February for merchandise you receive in November

____ will tell you how long it will take to earn enough profit to cover your startup investment

Positive reasons to be an entrepreneur include:

Cash itself or items that could be quickly turned into cash or will be used within a year

Research carried out indirectly through existing resources that are available is called ____.

The most important guideline to be a good employer is

____ is the details of what a business will provide their customers and how it is priced.

The set of actions that produce goods and services is called _____.

An organization's behavior and action should be guided by its:

When you hire someone who does not work out, even after repeated attempts to fix the problem

Development & use of strategies for generating interest in a product to customers is:

Boilerplate language is

A burn rate is _____

Keeping numerical records or money flow of your business is called _____.

The value of what must be given up in order to obtain something else is:

When you are making a go/no go decision you should conduct

A transaction between two parties who agree to trade cash for a product or service is:

Group of people interested in buying a product, can afford it, and can do so legally is called

Which two categories below are used for business costs?

Because of the potential difficulties partnerships can have it is important to

Whatever you can do better than your competition to enable your business success is your:

Remainder of revenues minus fixed costs, variable costs, and taxes is:

Part of providing great service is

The failure of a signatory to perform as agreed on a contract is ______.

Communicating a competitive advantage of how a product differs & what makes you special is:

The break-even point is:

When you understand your willingness to sustain a loss you understand your

Relying primarily on debt financing is very dangerous for a company because ___.

When describing what makes you special you would want to include:

The % of value of an asset subtracted each year until the value becomes 0

An entrepreneur who relies too much on equity investments from outside investors

A key element in the success of a business is its ability to:

Organizations who are successful & make marketing research an integral part of their business:

501 or non profit corporations

Advantages of a Sole Proprietorship include

The cost structure of your business is:

When you always identify and implement changes to better meet the needs of customers

An organization should use integrated marketing communications for success to: