NAF Entrepreneurship Exam

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

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

The name of a business venture

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

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

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

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

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

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

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

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

An academic degree typically requiring four years of study.

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

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

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

The US organization that regulates taxation and collects tax filings.

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

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

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

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

Number of respondents in a survey giving a specific response.

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

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

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

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

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

Charitable actions that benefit important causes

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

Shifting preferences in the market.

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

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

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

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

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

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

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

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

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

An advanced university degree in business studies.

A company’s plan for going out of business

Developing new product or service offerings that complement existing offerings.

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

A type of trademark used for designating a service company.

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

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

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

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

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

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

Reaching new markets by developing a new customer base

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

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

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

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

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

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

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

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

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

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

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

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

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

Diversions that occupy one’s time and thoughts.

Something that is possible to achieve; realistic; viable.

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

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

To impose or collect a fine or tax.

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

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

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

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

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

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

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

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

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

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

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

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

The process of identifying business risks

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

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

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

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

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