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