GENERAL KNOWLEDGE BUSINESS
WHAT IS THE NAME OF THE TYPE OF ECONOMIC SYSTEM THAT EXIST AMERICA?
CAPITALISM
WHAT ARE THE TWO MAIN DRIVING FACTORS THAT STIMULATES CAPITALIISM?
SUPPLY AND DEMAND
WHAT IS AN ENTREPRENEUR?
A PERSON WHO STARTS A BUSINESS FOR THE PURPOSE OF MAKING A PROFIT
IS AN ENTREPRENEUR OR BUSINESS WOMAN/MAN THE SAME?
YES
THERE ARE MANY SYNONYMS FOR BUSINESS; NAME 1
ENTERPRISE, COMPANY, FIRM, FRANCHISE, GROUP, VENTURE, OFFICE, AGENCY, CORPORATION, ESTABLISHMENT, STORE FRONT, INDUSTRY, SHOP, PRACTICE, ETC
WHAT IS A TARIFF?
A GOV'T TAX ON IMPORTED & EXPORTED GOODS IN ORDER TO REGULATE FOREIGN TRADE & PROTECT/SAFEGUARD LOCAL INDUSTRY.
IS THERE A LIMIT TO THE AMOUNT OF BUSINESSES YOU CAN OWN?
NO
NAME ONE MAJOR CHARACTERISTIC THAT CAN MAKE/BREAK; HELP/DESTROY; BUILD UP/BREAK DOWN YOUR BUSINESS?
BUSINESS PARTNERS
WHAT IS A BUSINESS?
AN ENTITY {ENTERPRISE} OR ORGANIZATION THAT PRACTICES THE SELLING OF GOOS OR PERFORMING SERVICES FOR THE SAKE OF MAKING A PROFIT.
WHAT ARE EXPENSES?
ALL COSTS RELATED TO YOUR BUSINESS
HOW DOES AN ENTREPRENEUR START A BUSINESS?
CONVERT AN IDEA INTO A BUSINESS
LIST THREE WAYS YOU CAN ACQUIRE FUNDING FOR YOUR BUSINESS [STARTUP/WORKING CAPITAL]
GRANTS, LOANS, DONATIONS, FUNDRAISERS, WORK & SAVE, INHERITANCE, LOTTERY, ETC.
BUSINESSES ARE CLASSIFIED INTO THESE FOUR MAJOR CATEGORIES?
SOLE PROPRIETOSHIPS, PARTNERSHIPS, LIMITED LIABILITY COMPANIES[LLC], CORPORATIONS
WHAT IS PROFIT?
ALL MONEY GAINED FROM SALES AFTER EXPENSES ARE PAID.
WHAT IS LEGAL AGE THAT A PERSON CAN START A BUSINESS?
As young as 18yrs
EVERY ENTREPRENEUR NEEDS A__________
MENTOR
NAME SOME CATEGORIES THAT WOULD DESCRIBE A BUSINESS' PRACTICE/ACTIVITIES?
COMMERCIAL[RESIDENTIAL], INDUSTRIAL, PROFESSIONAL, TECHNOLOGICAL, PHILANTHROPICAL
WHAT IS REVENUE?
ALL MONEY THAT COMES INTO THE BUSINESS
THREE THINGS ENTREPRENEURS MUST STAY ON TOP OF AT ALL TIMES?
LICENCES/CERTIFICATIONS, INSPECTIONS,TAXES
THE FIRSST STEP IN BECOMING AN ENTREPRENEUR STARTS WITH A_________________
THOUGHT/IDEA