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Ch. 1, 2, 17
entrepreneurship
| Question | Answer |
|---|---|
| record keeping, business, letter writing, and math skills | business skills |
| negotiation skills and the ability to take charge and keep things running smoothly | problem solving skills |
| communication and listening skills | interpersonal skills |
| ability to support team members and grow the business | leadership skills |
| ability to create a plan and engage others to fallow it | planning skills |
| a process that can be used to create well-defined goals | SMART goals |
| completing a ----- can help you understand your personal preferences and identify strengths and weaknesses | self-assessment |
| self- management, integrity, and honesty are examples of ---- qualities that are needed for success in any career | personal |
| to be effective,goals must be practical, or ---, enough to be achievable | realistic |
| behavioral and emotional characteristics are --- that make each person unique | traits |
| --- are 16 groups of occupational and career specialties | career clusters |
| T/F critical issue for most entrepreneurs is the ability to raise start- up capital | true |
| T/F career pathways are subgroups within the career clusters | true |
| T/F there are many ways to research your career interest, including searching the internet and attending career fairs | true |
| T/F an ability that a person has learned over time and can do well is and aptitude | False |
| T/F A goal does not have to be achieved during a specific time period | false |
| T/F a person who starts a new business is referred to as an entrepreneur | True |
| T/F entrepreneurship involves taking on the responsibilities and risks of starting a new business | True |
| T/F few successful entrepreneurs are natural leaders | false |
| T/F The behavioral and emotional characteristics that make each person unique are skills that can be learned | false |
| Which is not included in the definition of a small business | national or international business |
| which types of skills are not foundation skills necessary for success in any career cluster | athletic skills |
| social media knowledge,software skills, and systems skills are examples of which skills sets | technology skills |
| when creating a career plan, the first step in the decision-making process is to--- | define the challange |
| the "SMART" int the SMART goal setting process stands for--- | Specific, measurable,attainable,realistic,and timely |
| what is not an activity involved in starting a new business | planning retirement |
| newly created businesses are often called--- | start-up companies |
| math skills are among the --- skills and entrepreneur needs | business skills |
| what is not a step in the decision making process? | observe others |
| The small business administration ( SBA) is a --- resource to help small business succeed | Government |
| A list of steps on a time line to reach each of your career goals is a --- | career plan |
| an intrapreneur is a person who works for a company and uses skills, knowledge, and company resources to create new products, make improvements, or develop ideas that benefit--- | the company |
| the last step in the decision-making process is to--- | make a decision |
| a --- is someone who influences others in a positive way and makes things different or better | leader |
| the natural ability to learn something new is a | aptitude |
| the five p's of entrepreneurship are--- | passion,perseverance, persistence,planning, problem solving |
| small businesses employ--- percent of all high-tech workers | 40 |
| privet owned businesses operate to make a profit with limited government regulations | market economy |
| system in which citizens have just enough to survive | traditional economy |
| both government and the private sector make decisions about providing goods and services | mixed economy |
| the science of examining how goods and services are produced,sold, and used | economics |
| the government determines what goods are produced, how much is produced, and the prices | command economy |
| the government determines what goods are produced, how much is produced, and the prices | command economy |
| a large number of small businesses sell similar products at different prices | monopolistic competition |
| a small number of large companies selling same or similar products | oligoply |
| a large number of small businesses selling identical products for the same prices | perfect competition |
| how a market is organized, based on the number of businesses competing for sales in an industry | market structure |
| one business has complete control of a market's entire supply of goods and services | monopoly |
| T/F the entrepreneurial discovery process is about finding a need for a product or service | True |
| T/F a feasibility analysis is done a few months after a new businesse has started | false |
| T/F scarcity occurs when supply is higher than demand | false |
| T/F in a command economy, the government determines what goods are produced and sets the prices | True |
| T/F industrial and consumer goods are both manufactured products | True |
| T/F wholesalers usually sell directly to the consumers | False |
| T/F the local chamber of commerce is a good source of information for small buisnesses | true |
| T/F buying an existing business is one of the ways to become and entrepreneur | true |
| T/F personal and business financial records must be kept separate | true |
| T/F accounts payable are considered assets of the company | false |
| T/F the accounting equation of assets = liabilities + owners equity is necessary for recording financial information | true |
| T/F keeping a record of assets is the responsibility of the insurance company because they pay taxes for the business | false |
| T/F cash sales are the only daily business transactions that impact the business | false |
| T/F copies of daily and debit business transactions that impact the business | true |
| T/F asset and expense account types have debit balances; debits would decrease the balance side | fasle |
| T/F for tax purposes, businesses use a year as the fiscal period, also called a fiscal year | true |
| T/F to find a company's debit ratio, divide its total liabilities by its total assets | true |
| T/F financial statements are used for tax purposes | true |
| T/F financial ratios provide can identify which areas of a business are strong where it needs improvement | true |
| T/F the income statements shows the financial strength of a business | false |
| T/F the audit functions are the financial record keeping activities for a business, which include recording, summarizing, analyzing, and interpreting | false |
Created by:
hild045
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