Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Quiz 2
| Question | Answer |
|---|---|
| Entrepreneur | A person who attempts to earn a profit by taking the risk of operating a business enterprise. |
| 5 Famous entrepreneurs and what businesses they have started | Jeff Bezos- Founder of Amazon Elon Musk- Founder of Tesla Bill Gates- Founder of Microsoft Steve Jobs- Founder of Apple Oprah Winfrey- Founder of Harpo Productions |
| 3 Young entrepreneurs and what businesses they have started | |
| Profit | Money that is made after paying the cost or you business expenses. |
| Risk | Exposing yourself to a chance of loss. |
| Business/enterprise/business enterprise | An establishment that supplies us with products/services in exchange for payment. Payment can be cash, checks, paypal, credit cards, debit cards, and gift cards. |
| Scratch business and 2 advantages/disadvantages | Advantages decision making; creativity; build your company Disadavtages No customers; no reputation; a lot of work and hiring employees Scratch business You do all of the work establishing the enterprise |
| Existing business and 2 advantages/disadvantages | Existing business You buy a business that is already set up and established. Advantages customers; reputation; employees; no set up Disadvantages bad reputation; ill will (bad feelings); uncooperative employees |
| Franchise business and 2 advantages/disadvantages | You have a legal agreement between the company (franchisor) and you, the entrepreneur(franchisee). The entrepreneur pays fees to the company. The company grants use of the name and gives help.Advantages help; well-known product/service; reputation Disadv |
| Franchisor | The franchisor is the parent company that owns the brand and business model |
| Franchisee | The franchisee is the independent operator who buys the right to run a local branch using that brand |
| 5 popular franchises | McDonald's, 7-Eleven, The UPS Store, Ace Hardware, and Wingstop. |
| Products | A tangible item. |
| Tangible | Something you can touch |
| 5 examples of products | Hamburger Toothbrush French fries Phone Water bottle |
| Services | Tasks we pay others to do for us. |
| Intangible | Something you cannot touch. |
| 5 examples of services | Serving food Cutting hair Plumbing Healthcare Education |
| Brainstorming | A problem-solving technique that involves generating as many ideas as possible. |
| Brainstorming process | Brainstorming begins with a question from the leader. Someone in the group suggests an answer, then everyone else changes it or adds to it. Each idea leads to one or more other ideas. The result is a chain of ideas. |
| 4 Brainstorming rules | Be nice another person’s ideas-accept all ideas, list everything, evaluate.Encourage freewheeling anything goes especially different and crazy ideas.Try for quantity get many ideas the more the better.Combine and improve piggyback of each other's ideas. |
| Freewheeling | Moving or operating without being constrained; doing what you want. |
| Leader | A leader is the person in the group who checks up on people, making sure they are doing well and doing their work; the leader guides the group. |
| Recorder | The recorder is someone who writes down anything that is being said or done. Any ideas that are being thrown out to become something bigger. |
| Timekeeper | Keeps an eye on the time to make sure we have enough time to get what we need done, or hold it off for later because we don't have enough time. |
| Self-employment | Working for yourself and earning money directly from clients or your own business instead of a traditional employer |
| U.S. Free Enterprise System | A model where private businesses operate with minimal government interference, and market forces like supply and demand determine prices and production. |
| State Minimum Wage (what is the pay rate for NJ?) | $15.92 per hour. |
Created by:
31costantini