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Study Questions 1
Study Questions 2
Study Questions 3
Study Questions 4
Study Questions 5
100
A person who starts his or her own business, instead of working for someone else.
What is an entrepreneur
100
The ________ manages the daily operations of the company.
What is the president
100
The total amount your customers pay your business for its products or services.
What is revenue
100
What is economic utility?
What is the ability of a product or service to satisfy a consumer
100
__________behavior is when people behave in a good, moral, fair, and proper way.
What is Ethical
200
A _________is the smallest chunk a product or service can be purchased in.
What is a unit of sale
200
The _________ is the active head of the company.
What is the CEO
200
The money left over after the cost of making a product or providing a service.
What is gross profit
200
What is form utility?
What is the value added to a product by changing the product's physical form to make it more satisfying to the consumer
200
For an employee, a __________of interest occurs when the employee could personally benefit by taking unfair advantage of his or her position in the company.
What is a Conflict
300
A _________ is when one large company controls an entire area of products or services, so that customers don't have other choices.
What is a monopoly
300
Why is optimism important for an employee?
What is a positive attitude makes you more pleasant to work with and be around
300
The money left over after all of the business costs are subtracted from the revenue.
What is net profit
300
What is possession utility?
What is the value added to a product by transferring ownership over to the consumer
300
___________property is the set of ideas, inventions, production processes, trademarks, trade secrets, and other intangible mental creations that belong to the company.
What is Intellectual
400
What did Steve Jobs and Steve Wozniak believe Americans would want?
What are computers
400
List at least four entrepreneurial characteristics and skills.
What is Creativity, Discipline, Confidence, Independence, Leadership, Listening skills, Writing, Speaking, Organizational skills, Optimism, Networking skills, Math skills, Developing respect, Passion, Vision
400
What are three common causes of scarcity?
What is production difficulty, demand, and seasonality
400
What are three main ways to improve a company's economies of scale?
What is purchasing, labor, and organization
400
What are the four main parts of a company?
What is Production, finance, marketing, and customer service
500
What are three main roles an entrepreneur is likely to play in the community?
What is employer, mentor, and philanthropist
500
A business idea must be either _________________ or ____________________.
What is new and unique
500
What are the four factors of production?
What is land, labor, capital, and entrepreneurship
500
What are the four stages of the product life cycle?
What is introduction, growth, maturity, and saturation and decline
500
What are the six stages of a business?
What is Identify, Plan, Start, Operate, Improve, and Exit