K
C
LO
EOPA ENTREPRENEURSHIP
STUDY SET EXAM QUESTIONS
YC
WITH CORRECT ANSWERS
ALL VERIFIED BY AN EXPERT
D
A+ GRADED (LATEST UPDATE)
U
ST
,Employees - ANS People who work for someone else
self-assessment - ANS an evaluation of your strengths and weaknesses
brainstorming - ANS a creative problem-solving technique that involves generating a large
number of fresh ideas
Entrepreneurs - ANS People who own, operate, and task the risk of a business venture
trade shows - ANS special meetings at which companies of the same or related industry
K
display their products
ideas - ANS thoughts or concepts that come from creative thinking
C
aptitude - ANS the ability to learn a particular kind of job
LO
entrepreneurship - ANS the process of running a business of one's own
capitalism - ANS private ownership of resources by individuals
economic resources - ANS the means through which goods and services are produced
YC
wants - ANS those things that you think you must have in order to be satisfied
scarcity - ANS occurs when people's needs and wants are unlimited and resources are limited
economic decision making - ANS the process of choosing which wants you will satisfy using
D
the resources you have
opportunity cost - ANS the value of the next-best alternative- the one you must pass up
U
equilibrium price and quantity - ANS point at which supply and demand meet
ST
marginal benefit - ANS measures the advantage of producing one additional unit of a good or
service
capitalism - ANS private ownership of resources by individual
needs - ANS an individual's need or desire for a product or service at a given price
variable costs - ANS costs that go up or down depending on the quantity of the good or service
produced
, business plan - ANS a written document that describes all the steps necessary for opening and
operating a successful business
pro forma financial statement - ANS a financial statement based on projected revenues and
expenses
cover letter - ANS a letter that introduces and explains an accompanying document or set of
documents
executive summary - ANS a short restatement of a report
K
statement of purpose - ANS a brief explanation of why you are asking for a loan and what you
plan to do with the money
C
Small Business Administration (SBA) - ANS an independent agency of the federal government
created to help Americans start, build and grow businesses
LO
Service Corp of Retired Executives (SCORE) - ANS Organization made up of more than
10,500 retired executives who volunteer their time to provide entrepreneurs with real-world
advice and know-how
YC
trade association - ANS organizations made up of professionals in a specific industry
Customer profile - ANS Description of the characteristics of the person or company that is
likely to purchase a product or service
demographics - ANS data that describe a group of people in terms of their age, marital status,
D
family size, ethnicity, gender, profession, education, and income
focus group - ANS an in-depth interview with a group of target customers who provide valuable
U
ideas on products and services
primary data - ANS information collected for the first time to fit a specific purpose
ST
market research - ANS a system for collecting, recording, and analyzing information about
customers, competitors, goods, and services
psychographics - ANS data that describe a group of people in terms of their tastes, opinions,
personality traits, and lifestyle habits
secondary data - ANS data found in already published sources
direct competition - ANS a business that makes most of its money selling the same or similar
products or services to the same market as the other business
C
LO
EOPA ENTREPRENEURSHIP
STUDY SET EXAM QUESTIONS
YC
WITH CORRECT ANSWERS
ALL VERIFIED BY AN EXPERT
D
A+ GRADED (LATEST UPDATE)
U
ST
,Employees - ANS People who work for someone else
self-assessment - ANS an evaluation of your strengths and weaknesses
brainstorming - ANS a creative problem-solving technique that involves generating a large
number of fresh ideas
Entrepreneurs - ANS People who own, operate, and task the risk of a business venture
trade shows - ANS special meetings at which companies of the same or related industry
K
display their products
ideas - ANS thoughts or concepts that come from creative thinking
C
aptitude - ANS the ability to learn a particular kind of job
LO
entrepreneurship - ANS the process of running a business of one's own
capitalism - ANS private ownership of resources by individuals
economic resources - ANS the means through which goods and services are produced
YC
wants - ANS those things that you think you must have in order to be satisfied
scarcity - ANS occurs when people's needs and wants are unlimited and resources are limited
economic decision making - ANS the process of choosing which wants you will satisfy using
D
the resources you have
opportunity cost - ANS the value of the next-best alternative- the one you must pass up
U
equilibrium price and quantity - ANS point at which supply and demand meet
ST
marginal benefit - ANS measures the advantage of producing one additional unit of a good or
service
capitalism - ANS private ownership of resources by individual
needs - ANS an individual's need or desire for a product or service at a given price
variable costs - ANS costs that go up or down depending on the quantity of the good or service
produced
, business plan - ANS a written document that describes all the steps necessary for opening and
operating a successful business
pro forma financial statement - ANS a financial statement based on projected revenues and
expenses
cover letter - ANS a letter that introduces and explains an accompanying document or set of
documents
executive summary - ANS a short restatement of a report
K
statement of purpose - ANS a brief explanation of why you are asking for a loan and what you
plan to do with the money
C
Small Business Administration (SBA) - ANS an independent agency of the federal government
created to help Americans start, build and grow businesses
LO
Service Corp of Retired Executives (SCORE) - ANS Organization made up of more than
10,500 retired executives who volunteer their time to provide entrepreneurs with real-world
advice and know-how
YC
trade association - ANS organizations made up of professionals in a specific industry
Customer profile - ANS Description of the characteristics of the person or company that is
likely to purchase a product or service
demographics - ANS data that describe a group of people in terms of their age, marital status,
D
family size, ethnicity, gender, profession, education, and income
focus group - ANS an in-depth interview with a group of target customers who provide valuable
U
ideas on products and services
primary data - ANS information collected for the first time to fit a specific purpose
ST
market research - ANS a system for collecting, recording, and analyzing information about
customers, competitors, goods, and services
psychographics - ANS data that describe a group of people in terms of their tastes, opinions,
personality traits, and lifestyle habits
secondary data - ANS data found in already published sources
direct competition - ANS a business that makes most of its money selling the same or similar
products or services to the same market as the other business
