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Essentials of Entrepreneurship Flashcards | StudBud
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Essentials of Entrepreneurship
What is an employee?
What are characteristic of a successful entrepreneur?
Essentials of Entrepreneurship
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EOE textbook
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30 cards
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Questions
30
Answers
1
What are characteristic of a successful entrepreneur?
Problem-Solving Skills
Leadership Skills
Communication Skills
Basic Skills
2
What is an employee?
An individual who provides financial support to startup companies.
A person who owns and manages a business.
A type of legal document outlining the structure of a corporation.
Someone employed by another for wages or salary, typically below executive
3
What does MVP stand for?
Master Venture Plan
Maximum Value Proposition
Minimum Viable Product
Most Valuable Player
4
Percentage of people without jobs and wages is called the________?
Unemployment rate
Interest Rate
Inflation Rate
Employment rate
5
What is scarcity?
Equilibrium in resource distribution ensuring everyone's needs are met.
Abundance of resources leading to excess supply.
Having too many resources and not enough demand.
The problem of trying to meet infinite wants with limited resources.
6
What is the law of demand?
The price of a good or service is directly proportional to its demand
The demand for a product is constant and does not change with variations
Higher the price of a product, less demand there will be for that product
A legal framework governing consumer rights and protection
7
What is a career plan?
A detailed strategy outlining an individual's career goals.
A type of financial investment focused on long-term employment stability
A government document specifying rules and regulations for a profession.
A map that outlines the physical layout of a workplace.
8
What does S.W.O.T stand for
Strengths, Weaknesses, Opportunities, Threats
Specific, Weaknesses, Opportunities, Threats
Strategic, Widespread, Organizational, Tactics
Software, Workflow, Operations, Technology
9
Which one IS an example of For-profit?
Instagram
Teach for America
The Humane Society
AmericanRed Cross
10
Good Job heres a freebie
1
3
4
2
11
Exports are goods and services made in a foreign country and shipped into another country.
True
False
12
What is a intrapreneur?
A type of computer virus that infiltrates corporate networks.
Corporate executive who develops new enterprises within a corporation.
A legal document specifying the terms of employment for a company.
A financial consultant specializing in international business transactions.
13
Which one is NOT an example of For-Profit Organization
Amazon
Make-A-Wish Foundation
Walmart
McDonald
14
A group of individuals who provide a company with non-binding advice on strategic matters.
Shareholders
Steering Committee
Board of Advisors
Board of Directors
15
What is a S.W.O.T Analysis?
A detailed examination of an individual's personal strengths and weaknesses
A form of statistical analysis used in financial forecasting
Evaluates a company’s strengths, weaknesses, opportunities, and threat
A method for evaluating the performance of employees in a team
16
What is an interest rate?
The price of goods and services in the market.
A tax imposed on financial transactions.
The amount of money a person or business owes to creditors.
A percentage of a loan that is charged to the borrower incrementally.
17
A sole proprietor can have more than one owner?
True
False
18
Exports are goods that are produced and shipped from one country into another country.
False
True
19
What does LLC stand for?
Limited Liability Corporation
Limited Liability Company
Limited Liability Conglomerate
Limited Liability Cooperative
20
What is an angel investor?
A term used in finance to describe a high-risk investment strategy.
An individual who provides financial support to startup companies.
A professional athlete who invests in new sports ventures.
A type of celestial being with wings and a halo.
21
What is inflation?
General increase in prices and fall in the purchasing value of money.
A sudden increase in the value of a country's currency
The gradual decrease in the general price level of goods and services.
The process of reducing the money supply in an economy.
22
What does S.M.A.R.T goals stand for?
Simple, Meaningful, Achievable, Realistic, Timely
Specific, Measurable, Achievable, Relevant, Time-bound
Strategic, Measurable, Achievable, Relevant, Time-bound
Structured, Measurable, Aspirational, Relevant, Time-sensitive
23
What is a business model?
The structure of a corporation, including its hierarchy and departments.
Model/plan for making a profit—in order to operate.
Marketing strategy focused on attracting new customers through social media
A detailed map of the physical layout of a company.
24
Perfect competition is a theoretical market structure where many businesses sell identical products?
False
True
25
Walmart is an example of?
Franchise
Wholesaler
A government-owned enterprise.
Non-Profit Organization
26
Oligopoly is a market structure where a small number of businesses have control of a market?
True
False
27
Monopoly is a market structure where a single business has exclusive control of a market?
False
True
28
What is an entrepreneur?
person who organizes, operates, and assumes the risk for a business venture
A government official responsible for regulating small businesses.
A person who works for a company and manages its finances.
A type of computer software used for project management.
29
What is an advantage to starting your own business?
Labor intensive
Control
Start-up costs
Human resources (hiring)
30
What is the law of supply?
Legal framework governing the production and distribution of goods
The higher a products price, the higher the supply will be for that product
Supply of product is constant and does not change with variations in demand
The price of a good or service is inversely proportional to its demand.
