Unit 6

Question 1

what are the Ps of entrepreneurship

Answer 1

purpose, passion, persistence, people, profit

Question 2

A distinguishing characteristic or quality that makes each person unique

Answer 2

trait

Question 3

the ability to influence others to reach a goal

Answer 3

leadership

Question 4

necessary to perform the required work-related tasks of a position

Answer 4

job specific skills

Question 5

help and individual perform in workplace or gain success in a career

Answer 5

Transferable skills

or foundation skills

Question 6

the process of setting goals and deciding how to accomplish them

Answer 6

planning

Question 7

an independent agency of the federal gov. dedicated to helping entrepreneurs

Answer 7

SBA

Small Business Administaration

Question 8

someone with experience who can provide advice, suggestions, and ideas

Answer 8

Mentor

Question 9

Nonprofit association of more than 13,000 retired and active businesspeople

Answer 9

SCORE

service corps of retired executives

Question 10

Why might a business fail

Answer 10

lack of money, lack of business experience, poor management skills, inefficient inventory control
poor credit management, poor location, improper budgeting, lack of advertizing

Question 11

the gathering and analyzing the information about a business

Answer 11

Marketing research

Question 12

all the people and organization that might purchase a product

Answer 12

market

Question 13

the movement of money into and out of a business

Answer 13

cash flow

Question 14

a written statement of goals and objectives for a business with a strategy to achieve them

Answer 14

business plan

Question 15

a sentence describing the purpose of the business

Answer 15

Mission Statement

Question 16

money necessary to start and open a business

Answer 16

start-up capital

Question 17

financial statements based on estimates of future business performance, sales and expenses

Answer 17

Pro Forma financial statements

Question 18

repost the assets, liabilities, and net worth of business

Answer 18

Pro Forma balance sheet

Question 19

projects revenues and expenses to show whether or not a business in profitable

Answer 19

Pro Forma income sheet

Question 20

reports anticipated sources and uses of cash from operations investing and financing activities

Answer 20

Pro Forma cash flow statement

Question 21

the way a business is financed

Answer 21

Capital Structure

Question 22

borrowing money that must be repaid for use in the Business

Answer 22

Debt financing

Question 23

an asset pledged that will be claimed by the lender if the loan is not repaid

Answer 23

Collateral

Question 24

the property or items of value a business owns

Answer 24

Assets

Question 25

capital brought into the business in exchange for a percent of ownership in the business

Answer 25

Equity Financing

Question 26

money inversted in abusiness by investors who form partnerships or groups to pool investments

Answer 26

venture capital

Question 27

private investor who fund start-up businesses

Answer 27

Angel Investors