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Entrepreneurship
Entrepreneurship
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Chapter 4 #Entrepreneurship
Flashcards
20 cards
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Questions
20
Answers
1
What is an entrepreneur?
The loyalty of a customer.
Potential for future sales.
A contract to use something for a specified period.
Someone who organizes and runs a business.
2
What was this chapter mainly about
How to get a job
Starting your own business.
How to interview correctly
Good dog ownership
3
In a partnership, the owners can never loose their personal property due to business failure
True
False
4
What is a disadvantage of taking over a family business?
Your relatives may help finance the business
Relatives can teach you the business
Fights can emerge in the family.
Some families don't get along well
5
What is a disadvantage of buying an already established business?
previous owner can be helpful for info
You could inherit the previous owners mistakes
take advantage of previous business agreements
You wont need to purchase new office furniture.
6
What is revenue?
Money made from sales
Money used to buy materials
Money you pay your employees
Difference between price of goods and & their selling prices
7
Why would someone want to enter a partnership vs sole ownership of a business?
They want to get all the money and not have to split it
They want more people to help finance
They want more skills to rely on then just their own
They want to work alone
8
How many forms of business ownership is there?
5
2
4
3
9
good traits for an entrepreneur.
Planning
Motivation
Researching
Decision making
10
What is NOT a good trait of an entrepreneur?
Planning
vision for future
Research
Lack of motivation.
11
If you don't have money to start your business right off the bat what can you do?
Take out a loan
Rob a bank
Borrow from a relative
beg on the street corner
12
What is a lease?
A contract when you buy something
A potential for future sales
Loyalty of exsisting customers
A contract to use something for a specific period of time
13
What should you do before starting your own business?
Further your research
Talk to other entrepreneurs
See if you fit the traits of a successful entrepreneur
Brainstorm ideas on who you could be partners with
14
What is gross profit?
Money used to buy materials
Money earned from sales
Difference between price of goods and & their selling prices
Money payed to employees
15
What is a corporation?
Two or more people run it
Business chartered by state
Franchise
Sole person runs it
16
What is an ADVANTAGE of entrepreneurship?
entrepreneurs work long hours.
Competition can be stiff.
It is a financial risk.
Job satisfaction.
17
Net profit?
Total money made from sales alone
Difference between price of goods and & their selling prices
money made from stocks
Money left after operating expenses are minused from gross
18
What is a sole proprietorship?
A business chartered by a state
Business completely owned by one person
A franchise
Business owned by two or more people
19
What is a partnership?
Franchise
Buisness run by one person
Business run by two or more
Business chartered by state
20
What is a start up cost?
Amount of money required to add to your business
Money you pay to your employees.
money required to pay closing costs when selling
Expenses involved in going into the business
