Self Assessment Vocab
The commitment to get something accomplished is called
Determination
A computer portal offered by the Arizona Secretary of State that enables entrepreneurs to go to a single source to learn which forms they need to file, to file the forms required by the Secretary of State, and to determine which other government agencies they may need to interact with.
http://ecorp.azcc.gov/ or Arizona corporation commission
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk. Which type of economy is he living in?
Free Market
A type of business that is owned by an individual who is personally liable for any debts or judgements against the company is called:
An electricity bill would be considered an
Expense
Learning how to budget and understanding how individuals earn money and what they spend money on is called:
Required forms that a company must complete and submit to the appropriate government agency are called:
Legal Filings
Which economic system bases their economic decisions on what their people have always done in the past?
Traditional
What function of business focuses on selling the customer?
Marketing
This "C" indicates your ability to repay a loan. Current income and debt will be considered.
Capacity
The ability to find solutions to difficult or complex issues is:
Problem Solving
The state agency that collects state taxes is called:
Arizona Department of Revenue
Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government. Which type of economy is she living in?
Command
A theater company is hiring an actor to play a role in an upcoming play. The role is a 28-year old man. The company refuses to hire a 45 year old man who applies for the part, because they think he is too old. According to the law, this scenario would be:
Legal
The value of all assets minus liabilities is considered:
Net Worth
A person who coaches and supports an entrepreneur or a student studying to become an entrepreneur is called a(n):
A mentor
The state government agency that helps individuals and companies file required legal forms is called the:
Arizona Secretary of State
In a "Command Economy" who controls the factors of production (all economic decisions)?
The Government
What year was The OSHA Act passed?
1970
When applying for a loan, if you are asked, “Have you made payments on a regular basis?” What are they trying to determine?
Character
Working with others to address a challenge and using your skills in harmony with others to complete a task is called:
Teamwork
The federal agency that collects federal taxes and performs audits is called:
Internal Revenue Service
If a news headline says, "3 months of consecutive job losses is impacting consumer confidence." Where in the business cycle is the current economy?
Contraction
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
A Franchise
Having a positive net worth occurs when:
Assets are greater than liabilities