1
Terms 4.1
2
SECTION 4.1
3
POTPOURRI
4
SECTION 4.2
5
Terms 4.2
100
A contract to use something for a specified period of time.
What is a LEASE?
100
Motivation, sight and foresight, and decision making.
What TRAITS of entrepreneurs?
100
A "distinguishing" quality.
What is a TRAIT?
100
The rewards are you get to develop your own reputation, you do things your way. The challenges are that it takes more time, effort, and money to get established.
What is STARTING A NEW BUSINESS?
100
The amount of money left after operating costs are subtracted from gross profit.
What is the NET PROFIT?
200
The potential for future sales.
What is the MARKET OUTLOOK?
200
You are in charge, you make all the decisions, there is great job satisfaction, and there should be a potential to earn a good income.
What ADVANTAGES of entrepreneurship?
200
A person who has the legal right or exclusive title to something.
Who is a PROPRIETOR?
200
There may be help with financing, lower cost for equipment, help and training, and customer goodwill. The work is often 24/7, relationships can become strained, and, sibling rivalries may develop.
What is TAKING OVER A FAMILY BUSINESS?
200
The costs of doing business including such things as; labor, taxes, raw materials, and utilities.
What are OPERATING EXPENSES?
300
Term used to describe the loyalty of existing costumers.
What is GOODWILL?
300
This word defines a project or undertaking that is especially difficult, complicated, or risky.
What is ENTERPRISE?
300
A business owned by a group of people who buy part of, or shares, in the company.
What is a CORPORATION?
300
Lower start up costs, carry over a lease, equipment costs sell a depreciated prices, customer goodwill may already exist. Could be a poor location, competition could be a challenge, poor market outlook, old equipment may need to be replaced, and possibility of a poor reputation.
What is BUYING AN EXISTING BUSINESS?
300
The difference between the cost of a good or service and its selling price.
What is GROSS PROFIT?
400
The expenses involved in beginning a business.
What are START UP COSTS?
400
There is great financial risk, investments can be lost, you often must work long hours, competition can be stiff, and, there are no guarantees of success.
What are DISADVANTAGES of entrepreneurship?
400
A business arrangement in which two or more people share ownership.
What is a PARTNERSHIP?
400
the advantages and recognized product lines, established procedures, training, good reputation, advertising, and financing the disadvantages include cuts to your profits, decisions are not always your own, and less personal satisfaction.
What is BUYING A FRANCHISE?
400
A document showing how much money a business earned or lost during a specified period of time.
What is an INCOME STATEMENT?
500
Someone who starts and then runs a business.
Who is an ENTREPRENEUR?
500
The most important factor in becoming successful.
What is PLANNING?
500
A business that is completely owned by one person.
What is a SOLE PROPRIETORSHIP?
500
The term which describes the profit distribution of a corporation.
What is DIVIDENDS?
500
Income from sales.
What is REVENUE?
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