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used to evaluate the feasibility of a business opportunity?
cost/benefit analysis
opportunity-cost analysis
SWOT analysis
a risk for an entrepreneur?
potential business failure
financial insecurity
long hours and hard work
If the net income of a business is $3,000 and the owner's investment is $10,000, the return on investment (ROI) percentage is
30%
As an entrepreneur, the amount of time you spend working is typically
more than for an employee, particularly during initial start-up
An experienced person who volunteers to provide free guidance, tutoring, and suggestions to younger individuals is called a(n)
mentor
What does a well-written code of ethics do
helps prevent legal problems
helps attract quality employees
enhances a business's reputation
a problem a nation might attempt to solve through its economic system?
how to utilize the limited supply of goods and services
The equilibrium price is
the price at which supply equals demand
A market economy is also called
Free enterprise system
Importing and exporting are activities primarily associated with what type of economy
Global Economy
What challenges poses a business risk to entrepreneurs who want to conduct international trade?
tariffs that must be paid to import goods
cultural differences between nations
trade barriers
the flow of goods and services within a community
a Local Economy
What are some disadvantages of hiring employees?
Must consider employee relationships, attitudes, and actions
Establishing more detailed workplace rules and policies
Entails a large amount of paperwork
Added expenses
What are some reasons experts calculate that replacing an employee can be 3-4 times that person's salary?
Lost productivity
Down time without a replacement
Training an employee
Company morale
four areas focused on for a SWOT analysis?
Strengths, Weakness, Opportunities, Threats
characteristic of creative thinking?
looking at a situation in new ways
lateral thinking
using your imagination
characteristic of critical thinking?
making decisions
setting goals
vertical thinking
Which of the following is not considered a product feature?
Quiet, Colorful, Soft, OR Fun
Fun
A business owner’s job is to choose the insurance coverage the organization should have from among the many types available. What would apply to most business?
workers' compensation
liability insurance
property insurance
The recruiting process includes
Resumes and Interview