1. Entrepreneurship Test Review 2012

2. 1 • Buildings, equipment, tools, and other goods needed to produce a product, or the money used to purchase these items.

3. 1 • Capital

4. 2 • What does ROI stand for?

5. 2 • Return On Investment

6. 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.

7. 1 • Monopoly

8. 1 • Buying goods from other countries to sell in your own country

9. 1 • Importing

10. 2 • The process used to test a business concept.

11. 2 • Feasibility Analysis

12. 1 • The money leftover after all the expenses of a business have been deducted from the income.

13. 1 • Profit

14. 2 • Point at which supply equals demand, neither leaving a surplus or a shortage.

15. 2 • Equilibrium

16. 1 • When demand is higher than supply. It allows businesses to increase prices.

17. 1 • Scarcity

18. 2 • The quantity of goods or services that consumers are willing and able to buy

19. 2 • Demand

20. 1 • Legal agreement to market a company’s products or services in a particular area.

21. 1 • Franchise

22. 1 • The process of getting into and operating one’s own business.

23. 1 • Entrepreneurship

24. 2 • Making goods in your own country and sending them to other countries

25. 2 • Exporting

26. 1 • When several businesses strive for the same customer or market.

27. 1 • Competition

28. 2 • Watchdog for consumers over products that may be hazardous.

29. 2 • Consumer Product Safety Commission

30. 1 • Protects the rights of employees age, race, color or national origin, religion, gender or physical challenge.

31. 1 • Equal Employment Opportunity Commission

32. 1 • Minimum wage and maximum working hours are identified. Children under 16 cannot work full-time except if employed by parents.

33. 1 • Fair Labors Standard Act

34. 2 • Ensures safe and healthy working conditions for employees.

35. 2 • Occupational Safety & Health Act

36. 2 • Requires manufacturers truthfully label products, showing all raw materials used in the production process.

37. 2 • Fair Packaging and Labeling Act

38. 1 • The specific market segment where all of a business’s activities are directed.

39. 1 • Target Market

40. 2 • Statistical data that describes a given market by criteria such as age, gender, and income.

41. 2 • Demographics

42. 1 • Statistical data that describes a given market by criteria such as personality, opinions, and lifestyle.

43. 1 • Psychographics

44. 2 • Study of the market based on where customers live by region, state, city, and/or area.

45. 2 • Geographics

46. 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.

47. 1 • Buying Characteristics

48. 2 • Expresses specific goals for the company.

49. 2 • Mission Statement

50. 2 • This Association helps assist Americans in starting a business.