NAF Entrepreneurship Exam

Taxes levied for sales of items like cigarettes, alcoholic beverages, and gasoline

A type of insurance against loss of income due to becoming unable to work.

Set of rules/behaviors governing an organization’s practices based on its values and standards.

A type of insurance that covers damage or loss of physical property and assets.

The tax form (US Corporation Income Tax Return) for corporations filing business income taxes.

The practice of starting new organizations/businesses or revitalizing mature organizations

A category used to describe a company’s primary business activity.

Type of insurance that some businesses have to give to employees to cover medical/dental/etc.

Legal protection for creative works such as writing, art, music, software, images, and video.

Collection of results from market research representing the opinions of the survey takers.

Insurance required by law that provides coverage for employees injured on the job, covers bills

Insurance policy that guarantees a fee to beneficiaries in case of insurance holder’s death.

Converting potential customers or prospects into customers by personally speaking with them...

The theory and system of setting up, maintaining, and auditing the books of a firm

The value of the owner’s investment in a company.

The four major aspects of marketing: price, promotion, product, and place (distribution).

Law enacted in 2008 requiring safety testing for children’s toys & products

Funds that businesses obtain to help pay start-up and operating costs.

Charitable actions that benefit important causes

Data that separates people by characteristics; age, race, gender, education, or income level.

Companies that buy and sell merchandise in retail or wholesale, and require a sales tax ID.

The formal group of elected advisors that shape the business's operations

The name of a business venture

Actual profit, calculated by subtracting expenses from revenue in a specific financial period.

The US organization that regulates taxation and collects tax filings.

An advantageous position that a company occupies in relation to its competition.

To use intellectual property illegally w/o permission / license from the property rights owner.

A company’s plan for going out of business

The system for rules, regulations, and standards that direct and control the ethical actions.

Something that is possible to achieve; realistic; viable.

An initial reflection that identifies the possible risks of entering a business

The US law of 2002 enforcing transparency and accountability for public companies.

Type of competitive advantage; distinguishes a company’s product/service, it is more desirable.

Buying space in a publication for companies to promote materials to reach its customers.

A cost or risk of damages, fiscal losses, or lawsuits.

A small, nontraditional segment of the market, defined by more specific characteristics

Financial statement that measures a company’s financial performance over a specific period.

Money borrowed from banks, institutions, or individuals that must be paid back (with fees)

A list of the characteristics of one group of customers or potential customers.

Online service where people can meet & socialize / where businesses can publicize their message

An official written statement sent to the news media so that it can be publicized.

The process of identifying business risks

Public ownership of creative works, allowing anyone to use and modify the works freely.

To impose or collect a fine or tax.

The government organization that provides resources to new and small businesses.

The increase in worth of a product or service as a result of a particular activity.

An advanced university degree in business studies.

License that allows you to use works more freely than a traditional copyright would allow

Tax form for individuals & sole proprietors to report annual financial information to the IRS

Law stating companies must pay overtime, minimum wage, limit of 40 hours a week, & child labor.

The choice of stakeholders, officers and directors of a corporation to behave ethically

An agreement where an author of protected work allows others to use the work for compensation.

A business strategy that identifies potential risks & how the business will respond

The money that’s spent by a company to continue its business activities and operations.

Research conducted by entrepreneurs to learn about the customers’ needs, preferences, etc.

Creative works that can be used commercially; protected with a copyright, patent, or trademark

An informal group of advisors that guides and provides direction to the entrepreneurs.

An idea or product that has benefits or features that a customer / group of customers will buy.

A document detailing a new business’s operations,goals,management,costs, &financial projections

Filtering survey respondents to ensure only those who match the customer profile are surveyed.

The practice of making fair choices guided by integrity, honesty, and reasonable judgment.

The amount of money that results from subtracting the cost of merchandise sold from net sales.

Creating, communicating, delivering, & exchanging offerings for customers, clients, & society

Law that created the Social Security tax system that funds retirement accounts for US workers.

Shares of ownership that entrepreneurs sell in their companies in exchange for funding/advice

Developing new product or service offerings that complement existing offerings.

A company’s ability to sell a product/ service at a lower cost than competitors.

1972; Established a commission that made standards for products to be safely made in the US

The practice of applying entrepreneurial skills and approaches within an established company.

Data that separates & distinguishes people by their lifestyle choices, behavior, or personality

A preference/subjective background that prevents someone from considering an issue objectively.

A plan for replacing company founders or officers with new representatives

The US social system for providing medical insurance coverage to people aged 65 and over.

Reaching new markets by developing a new customer base

Expertise acquired through experience or education; understanding a specific subject.

Diversions that occupy one’s time and thoughts.

Weighing benefits of a project to costs & determining if the project is worthwhile.

Funds invested in new companies by businesses that contribute advice, guidance, and/or funding.

A fixed cost for an insurance policy paid to an insurance company by the policyholder.

Someone who invests $ in a business venture for start-up/expansion, for a higher rate of return

Insurance that protects businesses from lawsuits, provides payment for damages & court defense.

A type of trademark used for designating a service company.

A question phrased in a way that suggests the answer that an interviewer wants to hear.

Developing variants of existing products or service offerings, trying to gain new customers.

The ability to continue to work enthusiastically, even when things are going badly.

A probability or likelihood of being exposed to danger, injury, or loss.

Relative growth and decline of profit over the course of a business’s existence.

The tax form (US Return of Partnership Income) for partnerships filing business income taxes.

Shifting preferences in the market.

Going into a business / not-for-profit whose goal is to help people and forward social causes.

Promoting a business by generating favorable publicity by communicating w/ news & other media.

Number of respondents in a survey giving a specific response.

The act of minimizing risks by reducing or avoiding them, or planning a strategy for recovery.

A strategy for returning to normal business operations after a risk event has occurred.

An academic degree typically requiring four years of study.

Forming social & business relationships that provide insight, guidance, & support

The process of dividing customers into different groups to understand their product preferences

A first model of a new product that shows its style and capabilities

Reaching existing markets by convincing customers to buy more frequently or just buy more.

Set of rights given to a person/company for manufacturing & selling a unique process/invention.