Entrepreneurship Final Exam Study Guide – Flashcards
64 test answers
Unlock all answers in this set
Unlock answers 64question
Customer Profile
answer
a complete picture of a venture's prospective customers, including geographic, demographic, and psychographic data.
Unlock the answer
question
Demand
answer
the quantity of goods or services that consumers are willing and able to buy at various prices.
Unlock the answer
question
Demographics
answer
personal characteristics that describe a population by age, gender, income, ethnic background, education, and occupation, among others.
Unlock the answer
question
Descriptive Research
answer
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.
Unlock the answer
question
Distribution Channel
answer
the means by which a product or service is delivered to the customer
Unlock the answer
question
Elastic Demand
answer
situations in which a change in price creates a change in demand
Unlock the answer
question
Entrepreneur
answer
an individual who undertakes the creation, organization, and ownership of a business.
Unlock the answer
question
Entrepreneurship
answer
the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business.
Unlock the answer
question
Fair Packaging and Labeling Act
answer
...
Unlock the answer
question
FICA
answer
(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.
Unlock the answer
question
Free Enterprise System
answer
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.
Unlock the answer
question
Goodwill
answer
the favor and loyalty a business acquires by its good reputation.
Unlock the answer
question
Inelastic Demand
answer
situations in which a change in price has little or no effect on demand for products.
Unlock the answer
question
Monopoly
answer
a market structure in which a particular commodity has only one seller.
Unlock the answer
question
Oligopoly
answer
a market structure in which there are just a few competing firms
Unlock the answer
question
Outsourcing
answer
hiring people and other companies to handle tasks a business can not do or chooses not to do itself.
Unlock the answer
question
Partnership
answer
an unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits.
Unlock the answer
question
Psychographics
answer
the study of consumers based on social and psychological characteristics, including personality, value, opinions, beliefs, motivations, attitudes, and lifestyle elements.
Unlock the answer
question
Sole Proprietorship
answer
a business that is owned and operated by one person.
Unlock the answer
question
Supply
answer
the amount of goods or services that products are willing to provide
Unlock the answer
question
Venture
answer
a new business undertaking that involves risk.
Unlock the answer
question
Copyright
answer
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.
Unlock the answer
question
Trademark
answer
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)
Unlock the answer
question
Patent
answer
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.
Unlock the answer
question
Public Domain
answer
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.
Unlock the answer
question
Intellectual Property Law
answer
the group of laws that regulate the ownership and use creative works.
Unlock the answer
question
UCC
answer
uniform commercial code, a group of laws that regulates commercial business transactions
Unlock the answer
question
Price Discrimination
answer
the charging of different prices for the same product or service in difffereent markets to different customers
Unlock the answer
question
Wrongful Termination
answer
the right of an employee to sue his or her employer for damages if he or she is terminated for an unacceptable reason
Unlock the answer
question
Scarcity
answer
the difference between demand and supply; limited resources
Unlock the answer
question
Bait and Switch Advertising
answer
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
Unlock the answer
question
Lease
answer
...
Unlock the answer
question
Need
answer
...
Unlock the answer
question
Profit
answer
...
Unlock the answer
question
Want
answer
...
Unlock the answer
question
Market Segments
answer
...
Unlock the answer
question
Market Research
answer
...
Unlock the answer
question
Market
answer
...
Unlock the answer
question
Target Market
answer
...
Unlock the answer
question
Exploratory Research
answer
...
Unlock the answer
question
Primary Data
answer
...
Unlock the answer
question
Market Share
answer
...
Unlock the answer
question
Economies of Scale
answer
...
Unlock the answer
question
Executive Summary
answer
...
Unlock the answer
question
Vision Statement
answer
...
Unlock the answer
question
Business Concept
answer
...
Unlock the answer
question
Value Chain
answer
...
Unlock the answer
question
Strategic Alliance
answer
...
Unlock the answer
question
Franchise
answer
...
Unlock the answer
question
Corporate Venture
answer
...
Unlock the answer
question
Competition
answer
...
Unlock the answer
question
Capital
answer
...
Unlock the answer
question
Foundation Skills
answer
...
Unlock the answer
question
Profile
answer
...
Unlock the answer
question
Sub Chapter S Corporation
answer
...
Unlock the answer
question
Limited Liability Corporation (LLC).
answer
...
Unlock the answer
question
Nonprofit Organization
answer
...
Unlock the answer
question
C-Corporation
answer
...
Unlock the answer
question
General and Limited Partners
answer
...
Unlock the answer
question
EEOC
answer
...
Unlock the answer
