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Introduction of Entrepreneurship (Stukent) Flashcards | StudBud
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Introduction of Entrepreneurship (Stukent)
Introduction of Entrepreneurship (Stukent)
40 terms
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StudBud Administration
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39 plays
Basic business terms and concepts.
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
What is true of entrepreneurial traits?
Traits are specific to one industry.
Traits are bound by time and place.
Traits are personality characteristics.
Traits are associated with college degrees.
2
Why do businesses make investments?
To have shares of other businesses.
To play the Stock Market.
In order to gain income or profit in the future.
As a backup plan in case their business fails.
3
What makes a skill transferable?
It is shared through an industry mentor.
It is associated with a software program.
It can be beneficial from one job to the next.
It is specific to a process or product.
4
What is a unique benefit of being an Entrepreneur?
spending money
taking out loans
using your own assets
working your own hours
5
What is labor?
Any service a person does for a company
Raw materials found in nature
Equipment a business uses
Something we desire but could ultimately live without
6
_____ is a tangible (can be touched) product.
product
item
Service
Good
7
Employees of a business
do not
have to adhere to moral and ethical standards when inside and out of the workplace.
True
False
8
What best describes ethics?
Reputation
Profit-seeking
Morals
Legal Compliance
9
What is a characteristic of a successful entrepreneur?
laziness
responsible
being your own boss
tardiness
10
What is an organized way a state or nation distributes its resources and provides goods and services to the community?
Economic system
Economics
Standard of living
Investment
11
What are people who purchase goods and services called?
Business people
Economists
Customers
Employees
12
True or False: Entrepreneurs are required to obtain a college degree?
True
False
13
Business ethics refers to the moral and social responsibility of businesses to demonstrate ethical behavior.
True
False
14
What is the role of business in society?
Creating places customers can buy goods.
Making sure there is economic stability.
Providing products, creating markets, and increasing economic benefits.
Creating a capitalist society
15
What is a Business Plan?
Guidelines that must be followed by employees.
An advertisement for a new business.
A plan for the marketing of a company.
Document setting out a business's future goals and plan for achieving them.
16
Which of the following is a quality that an entrepreneur should possess?
Risk Tolerant
Lack of Motivation
Unorganized
Low Self Confidence
17
_____ is an intangible (unable to be touched) product that is carried out by a process or activity.
goods
item
service
produce
18
What is a unique benefit of being an Entrepreneur?
Being responsible
Being away from home
Being liable
Being your own boss
19
What is Net Worth?
Anything that can be bought or sold to meet a customer's want or need.
The value of a business determined by assets minus liabilities.
All the money that a business has.
The total number of products a company has.
20
Ethics refers to the moral principles that drive our decisions and behaviors.
False
True
21
Intellectual property is an original work or invention, such as a trademark or copyright, and also includes a patent.
True
False
22
Which is an example of an operational business activity?
Purchasing stock
Administrative duties
Providing loans to customers
Repaying debt
23
The person who organizes a business, taking on the financial risk that is involved.
Entrepreneurship
Entrepreneur
Corporation
Partnership
24
Which of the following has
no
direct influence over Economics?
Individuals
Businesses
National Non-Profit Organizations
Government
25
An entrepreneur was denied a loan. Instead, they raised money from stakeholders. What trait did they mostly demonstrate?
Humble
Persistent
Collaborative
Decisive
26
Entrepreneurs randomly select a business to start.
True
False
27
Goods and services are _________.
exchange
items
products
equity
28
When selecting a business to start, which of the following should you consider?
Availability
All of the above
Abilities
Interests
29
What is the relationship between successful entrepreneurs and risk?
They assess risk and determine ways to reduce it
They avoid risk and hide from risky situations
They accept that risk exists and take no action
They share and transfer risk with/to someone else
30
A technology-related business will require startup funds to purchase equipment.
False
True
31
What best describes ethics?
Legal Compliance
Profit-seeking
Morals
Reputation
32
The person who organizes a business, taking on the financial risk that is involved.
Corporation
Entrepreneur
Entrepreneurship
Partnership
33
What hard skill most complements an entrepreneur in the field of accounting?
Marketing
Record Keeping
Productivity
Human Resources
34
Which of the following is a quality that an entrepreneur should possess?
Low Self Confidence
Risk Tolerant
Lack of Motivation
Unorganized
35
What is a synonym for an entrepreneur?
Owner
Employee
Staff
Laborer
36
Government websites are more reputable and reliable than other websites.
False
True
37
What are soft skills?
Skills exclusive to the entrepreneur industry
Skills that support a workplace
Skills derived from a mentor
Skills taught at a college or university
38
Which of the following is a
con
of being an entrepreneur?
Flexible Schedule
No Steady Paycheck
Independence
Creative Challenges
39
Which of the following is an economic want?
Food
Clothing
Shelter
Smartphone
40
What is a business?
The making, selling, and providing products in exchange for money.
An organization that has properly been set up.
The market where people buy products on sale
A factory that designs and creates goods for money
