Study Guide Entrepreneurship

For which of the following problems is brainstorming NOT a useful tool?

Which of the following is NOT a method to generate business ideas?

A list of steps on a time line to reach each of your career goals is a ____

Ability to create a plan and engage others to follow it

Personal and business financial records muse be kept sepearte

Ability to support team members and grow the business.

Which of the following is NOT an activity involved stating a new business?

A goal does not have to be achieved during a specfied time period.

Financial statements for private companies are shared with all of the following except _____

The company's assets, liabilities, and owner's equity are reported on the _____

Math Skills are among the ____ skills an entrepreneur needs.

Newly created businesses are often called____

An ability that a person has learned over time and can do well is an aptitude.

Negotiation Skills and the ability to take charge and keep thins running smoothly.

Transferring information from journals to the ledger is called_____

Which of the following is part of the entrepreneurial discovery process?

The behavioral and emotional characteristics that make each person unique are learned skills.

In a command economy, the government determines what goods are produced and assets the prices

Which of the following actions can help prevent a new business from failing?

Career pathways are subgroups within the career clusters.

An accountant completing your tax return is an example of which of the following?

which type of special journal is used to record sales on account transactions?

A critical issue for most entrepreneurs is the ability to raise start-up capital.

When creating a career plan, the first step in the decision-making process is to_____

A process that can be used to create well-defined goals is_____process

Buildings, manufacturing equipment, and inventory are examples of _____

How a market is organized, based on the number of businesses competing for sales in an industry

Industrial and consumer goods are both manufactured products

A group discussion where individuals generate as many ideas as possible is ____

______ are 16 groups of occupational and career specialties.

Financial statements are used for tax purposes

Buying an existing business is one of the ways to become and entrepreneur

Also known as the profit and loss statement

System in which citizens have just enough to survive

Social Media knowledge, software skills, and systems skills are examples of which skill sets?

Natural, Human, and capital resources are all _____

Communication and listening skills

A ____ is someone who influences others in a positive way and makes things different or better.

A feasibility analysis is done a few months after a new business has started

Financial ratios provide can identify which areas of a business are strong and improvement

The "SMART" in the SMART goal setting process stands for______.

Wholesalers usually sell directly to the consumers

Cash sales are the only daily business transactions that impact the business

To find a company's debt ratio, divide its total liabilities by its total assets

Which of the following skills are NOT foundation skills necessary for success in any career

The science of examining how goods and services are produced, sold, and used.

The five P's of entrepreneurship are_____

Which of the following is NOT a step in the decision-making process?

Private owned businesses operate to make a profit with limited government regulation.

The local chamber of commerce is a good source o information for small businesses

The government determines what goods are produced, how much is produced, and the prices.

Which of the following is not needed for accurate tax reporting?

Behavioral and emotional characteristic are ____ that make each person unique.

A large number of small businesses selling identical products for the same prices.

One business has complete control of a market's entire supply of goods or services.

Accounts payable are an example of _____

Both government and the private sector make decisions about providing goods and services.

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The Small Business Administration is a _____ resource to hep small businesses succeed.

Few successful entrepreneurs are natural leaders.

The method of distributing the cost of assets over the life of the assets that can be recorded

A small number of large companies selling same or similar products.

Which of the following is NOT included in the definition of a small business.

Self-management, integrity, and honesty are examples of ____ qualities that are needed...

Scarcity occurs when supply is higher than demand.

Completing a ____ can help you understand your personal preferences.

Which of the following is NOT typically provided by a franchiser?

The last steps n the decision-making process is to ____.

The income statement shows the financial strength of a business.

Which of the following is NOT one of the five personality traits for entrepreneurs?

The entrepreneurial discovery process is about finding a need for a product or service

A intrapreneur is a person who works for a company to create new products that benefit_____.

Entrepreneurship in involves taking on the responsibility and risks of starting a new business.

A large number of small businesses sell similar products at different prices.

Which of the following economies is found primarily in countries with mostly rural populations

There are many ways to research your career interest, including searching the internet and etc.

Asset and expense account types have debit balances; debits would decrease the balance side

A person who starts a new business is referred to as an entrepreneur.

The accounting equation of assets=liabilities+owner's equity is necessary for recording finance

To be effective, goals must be practical, or ____, enough to be achievable.

Record-keeping, business letter-writing, and math skills.

A group of businesses that provide a particular product or service is referred to as a _____

The natural ability to learn something new is a____.

Small Businesses employ _____ percent of all high-tech workers.

for tax purposes, businesses use a year as the fiscal period, also called a fiscal year

Accounts payable are considered assets of the company