Entrepreneurship
This South African-born entrepreneur founded SpaceX and co-founded Tesla.
Elon Musk
What is Gross Domestic Product (GDP)?
The total market value of all goods and services produced within a country in one year.
This term refers to the money a business earns from selling goods or services.
A revenue
This is the term for the money left after costs are subtracted from revenue.
Profit
What is the capital city of Canada?
Ottawa
What is an entrepreneur?
A person who starts a business and takes on financial risks in hopes of profit.
What is the law of demand?
This basic law of economics states that when prices go up, demand usually goes down.
This is what the accounting equation states: Assets = Liabilities + ______.
Owner's Equity
What is a stock?
A share of ownership in a company
The world's largest desert?
Antartica
What is a business plan?
A detailed plan that outlines a company’s goals, strategies, and financial projections.
When a market has only one seller that controls prices, it’s called this.
Monopoly
The Financial Statements are prepared at the end of an accounting period (name two).
What are Income Statements and Balance Sheets?
This is the term for a business owned by just one person.
Sole Proprietorship
What is the largest mammal in the world?
Blue Whale
This business model allows entrepreneurs to sell the rights to use their brand and system in exchange for fees and royalties.
Franchising
What is capitalism?
The economic system in which resources are privately owned and markets determine production and prices.
What is the Double-Entry System?
A principle that records transactions in the journal first before posting them to the ledger.
What is Capitalism?
An economic system that is based on private ownership and free markets.
This physicist developed the theory of general relativity.
Albert Einstein
The satisfaction from each additional unit of a good decreases as more of it is consumed.
What is an executive summary?
Define diminishing marginal utility
The satisfaction from each additional unit of a good decreases as more of it is consumed.
This financial statement shows a company's cash inflows and outflows from operating, investing, and financial activities.
Statement of Cash Flows
This is the term for a detailed plan of income and expenses over a period of time.
A budget
This U.S. president is featured on the $5 bill.
Abraham Lincoln