Entrepreneurship
A form of business organization defined as an association of two or more persons operating as co-owners.
What is a partnership?
The difference in value between a nation's imports and exports.
What is balance of trade?
In the accounting equation, Assets must equal Liabilities +_________.
What is Owner's Equity?
Rivalry among businesses.
What is competition?
The term used to describe something that is essential for survival.
What is a need?
A person who organizes and manages a business, usually with considerable financial risk.
What is an entrepreneur?
A monopoly that exists when a country is the only source of an item.
What is absolute advantage?
The statement is intended to calculate the net profit of a company.
What is the income statement?
The customers most likely to buy a company's product, to whom the company would focus their marketing efforts towards.
What is target market?
The primary goal of all businesses.
What is to earn profit?
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
Tax levied by a nation on goods imported into the country.
What is import tariff?
A bank loan would be included in this section of the balance sheet.
What is the liabilities section?
The term for categorizing customers based on factors like age, gender and income.
What is demographics?
Something provided by a company in exchange for money that is intangible.
What is a service?
Businesses owned and operated by one individual.
What is sole proprietorship?
The sale of goods and services to foreign markets.
What is exporting?
The term for the amount of income generated from normal business operations.
What is revenue?
It is estimated that 10% of a products retail price is spent on this.
What is packaging development/design?
The factor of production that includes things like buildings, equipment and vehicles.
What is capital?
A business person who has the skills/characteristics of an entrepreneur but does not take financial risks and instead pursues their vision within a company.
What is an enterprising person?
The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost.
What is comparative advantage?
If revenue=$20,000 and expenses=$27,000 then net profit=_____________.
What is -$7000 or a $7000 loss?
The 4 P's of marketing are_______.
The level of Maslow's Hierarchy that is based on the fulfillment of your full potential as a person.
What is self-actualization?