Entrepreneurship Final Exam Study Guide – Flashcards
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Business Failure
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a business that has stopped operating,with a loss to creditors, and one that no longer appears on the tax rolls
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Business Plan
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a document that describes a new business and a strategy to launch that business
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Chamber of Commerce
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Characteristics of Entrepreneurs
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Customer Profile
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a complete picture of a venture's prospective customers, including geographic, demographic, and psychographic data.
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Demand
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the quantity of goods or services that consumers are willing and able to buy at various prices.
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Demographics
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personal characteristics that describe a population by age, gender, income, ethnic background, education, and occupation, among others.
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Descriptive Research
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the collection of information to determine the status of something, such as in developing a customer profile. the information may include age, gender, occupation, income, and buying habits and can be collected through questionnaires, interviews, or observations.
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Distribution Channel
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the means by which a product or service is delivered to the customer
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Elastic Demand
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situations in which a change in price creates a change in demand
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Entrepreneur
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an individual who undertakes the creation, organization, and ownership of a business.
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Entrepreneurship
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the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business.
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Fair Packaging and Labeling Act
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FICA
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(federal insurance contributions act) A social security payroll tax, figured as a percentage of an employee's income, an employer is required to contribute an amount equal to the amount deducted from each employee's paycheck.
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Free Enterprise System
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an economic system in which people have important rights: to make economic choices of what products to buy, to own private property, and to choose to start a business and compete with other businesses.
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Goodwill
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the favor and loyalty a business acquires by its good reputation.
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Inelastic Demand
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situations in which a change in price has little or no effect on demand for products.
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Monopoly
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a market structure in which a particular commodity has only one seller.
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Oligopoly
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a market structure in which there are just a few competing firms
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Outsourcing
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hiring people and other companies to handle tasks a business can not do or chooses not to do itself.
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Partnership
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an unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits.
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Psychographics
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the study of consumers based on social and psychological characteristics, including personality, value, opinions, beliefs, motivations, attitudes, and lifestyle elements.
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Sole Proprietorship
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a business that is owned and operated by one person.
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Supply
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the amount of goods or services that products are willing to provide
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Venture
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a new business undertaking that involves risk.
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Copyright
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a legal device that protects original works of authors, including books, movies, musical compositions, and computer software, for the life of the author plus 70 years.
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Trademark
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a word, symbol, design, or color that a business uses to identify itself or something it sells' it is followed by the registered trademark symbol TM (superscript)
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Patent
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a document that grants to an inventor the right to exclude others from making, using, or selling an invention or other intellectual property during the term of the patent.
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Public Domain
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intellectual property hose protection has expired; it belongs to the community at large and people can use any aspect of the property free of charge.
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Intellectual Property Law
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the group of laws that regulate the ownership and use creative works.
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UCC
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uniform commercial code, a group of laws that regulates commercial business transactions
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Price Discrimination
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the charging of different prices for the same product or service in difffereent markets to different customers
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Wrongful Termination
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the right of an employee to sue his or her employer for damages if he or she is terminated for an unacceptable reason
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Scarcity
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the difference between demand and supply; limited resources
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Bait and Switch Advertising
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a deceptive and illegal method of selling in which a customer, attracted to a store by an advertisemtnt, is told either that the item is unavailable or is inferior to a higher priced available item
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Lease
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Need
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Profit
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Want
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Market Segments
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Market Research
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Market
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Target Market
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Exploratory Research
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Primary Data
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Market Share
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Economies of Scale
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Executive Summary
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Vision Statement
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Business Concept
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Value Chain
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Strategic Alliance
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Franchise
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Corporate Venture
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Competition
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Capital
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Foundation Skills
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Profile
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Sub Chapter S Corporation
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Limited Liability Corporation (LLC).
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Nonprofit Organization
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C-Corporation
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General and Limited Partners
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EEOC
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