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Entrep._1-Unit_1

QuestionAnswer
Aptitude The ability to learn a particular kind of job.
Brainstorming A creative group problem-solving technique that involves generating a large number of fresh ideas.
Capitalism The private ownership of resources by individuals rather than by the government.
Command economy The government determines what, how, and for whom products and services are produced.
Consensus An agreement among a group of people.
Demand An individual's need or desire for a product or service at a given price.
Employees People who work for someone else.
Entrepreneurs People who own, operate, and take the risk of a business.
Entrepreneurship The process of running a business of one's own.
Equilibrium price and quantity The point at which the supply and demand curves meet.
Free enterprise system An economic system in which people have the right ot make choices of what products to buy, whether to own private property, or whether to start a business and compete with other businesses (market economy).
Functions of business Production, marketing, management, and finance.
Market economy Individuals decide what, how, and for whom goods and services are produced.
Memorandum A short written form of business communication that has a set format.
Monopoly One company controls the entire market.
Opportunity cost The cost of choosing one opportunity or investment over another.
Productivity Level of output received from each worker.
Scarcity A situation that occurs when peopls needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited.
Self-assessment Evaluation of one's strengths and weaknesses.
Supply How much of a good or service a producer is willing to prduce at different prices.
Trade show Special meeting at which companies display their products.
Board of directors A group of people who meet several times a year to make important decisions affecting the company.
Business broker A person who sells businesses for a living.
Business plan A document that describes all the steps necessary in opening and operation a successful business.
Corporation A business with the legal rights of a person, and which may be owned by many people.
Cover letter A letter that explains or provides more information about a document or set of documents.
Dividends Distibutions of profit to shareholders by corporations.
Franchise A legal agreement that gives an individual the right to market a company's products or services in a particular area.
Incorporate To set up a business up as a corporation.
Initial franchise fee A fee the franchise owner pays in return for the right to run the franchise.
Partnership A business owned by two or more people.
Fro forma financial statements Financial statements based on projections.
Royalty fees Weekly or monthly payments made by the owner of the franchise to the seller of the franchise.
Share of stock A unit of ownership in a corporation.
Sole propietorship Abusiness owner exclusively by one person.
Start-up costs One-time only expenses that are paid to establish a business.
Branding The name, symbol, or design used to identify your product.
Competition-based pricing Routes that products and services take from the time they are produced to the time they are consumed.
Cost-based pricing Is determined by using the wholesale cost of an item as the basis for the price charged.
Customer profile Description of the characteristics of the person or company that is likely to purchase a product or a service.
Demand-based pricing Is determined by how much are willing to pay for a product or service.
Demographics Data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income.
Direct competition Competition from a business that make most of its money selling similar products or services as another business.
Features Product characteristics that saticsfy customer needs.
Focus group Interview with groups of target customers who provide valuable ideas on products or services.
Indirect competition Competition by a business that make only a small amount of money selling the same or similar products or services as another business.
Markdown price Is determined by subtraction an amount from the retail price of any item.
Market research A system for collecting, recording, and analyzing information about customers, competitors, goods, and services.
Market segments Groups of customers who share common characteristics.
Market share Percentage of a market owned by a business.
Marketing concept Uses the needs of the customer as the primary focus during the planning, production, distribution, and promotion of a product.
Marketing mix Blending the four marketing elements to satisfy a target market.
Markup price Is determined by adding an amount to the wholesale cost of an item.
Networking Establishing informal ties with people who can help a business grow.
Positioning Placing a product in a certain market to get a desired customer response.
Primary data Information collected for the first time to fit a specific purpose.
Product mix Different products and services a business sells.
Psychographics Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.
Public relations The act of establishing a favorable relationship with customers and the general public.
Sales promotion The act of offering an incentive to customers to increase sales.
Secondary data Information found in already published sources.
Target market Individuals or companies interested in a particular product or service and willing and able to pay for it.
Telemarketing Using the phone to market a product or service.
Assets Items of value owned by a business.
Balance sheet A financial statement that lists what a business owns, what it owes, and how much it is worth at a particular point in time.
Break-even point Volume of sales that must be made to cover all the expenses of a business.
Cash flow statement An accounting report that describes thae cash that flows in and out of a business.
Check register A book in which one records that dates, amounts, and names of people to whom checks have been written.
Collateral Property the borrower forfeits if he or she defaults on a loan.
Cost of goods sold The cost of the inventory a business sells during a particular period.
Debt capital Money loaned to a business with the understanding that the money will be repaid, with interest, in a certain time period.
Equity capital Money invested in a business in return for a share in the business's profits.
Fixed costs Fees that must be paid regardless of how much of a good or service is produced.
General journal Used to record any kind of transaction.
General ledger Used to post items that are recorded in journals; ledgers separate transactions by account, allowing business.
Gross profit Profit before operation expenses are deducted.
Gross sales The dollar amount of all sales, including returns.
Income statement A financial statement that shows a business's revenue, expense, and profit over a period of time, usually a year.
Interest An amount charged for borrowing money.
Inventory The stock of goods a business has for sale.
Journals Accounting records of the business transactions made.
Liability Money owed to others.
Marginal benefit A measurement of the advantages of production one additional unit of a good or service.
Markdown An amount deducted from the retail price to determine the sales price.
Mark-up An amouont added to the cost to determine the sales price.
Net profit before taxes The amount remaining after costs of goods sold and operation expecses are subtracted from sales.
Net sales The dollar amount of all sales after returns have been subtracted.
Operation expenses The expenses necessarey to operate a business.
Owner's equity The difference between assets and liabilities.
Periodic inventory method Involves taking a physical inventory of the merchandise.
Perpetual inventory method Keeps track of inventory levels on a daily basis, using stock coards or a computer.
Principle Amount of money borrowed in a loan.
Rate of interest The percent that is the basis for interest earned or paid.
Reorder point A predetermined level of inventory when new stock must be purchased.
Sales The dollar value of the goods and services a business gives to customers over a certain period of time.
Term Number of years for which a loan is extended.
Variable costs Costs that go up and down depending on the quantity of the good or service produced.
Venture capitalists Individuals or companies that make a profit investing in startup companies.
Benefits Employee's rewards for service in addition to salary.
Bonus Financial reward in addition to a regular wage or salary.
Commission A percentage of a sale paid to a salesperson.
Delegate Let other people share workloads and responsibilities.
Empower Managers giving employees authority to make decisions without supervisory approval.
Job description A written statement listing the duties and responsibilities of a job.
Management style Way of working with those whom managers supervise.
Mentoring One employee teams up with another more experienced employee to learn a job.
Middle management Serves as the liaison between supervisor-level and top management and is responsible for implementing the goals of top.
Organizational structure/char A plan that shows how the various jobs in a company relate to one another.
Paid leave Employee is paid while he or she is not working; for example, vacation or sick days.
Payroll A list of people who receive salary or wage payments froma business.
Salaries Payments for labor or services done on an annual basis.
Supervisory-level managers Work directly with the workers on the job and are responsible for imlementing the plans of middle management.
Top management Responsible for establishing the vision for a company and has the highest level of responsibility.
Wages Payments for labor or services that are made on an hourly, daily, or per-unit basis.
Created by: cschne
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