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entrepreneurship 11 > q2 > Flashcards

q2 Flashcards

1
Q

May be a sole proprietorship, partnership, or corporation engaged in merchandising, manufacturing, or service.

A

entrepreneurship venture

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1
Q

Defines the distinction between an entrepreneur and an ordinary businessperson

A

innovation / creativity

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1
Q

represents the final products from the production process and distributed to the customers

A

output

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1
Q

determines the quality of the output

A

GIGO “garbage in, garbage out”

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2
Q

three important elements in the production system

A

input, process, output

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2
Q

these are the manpower, materials, machine, design, instructions

A

input

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3
Q

Human workforce involved in the manufacture of products

A

manpower

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3
Q

stage of production where the materials are transformed into the final product with the aid of manpower and machine

A

production process / transformation process / conversion process

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4
Q

Process or technique of converting raw
materials to finished products

A

method

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5
Q

The production is completed by a single employee or a batch of employees

A

job order method

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6
Q

The production undergoes several stages, and the product is transferred from one worker to another

A

batch method

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7
Q

Adopted when the demand for the product is considered constant

A

continuous production system

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8
Q

physical output of the whole production process

A

product

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9
Q

Goods are produced just in time when the market needs or demands for them

A

just-in-time production system

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10
Q

Physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products

A

homogenous product

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11
Q

Dissimilar characteristics, parts, and physical appearance

A

heterogenous product

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12
Q

process of bringing the products or services
to the customers

A

distribution

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13
Q

Refers to how the product will be produced

A

mode of production

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14
Q

Producing own products and considering the elements in the production process

A

manufacturing goods

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15
Q

Process will take place Homed-based, Commercial space for rent, Commercial space purchase

A

manufacturing sites

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16
Q

entrepreneurs who often buy the product or services to the manufactures and sell them at a mark up price to either wholesalers or retailers

A

distributors

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17
Q

The raw materials needed in the production of a product

A

materials

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17
Q

Adopted when the production process is short, and the machines are frequently changed

A

intermittent production system

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17
Q

The manufacturing equipment used in the production of goods or delivery of services

A

machine

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17
Q

The product is usually substantial in size and is bound by a specific time to complete it

A

project method

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18
Q

Collection of values, beliefs, principles, and expectations learned and shared by the employees, founders, stakeholders, and members of the management

A

business culture

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19
Q

environment within the business

A

internal / microenvironment

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20
Q

Assets or properties owned or controlled by the business

A

business resources

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21
Q

assets of the business that have physical appearance and form

can be touched and seen

A

tangible resources

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22
Q

Used, applied, or consumed within a short period or one year

A

current resources

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23
Q

Properties whose usefulness or benefits extend beyond one year

A

noncurrent / fixed resources

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23
Q

Degree by which all units across the business accept and
share a common culture

A

cultural integration

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24
Q

Degree by which the employees accept the culture of the unit or business

A

cultural acceptance

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24
Q

assets of the business that don not have physical appearance of form.

Cannot be touched

A

intangible resources

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24
Q

Formal organizational arrangement of the business in terms if hierarchy of positions, flow of communication, relationship of functional areas, and production and
marketing processes

A

business structure

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25
Q

Combination of entrepreneurial concepts and principles, entrepreneurial skills, and entrepreneurial characteristics

A

competency

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26
Q

SWOT meaning

A

strengths, weaknesses, oppourtunities, threats

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27
Q

BCG meaning

A

boston consulting group

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28
Q

tool used to visualize all the potential causes of a problem to discover the root causes

A

fishbone diagram

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28
Q

Products in low-growth markets with high market share

A

cash cows

28
Q

products with low growth or market share

A

dogs

28
Q

popular tool to evaluate the internal environment

A

SWOT Analysis

29
Q

Products in high-growth markets with high market share

A

stars

29
Q

Products in high-growth markets with low market share

A

question marks / problem child

30
Q

process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem
of the primary target market

A

product development

30
Q

objective is to identify errors, deficiencies, and issues that may impede the success of the product or service

A

focus group discussion

30
Q

critical factor that the entrepreneur must validate before launching the product or service because this can strongly suggest if the business will be successful or not

A

market acceptability

31
Q

entrepreneur must ensure that the product or service complies with all relevant laws and regulations and has a necessary license or permit to operate a particular business

A

legality and ethical test

32
Q

The entrepreneur must ensure that the product is safe to use, safe to be consumed (food and beverages), and safe to be applied (cosmetic products)

A

safety test

33
Q

entrepreneur can match the expected costs versus his or her budget

A

product costing test

34
Q

Each component of the product or service must be tested independently to identify component failures for goods or service failures for services

A

component test

35
Q

entrepreneur must test a similar line of products or the competitor’s product or service itself to compare and get the best practices to be applied to the new product or service

A

competitor’s product / service test

36
Q

Money that will be allocated by the entrepreneur to establish a business

A

capital

37
Q

Value that’s created and captured by a company

A

profit margin

38
Q

High-value asset that is submitted by the business to the bank when applying for a loan and will be subject to repossession if the business
defaults

A

collateral

38
Q

Output of a sale wherein the sales price exceeds the cost to produce the product or render the service

A

revenue

38
Q

who proposed the value chain

A

michael porter

38
Q

when the product is already sold, or service has been rendered regardless of whether the business is paid in cash or credit

A

considered earned

39
Q

when the product or service has not yet been delivered or sold but the
customer already paid in advance

A

considered deferred

39
Q

all the processes related to receiving, storing, and distributing inputs internally

A

inbound logistics

39
Q

transformation activities that change inputs into outputs that are sold to customers

A

operations

40
Q

Activities that deliver your product or service to your customer

A

outbound logistics

40
Q

Processes you use to persuade clients to purchase from you instead of your competitors

A

marketing and sales

41
Q

Assist you to meet your
business goals

A

financial forecasts

41
Q

Activities related to maintaining the value of your product or service to your customers, once it’s been purchased

A

services

42
Q

may be more
appropriate for a stable, established business

A

monthly / quarterly forecasts

42
Q

may be necessary
when starting your business, experiencing rapid
growth, or having financial difficulties

A

monthly / weekly forecasts

42
Q

allow you to closely monitor
your finances and develop strategies to fix
problems before they become major issues

A

regular forecasts

43
Q

Tied directly and proportionately to changes in
production amount or number of units sold

A

variable expenses

44
Q

Not dependent on changes in production amount
or number of units sold

A

fixed recurring expenses (non-labor)

45
Q

sum of all direct costs associated with
making a product

A

Cost of good sold

46
Q

estimates your ongoing
operational costs over a period of time

A

expense forecast

47
Q

These are expenses that you will only incur once,
very infrequently, and/or irregularly

A

one-time expenses

47
Q

Estimates the amount of money you expect to flow in (receipts) and out (payments) of your business, including projected
income and expenses

A

cash flow

48
Q

what a company owes

A

liability

49
Q

amount invested in the company by shareholders

A

shareholders’ equity

50
Q

Cash gained/lost from actual business operations

A

operating activities

51
Q

Cash gained/lost from buying (and selling) property, plants, and equipment (PPE) and purchasing (and selling) long-term investments

A

investing activities

52
Q

Cash gained/lost from issuance and reacquisition of a firm’s debt and capital stock, and dividend payments

A

financing activities

53
Q

Picture of the separate steps of a process in sequential order

A

flowchart

54
Q

systematic way of recording the financial transactions of a business

A

bookkeeping

54
Q

series of steps that businesses take to track transactions and consolidate financial information over a specific accounting period (month, quarter, year)

A

accounting cycle

55
Q

Basic phase of accounting is also known as bookkeeping

A

recording

55
Q

system of recording information about a business, mainly numerical, and helps different people make decisions relating to that business

A

accounting

55
Q

Provides the description of the type and nature of the business transactions

A

account titles

55
Q

List of account titles adopted by a business to organize the recording process and segregate accounting values into assets, liabilities, capital, income, and expense

A

chart of accounts

55
Q

There is only one debit and one credit

A

only has 1 debit and 1 credit

55
Q

Requires a combination of debit and credit for every accounting entry to adhere to the balance sheet and income statement equations

A

double-entry bookkeeping

55
Q

The journal entry appears to have two debit values, while credit has only one value or vice versa

A

compound entry

56
Q

events where there are
exchanges of values that are measurable in one common denominator

A

transaction

57
Q

book of original entries

A

general journal

58
Q

All entries appearing in the general journal are fully supported with business documents

A

business documents

58
Q

Sorting and grouping similar items under the
designated name, category, or account

A

classifying

59
Q

Book in which classifications are recorded

A

ledger

60
Q

Process of transferring the same information from the journal to the ledger

A

posting

61
Q

Process of adding the debit and the credit money columns of the ledger and finding their balances

A

footing

62
Q

Summarizing the data after each accounting
period, such as a month, quarter, or year

A

summarizing

62
Q

Listing of the debit and credit
balances of accounts from the general ledger

A

trial balance

63
Q

Structured financial
statement that presents the income, expenses, and net income or net loss realized during a certain period

A

income statement

entrepreneurship 11 (1 decks)

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