What is the difference between an internship and an apprenticeship?
An internship is on the job training and apprenticeship is a skill that is taught
100
What are the three c's?
Concept; Customer; Capital
100
What is economics?
A social science concerning how people satisfy the demand of goods and services
100
What is a serial entrepreneur
A person that continues to start businesses and never plans on stopping
100
What is the economics of one unit?
Calculation of the profit for each unit of sale
200
What are the four major rewards of being an entrepreneur?
Making own rules; work you enjoy; creating greater wealth; helping your community
200
What is the name of the document that contains all of the elements of a business plan?
Executive Summary
200
What is an economic system? and what are the three types?
A method used to allocate goods and sevices to cope with scarcity; command, mixed, and market
200
What is the difference between a oral presentation and an investor's business plan?
One requires a detailed plan that is written and distributed
200
How do you calculate profit or loss?
Selling price - expense
300
What are the four risks of being an entrepreneur?
Potential business failure; unexpected obstacles; financial insecurity; long hours and hard work
300
Describe the window of opportunity
The period of time that you have to act before the opporunity is lost
300
What are the two other names used to descibe a market economy? and what is the difference between the two?
free enterprise, and capitalism; people can own and operate their own business; people can own and trade goods and invest money
300
What is the purpose of a nondisclosure agreement?
To prevent workers in the manufacturing or design companies to steal the ideas
300
How do you calculate profit percentage?
Profit/selling price x 100
400
Describe the difference between attitude and aptitude
Attitude is your outlook on things and can be changed over a period of time; aptitude is the natural ability to be able to do something
400
What is the difference between a franchisee and franchisor?
Buyer and seller
400
What does the supply curve show and what does the demand curve show?
the quantity of a poduct o serivce that the supplier is willing to sell across a period of time; the quantity of a product that the consumer is willing to buy across a period of time
400
What is a SWOT, and which elements are internal and external?
Strengths, Weaknesses, Opportunties, and Threats
400
What is the purpose of a trade barrier and give two examples?
to regulate international trade; tariff and quota
500
What is intrapreneurship and how does it benefit a company?
Giving employees opportunities to think like entrepreneurs; this helps the company innovate and expand
500
What is a calculated risk?
Carefully considering the potential costs and benefits
500
What is profit motive and is it always good? Why or why not?
The incentive that encourages entrepreneurs to take business risks in the hope of making a profit
500
What is fair trade?
Policy encouraged by private companies with the goal of making sure small producers in developing countries make a profit to improve working and social conditions