Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Entrepreneurship > Final (Fill in the Blank) > Flashcards

Final (Fill in the Blank) Flashcards

1
Q

When people have the right to make economic choices they live in a _________

A

Free enterprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A new movie video is released. Everyone rushes to buy it and a shortage develops. Stores order more and then have a surplus. The store reduces the price of the video and sells excess inventory. They have achieved __________

A

Equilibrium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

An idea plus a ________ equals an opportunity

A

Market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The ___________ has resulted in new resources, markets, and ideas

A

Global market place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

If a small change in the price of an item causes a significant change in the quantity demanded, we say that the demand for the item is ____________

A

Elastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

If a change in price has little or no effect on the quantity demanded, we say that the demand for the item is _______

A

Inelastic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A free enterprise system is also called _________ or a market economy

A

Capitalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Many entrepreneurs were influenced in early life by a _________, a person who’s attitude and achievements the entrepreneurs try to emulate

A

Role model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Being the _____ is a benefit that most entrepreneurs out at the top of their lists

A

Boss

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Research about entrepreneurs reveals a wide span of ages, ___________, and personal histories

A

Educational backgrounds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Entrepreneurs are __________. They set goals, make decisions, and act on their decisions

A

Action oriented

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Entrepreneurs use ________ skills to get along with others

A

Human relations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Entrepreneurs need ________ to coordinate and manage work teams

A

Leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The biggest risk of being in business for oneself is a possibility of losing one’s

A

Investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

An ________ sets out to be the best at whatever he or she does because an _________ is an achiever

A

Entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

One secret to finding a good business opportunity is the ability to understand ________, because changes in interest create profitable niches businesses to fill

A

Industry

17
Q

One source for creative ideas for new businesses can come from _________

A

People watching

18
Q

The greatest advantage of a family business is the ________ and togetherness that family members share

A

Trust

19
Q

Many ______ can be turned into successful business adventures

A

Intrests

20
Q

A ______ is a new business undertaking that involves risks

A

Venture

21
Q

Starting a new business entails more _______ than opening a franchise

A

Timed effort

22
Q

The entrepreneurial process involves taking the steps to recognize a ________ and create a business for profit

A

Opportunity

23
Q

Instead of starting a new business you could enter a ______ or buy an existing business

A

Family business

24
Q

An increased reliance on ________ is one of the main trends that affect business today

A

Technology

25
Q

The ________ protects the entrepreneur against being sued personally for actions and debts of the corporation and is the most common corporate form

A

C-corporation

26
Q

In a sole proprietorship, the owner is _____ for all the debts and actions of the business

A

Liable

27
Q

The value of a ________ is divided into equal units called shares of stock

A

Corporation

28
Q

A _______ is the sole proprietorship with more than one owner

A

Partnership

29
Q

A _____ provides the pass through tax advantages of a partnership

A

LLC

30
Q

The major threat that partnerships face is ______

A

Personality conflicts

31
Q

The least regulated, easiest, and most inexpensive form of ownership to set up is a _______

A

Sole proprietorship

32
Q

Many entrepreneurs are running nonprofit businesses that benefit their _________

A

Community

Entrepreneurship (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions