Things you cannot live without.

Risk and Reward, what is a risk when opening your own business?

Abandoning the steady paycheck, Business not do well, Financial Issues

What is the difference between goods and services?

Goods are things made, used, or grown by people, Goods are tangible and services are intangible

What is an entrepreneur?

Someone who creates their own business.

What is an innovation?

The creation of a new product, Changing a product or service

A plumber, A business that provides intangible products.

Entrepreneurial is....

Taking financial risks to make profit

money remaining from revenues after expenses are paid

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Intro to Entrepreneurship Chapter 1 Review

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Questions 13

Answers

1
Needs are___________
Things you crave
Things you want
Things you cannot live without.
Things you desire
2
Risk and Reward, what is a risk when opening your own business?
Abandoning the steady paycheck
Business not do well
Financial Issues
Having a great business
3
Entrepreneurship is ...
A really long word.
A business.
Working for a company
Creating your own businesses.
4
What is the difference between goods and services?
Goods are foods and services are drinks
Goods are things made, used, or grown by people
Goods are tangible and services are intangible
Goods and services are the same things with different names
5
What is an entrepreneur?
A teacher
A manager
Someone who creates their own business.
A person who buys stuff.
6
What is an innovation?
Making more money
Improving a business's efficency
The creation of a new product
Changing a product or service
7
A service is....
A plumber
A computer
A business that provides intangible products.
A business that sells things
8
More businesses are being created now than before
False
True
9
Entrepreneurial is....
Taking financial risks to make profit
The art of taking no risk
I do not know
The art of creating nothing
10
An organization that operates to aid in some social effort, they do not retain any profits from commerce.
Capital
Non-profit
For-profit
Profit
11
Most entrepreneurs work...
30 to 40 hours per week
Over 40 hours per week
Under 5 hours per week
5 to 30 hours per week
12
What is profit
the study of how goods and services are produced
the least amount of money paid for a product
the amount of satisfaction a person receives from a product
money remaining from revenues after expenses are paid
13
What are some NEEDS?
Water, food, & shelter
Clothes, jewelry, & pets
Clothes, shelter, & friendship
Beauty, intelligence, & strength

Intro to Entrepreneurship Chapter 1 Review Flashcards | StudBud