ITB Unit 2 Entrepreneurship Review

A business owned by 2 or more people who share the risks & rewards.

Buying & reselling of goods that have already been produced.

A firm's owners cannot be held responsible for more than the capital they invest is called _____.

A business's set of guidelines for maintaining ethics in the workplace is known as its ____.

An example of an entrepreneur is Mark Zuckerberg, the founder of Facebook.

A corporation can raise money by selling stock.

Maintaining & checking records, handling bills, & preparing financial reports.

Income on this type of business organization is taxed twice.

Which of the following is an advantage of e-commerce?

Type of organization that focuses on providing a service or helping. Must register w/ gov.

What organization sets & enforces work-related health & safety rules?

Purchases goods from a wholesaler & sells them to consumers.

Which of the following is not a benefit of e-commerce?

The best way to organize a business structure is determined by the size of business and the type of business.

Process of planning, pricing, promoting, selling, & distributing ideas, goods, & services.

A business that gathers raw goods. Ex: agriculture, mining, fishing, forestry.

A business owned by 1 person.

Entrepreneurs are not important to the U.S. economy.

Changes raw materials to more finished products. Ex: Sugar cane to sugar, crude oil to gas.

A newly formed business that is usually small is called _____.

Moral principles by which people conduct themselves personally, socially, or professionally.

The process of recognizing a business opportunity, testing it in the market, and gathering the necessary resources.

Business or art of money management.

Disagreement between self-interest and professional obligation.

Business that makes finished products out of processed goods.

Achieving goals by planning, organizing, leading, controlling & evaluating use of resources.

A small business is an independently owned business that usually has the owner(s) as its manager(s).

Innovation is the process of translating an idea or invention into a good or service for which customers will pay.

According to this agency, small business owners are usually the managers.

A federal law requiring that men and women be paid the same wages for doing the same work.

To start a partnership, you need a partnership agreement.

A major disadvantage of a sole proprietorship is _____.

Agreement to use name & sell products/services of a company in a designated geographical area.

This organization protects people from dangerous or falsely advertised products