Entrepreneurship

Entrepreneurship Test Review 2012

1 • Buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items.

1 • Capital

2 • What does ROI stand for?

2 • Return On Investment

1 • A market that only has one producer, and has no competition. A company that has a monopoly is able to charge higher prices because consumers have nowhere else to go.

1 • Monopoly

1 • Buying goods from other countries to sell in your own country

1 • Importing

2 • The process used to test a business concept.

2 • Feasibility Analysis

1 • The money leftover after all the expenses of a business have been deducted from the income.

1 • Profit

2 • Point at which supply equals demand, neither leaving a surplus or a shortage.

2 • Equilibrium

1 • When demand is higher than supply. It allows businesses to increase prices.

1 • Scarcity

2 • The quantity of goods or services that consumers are willing and able to buy

2 • Demand

1 • Legal agreement to market a company’s products or services in a particular area.

1 • Franchise

1 • The process of getting into and operating one’s own business.

1 • Entrepreneurship

2 • Making goods in your own country and sending them to other countries

2 • Exporting

1 • When several businesses strive for the same customer or market.

1 • Competition

2 • Watchdog for consumers over products that may be hazardous.

2 • Consumer Product Safety Commission

1 • Protects the rights of employees age, race, color or national origin, religion, gender or physical challenge.

1 • Equal Employment Opportunity Commission

1 • Minimum wage and maximum working hours are identified. Children under 16 cannot work full-time except if employed by parents.

1 • Fair Labors Standard Act

2 • Ensures safe and healthy working conditions for employees.

2 • Occupational Safety & Health Act

2 • Requires manufacturers truthfully label products, showing all raw materials used in the production process.

2 • Fair Packaging and Labeling Act

1 • The specific market segment where all of a business’s activities are directed.

1 • Target Market

2 • Statistical data that describes a given market by criteria such as age, gender, and income.

2 • Demographics

1 • Statistical data that describes a given market by criteria such as personality, opinions, and lifestyle.

1 • Psychographics

2 • Study of the market based on where customers live by region, state, city, and/or area.

2 • Geographics

1 • Customers will purchase products or services from companies they know or have experience with. Customers have knowledge of and personal experiences with the actual goods or services.

1 • Buying Characteristics

2 • Expresses specific goals for the company.

2 • Mission Statement

2 • This Association helps assist Americans in starting a business.

Entrepreneurship