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Entrepreneurship > EXAM REVIEWER > Flashcards

EXAM REVIEWER Flashcards

1
Q 
the process of running a
business of one’s own.
 It
involves organizing, planning,
and managing the business or
enterprise.
A

entrepreneurship

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2
Q

people who owns/operate, and
take the risk of a business
venture.

A

entrepreneurs

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3
Q 
a consequence of
uncertainty.
consequences
can be behavioral,
psychological, or
financial, etc.
 has to do with
consequences both
positive and
negative.
A

risk

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4
Q

employee or entrepreneur?

  • work for someone else
  • do work proposals
  • implement projects
A

employee

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5
Q

employee or entrepreneur?
-assume risk
-directly affected by
consequences

A

entrepreneur

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6
Q 
practices and 
ensures that highest
conducts are
observed w/
everyone who is
affected by the
business activity
A

ethical

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7
Q 
behave consistently in
actions, values,
methods, measures,
principles,
expectations and
outcomes.
A

integrity

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8
Q

types of entrepreneurial business:

A 
manufacturing
wholesaling
retailing
services
agricultural
mining and extracting
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9
Q

Manufacturing examples:

A 
Apparel & textile products
Fabricated metal products
Food/chemical related prod
Electronic and other
electrical equipment's
Industrial machinery &
equipment's
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10
Q

wholesaling examples:

A 
Electrical goods
Groceries & related goods
Lumber &construction
materials
Machinery & equipment
supplies
Paper & petroleum
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11
Q

Retailing examples:

A 
Auto & home supply
Clothing store
Gift, novelty &
souvenir shop
Grocery stores
Jewelry & hardware
stores
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12
Q

Services

A 
Appliance repair
Babysitting, translating
Bookkeeping,
tutoring
exterminators
plumbing,
painting
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13
Q

agricultural examples

A

fresh produce
farm products such as
wheat, corn etc.

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14
Q

Takes resources like
coal out of the
ground so that can
be used.

A

Mining and extracting

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15
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

they want to
make their
own decision.

A

independent

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16
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

make choice
alone and bounce
back
from a poor
made decision.
A

confident

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17
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

Persist through
hard times until
goals
are met.

A

goal oriented

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18
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

know what they
want and focus
on
achieving it.

A

determined and persevered

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19
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

motivated by
setting and
achieving
challenging
goals.
A

set high standard

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20
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

Think of new ways
to market their
business
are always looking
solutions to
problems.
A

creative

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21
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

Not afraid to
make quick
decisions when
neccesary to beat
their competitors.
A

able to act quickly

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22
Q

UNIQUE CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS.

Emerge in
technology that can
help the
business activities
run efficiently.
A

updated with technology

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23
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURS ARE THEIR OWN
BOSSES.

A

ADVANTAGE

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24
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURS CAN CHOOSE A
BUSINESS THAT INTEREST THEM.

A

ADVANTAGE

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25
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURS CAN BE CREATIVE.

A

ADVANTAGE

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26
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURS CAN MAKE LARGE
SUMS OF MONEY.

A

ADVANTAGE

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27
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURSHIP IS RISKY.

A

DISADVANTAGE

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28
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURS FACE UNCERTAIN
AND IRREGULAR INCOMES.

A

DISADVANTAGE

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29
Q

ADVANTAGE OR DISADVANTAGE?

THEY WORK LONG HOURS.

A

DISADVANTAGE

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30
Q

ADVANTAGE OR DISADVANTAGE?

ENTREPRENEURS MUST MAKE ALL
DECISIONS THEMSELVES.

A

DISADVANTAGE

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31
Q

CHARACTERISTICS OF GOOD TEAM MEMBERS.

___ to achieve team goals and willing to work hard to achieve it.

A

committed

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32
Q

CHARACTERISTICS OF GOOD TEAM MEMBERS.

have the right skills needed to get the job done & help
accomplish team goals.

A

competent

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33
Q

CHARACTERISTICS OF GOOD TEAM MEMBERS.

can share ideas in both oral and written form.

A

communication

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34
Q

CHARACTERISTICS OF GOOD TEAM MEMBERS.

work well with others and know that they will not
always get their ways.

A

cooperation

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35
Q

CHARACTERISTICS OF GOOD TEAM MEMBERS.

able to look at thing from a different perspective &
suggest new ways to do things.

A

creative

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36
Q

How do you set goals?

Goals should answers the “What?” “Why?” and “How?”

A

specific

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37
Q

How do you set goals?

Goals should establish ways to measure your progress

A

measurable

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38
Q

How do you set goals?

Goals should not be too far out of reach

A

attainable

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39
Q

How do you set goals?

Goals should represent things to which you are willing
to commit.

A

realistic

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40
Q

How do you set goals?

Goals should have a timeframe for achievement.

A

timely

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41
Q

the activity, set of institutions, and
processes for creating, communicating, delivering,
and exchanging offerings that have value for
customers, clients, partners, and society at large.

A

marketing

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42
Q

is all of the processes-planning, pricing,
promoting, distributing, and selling-used to
determine and satisfy the needs of customers and
the company

A

marketing

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43
Q

Uses the needs of customers as the
primary focus during the planning,
production, distribution, and promotion
of product or service

A

marketing concept

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44
Q

To use the marketing concept successfully,
business must be able to:

(MEMO)

A 
○ Identify what will satisfy the
customers’ needs and wants
○ Develop the market products better
than other choices
○ Operate profitably
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45
Q

It is a blending of the product,
price, distribution, and promotion
used to reach a target market.

A

marketing mix

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46
Q

It is a plan that
identifies how the goals
of your business will be
achieved

A

marketing strategy

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47
Q

In your startup marketing
plan, your strategy should
address:

(NEED TO MEMO)

A 
○ Product introduction
○ Pricing
○ Distribution
○ Promotion
○ Sales or market share
○ Projected profitability
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48
Q

ensures that the marketing you do
today fits in with the vision you have
for your business.

A

marketing goals

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49
Q 
Are what you
want your
business to
achieve in the
next year
A

short term goal

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50
Q 
describe what
you want your
business to
achieve in the
next two to five
years.
A

medium term goal

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51
Q 
Show where
your business
will be 5, 10,
and even 20
years from
now.
A

long term goal

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52
Q 
Its purpose is to define your market,
identify your customers and
competitors, outline a strategy for
attracting and keeping customers, and
identify and anticipate change. It becomes part of your business plan.
A

marketing plan

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53
Q

will help you determine whether it is
solid and all parts are consistent
becomes a guiding document as you
operate your business

A

written marketing plan

54
Q

is the belief that the wants and needs
of customers are the most important
consideration when developing any
product or marketing effort

A

marketing concept

55
Q

the different products
and services a business
sells

A

product mix

56
Q

• These are the characteristics of the
product that will satisfy customer needs.
• Includes color, size, quality, warranties,
deliveries, and installations

A

product features

57
Q

is the name, symbol, or design used

to identify your product

A

brand

58
Q

is the box, container, or wrapper

in which the product is placed

A

package

59
Q

is where the information about the

product is given on the package

A

label

60
Q

is creating an image for a

product in the customer’s mind.

A

positioning

61
Q

It is the actual amount a customer pays for a

product or service

A

price

62
Q

Pricing Objectives:

MDEI

A
  • Maximize sales
  • Discourage competition
  • Establish an image
  • Increase profits
63
Q

Refers to the costs of making and marketing the

product

A

investment

64
Q

it is the amount earned as a result of the
investment and is usually expressed as a
percentage

A

return of investment

65
Q

it is a business’s percentage of the total sales

generated by all companies in the same market.

A

market share

66
Q

involves establishing informal ties with people who can help your business grow

A

networking

67
Q

pricing that is determined by how much customers

are willing to pay for a product or service

A

demand-based pricing

68
Q

It is determined by using the wholesale cost of an

item as the basis for the price charged

A

cost-based pricing

69
Q

is determined by adding a percentage

amount to the wholesale cost of an item.

A

markup price

70
Q

is determined by subtracting a

percentage amount from the retail price of an item

A

markdown price

71
Q

it is a pricing that is determined by
considering what competitors charge for the same
good or service

A

competition-based pricing

72
Q

The price to charge for services can be determined by the

amount of time it takes to complete the service.

A

time-based pricing

73
Q

services can be bundled, or combined under one charge, rather
than making the customer pay for each individual part of the
service.

A

bundling

74
Q

is the process of selling your idea to a
company for the development and launch of a new
product

A

licensing

75
Q

Used when a product is new and unique, starts with
a high price to recover the costs involved in
developing the product.

A

price skimming

76
Q

Uses a low introductory price with the goal of

building a strong customer base

A

penetration pricing

77
Q

It is based on the belief that certain prices
have an impact on how customers perceive a
product

A

psychological pricing

78
Q

works on the opposite premise; rather than making
prices seem low, prices are inflated in order to create a sense of
greater value.

A

prestige pricing

79
Q

is a strategy of setting prices in odd numbers just
below an even price, for example pricing an item at the odd $19.99
rather than the even price of $20.00.

A

odd even pricing

80
Q

is an effective form of psychological pricing for companies
with an extensive product line; it involves creating a price range for a
particular line

A

price lining

81
Q

is often the subject of controversy. Many countries
have laws which govern the amount of time that a product should be
sold at its original higher price before it can be discounted

A

promotional pricing

82
Q

Offers customers a reduced price.

Used to encourage customers to buy.

A

discount pricing

83
Q

are reductions on base price given to customers for

paying cash or within some short time period.

A

cash discounts

84
Q

are reductions in base price given as the result of a
buyer purchasing some predetermined quantity of merchandise. A
noncumulative quantity discount applies to each purchase and is
intended to encourage buyers to make larger purchases.

A

quantity discounts

85
Q

are price reductions given for out-of-season

merchandise—snowmobiles discounted during the summer, for example

A

seasonal discounts

86
Q

price reductions given to middlemen (e.g.,
wholesalers, industrial distributors, retailers) to encourage them to stock
and give preferred treatment to an organization’s products.

A

trade discounts

87
Q

3 kinds of pricing strategies:

A
  1. introductory pricing
  2. psychological pricing
  3. discount pricing
88
Q 
is an economic system in which
economic decisions and the
pricing of goods and services
are guided solely by the
aggregate interactions of a
country's individual citizens and
businesses.
A

market economy

89
Q

involves a desire for material goods and

services. They are the basis of an economy.

A

economic wants

90
Q

the desire for

nonmaterial things

A

noneconomic wants

91
Q

are the means through which goods

and services are produced.

A

economic resources

92
Q

Raw materials supplied by nature

A

natural resources

93
Q

People who create goods and

services.

A

human resources

94
Q

Assets used in the production of

goods.

A

capital production

95
Q

The willingness and
ability to take risks and
make decisions for the
business.

A

Entrepreneurship

or Enterprise

96
Q 
A concept in economics that if one
factor of production (number of
workers, for example) is increased while
other factors (machines and workspace,
for example) are held constant, the
output per unit of the variable factor
will eventually diminish.
A

law of diminishing concept

97
Q

Entrepreneurs play an
important role in supplying
goods and services to meet
the demands of consumers

A

supply and demand

98
Q

The role of
entrepreneurs in
the U.S. economy:

A
  1. Supply and Demand
  2. Capital Investment and
    Job Creation Job Creation
  3. Change Agents
99
Q

Entrepreneurs are investing in
their Communities by
contributing to the local
economy and providing jobs.

A

Capital Investment and

Job Creation Job Creation

100
Q

Many entrepreneurs create
products that change the way
people live and conduct
business.

A

Change Agents

101
Q

What are the 4 types of Economic Systems:

A
  1. Command Economy
  2. Market economy
  3. traditional economy
  4. mixed economy
102
Q

the government determines what, how, and
for whom products and services are
produced.

A

command Economy

103
Q

Individuals and businesses decide
what, how and for whom goods and
services are produced.

A

market economy

104
Q

Goods and services are produced the

way they have always been produced

A

traditional economy

105
Q

Often results when a country shifts away
from a command economy towards a
market economy but still has government
involvement in the marketplace.

A

mixed economy

106
Q

the private ownership of resources by

individuals rather than the government.

A

capitalism

107
Q

The U.S economic system is based on four basic

principles:

A
  1. private property
  2. freedom of choice
  3. profit
  4. competition
108
Q

A U.s Citizen can
own, use, or
dispose of things
of value.

A

private property

109
Q

You can make decisions
independently and must
accept the consequences
of those decisions.

A

freedom of choice

110
Q

The difference between the
revenues earned by a
business and the cost of
operating the business.

A

profit

111
Q

The rivalry among
businesses to sell their
goods and services.

A

competition

112
Q 
occurs when peoples'
needs and wants are unlimited
and the resources to produce the
goods and services to meet those
needs and wants are limited.
A

scarcity

113
Q

is the
value of the next-best
alternative (the one you
pass up)

A

Opportunity Cost

114
Q

Functions of Businesses:

PMMF

A

Production
Marketing
Management
Finance

115
Q 
The primary reason a
business exists in a
market economy is to
provide products or
services to consumers
and earn a profit.
A

production

116
Q 
All business in a market
economy need to complete
marketing activities in order
to make their products and
services available to
consumers.
A

marketing

117
Q 
It is necessary for all
businesses in a market
economy to spend a great
deal of time developing,
implementing, and evaluating
plans and activities.
A

management

118
Q

determining the amount of
capital needed for the
business and how the capital
will be obtained.

A

finance

119
Q

is the quantity of a good or
service a producer is willing
to produce at different
prices.

A

supply

120
Q

is the quantity of a good or
service that consumers are
willing to buy at a given
price.

A

demand

121
Q

When a demand for a product is affected by its

price.

A

demand elasticity

122
Q

change in prices
creates a change in
demand.

A

elastic demand

123
Q

change in price creates
very little change in
demand.

A

inelastic demand

124
Q

the point at
which the supply and
demand curves.

A

equilibrium price and quantity

125
Q

are costs
that must be paid regardless
of how much of a good or
service is produced.

A

fixed cost

126
Q

are costs
that go up and down depending
on the quantity of the good or
service produced.

A

variable cost

127
Q

Consists of a very large number
of businesses producing nearly
identical products and has many
buyers.

A

perfect competition

128
Q

has a large number of
independent businesses that
produce goods and services
that are somewhat different.

A

monopolistic competition

129
Q

Dominated by a small
number of businesses that
gain the majority of total
sales revenue.

A

oligopoly

130
Q 
Only one provider of a product or
service. A company that has a
\_\_\_\_ is able to charge whatever
price it wants because consumers
have nowhere else to go to find a
better price.
A

monopoly

Entrepreneurship (2 decks)

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