DECA entrepreneurship test| QUESTIONS WITH COMPLETE SOLUTION

Define SBA and list 3 ways they help small business Correct Answer: The small business administration provides federal aid to small businesses. This is through education, grants, and loan guarantees. 2 reasons why Entrepreneurship is growing Correct Answer: Corporate downsizing, need for dual incomes, global economy, government support, technology and the internet How is outsourcing leading to new industries Correct Answer: It creates the opportunity to create a company that can preform a specific job for a company at a reduced cost to the company. For instance Janaking providing janitorial services to big companies or the food service at our school Define global economy Correct Answer: Doing business around the world. This is now easier than ever before Difference between public and private businesses Correct Answer: Government jobs like teachers police and government employees. Private jobs are corporate america jobs through entrepreneurs. Importance of entrepreneurship Correct Answer: Small businesses employ over 50% of all private sector employees. It accounts for over 45% of private sector payroll. 97% of exports from small businesses and 60-805 of all new jobs over past 10 years What is a trade deficit Correct Answer: When a company imports more than it exports Define brick and Mortar Correct Answer: A business' physical location What does scaling a business mean Correct Answer: Growing it Difference between an idea and opportunity Correct Answer: An idea is a thought while an opportunity is an idea with commercial potential Define revenue stream Correct Answer: A companies source of income Define business model Correct Answer: How the company makes money or what the company does