Unit 1 - Entrepreneurship
What is tangible?
What is intangible?
Tangible - Product
Intangible - Service
Voluntarily leaving a company -
Involuntarily leaving a company -
Voluntary - Departure
Involuntarily - Dismissal
Anything a business owns? ____________
Anything a business owes? ____________
Owns = Asset
Owes = Liability
Essential for human survival? _____________
Nonessential for human survival? ____________
Essential = Needs
Nonessential = Wants
Strategically building mutually beneficial professional relationships?
Networking
What is a new device?
What changes an existing device?
New Device - Invention
Changes Existing Device - Innovation
What are the three types of leaders?
Autocratic
Democratic
Laisse Fairee
Money a business receives? __________
Cost to run a business? ______________
$ Receives = Revenue
Cost = Expense
The amount of a good/service available for consumption? ________
The amount of a good/service customers are willing to purchase at a price? ______________
Supply
Demand
Specific group of people who are most likely to be interested in and benefit from your product/ service
Target Audience
The legal ownership of an invention is a ______.
The rights over original work _______________.
Patent.
Copyright.
What are the 4 functions of management
P...
L...
C...
O....
Planning
Leading
Controlling
Organizing
Costs that do not change? _________________
Costs that change based on use? _________________
No Change = Fixed Cost
Change = Variable Cost
Who makes the products?
Who buys the goods/services?
Who uses the goods/services?
Uses - Consumers
Can be costly, causes reduced productivity and low morale? _____________
Miscommunication
A business started by an entrepreneur?
Venture
When people don't have equal access to employment?____________.
Improper offensive conduct in the workplace ____________________.
Discrimination
Harassment
$$$ earned before tax/deductions? ____________
$$$ earned after tax/deductions? ______________
Gross Income
Net Income
What are the 3 types of ownership?
Sole Proprietorship
Partnership
Corporation
Planning, organizing, and controlling how time is spent?
Time Management
Showing initiative and resourcefulness is called?
Enterprising
Companies operating to enhance the society and the environment is called?
Corporate Social Responsibility
The ease of converting assets to cash? __________
The length of time before a loan must be paid back? __
Asset to Cash = Liquidity
Time to pay back = Maturity
Compensation for usage of work? __________
Product is replaced, no longer sold? _____________
Royalty
Obsolete
1.What are the 7 C's of Communication?
2. What is the formular for the Fundamental Accounting Equation? (A, L, OE)
3. If expenses exceed revenues the business has a? _________ ___________.
4. In what financial statement does each appear?
Assets and Liabilities __________ _________.
Revenues and Expenses __________ _________.
5. What are the 3 headings in Financial Statements?
1. Clear Concise Complete Coherent Correct Concrete Courteous
2. Assets - Liabilities = Owners Equity
3. Net Loss
4. Balance Sheet and Income Statement.
5. Who (Company) What (Type of Statement) When (Date)