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Entrepreneurship Vocabulary Review

Description: Entrepreneurship Vocabulary
Number of Questions: 25
Created by:
Tags: entrepreneur
Attempted 0/25 Correct 0 Score 0

Federal agency that provides services to small businesses and new entrepreneurs.

  1. Entrepreneur Service Administration

  2. Small Business Foundation

  3. Small Business Administration

  4. Beginning Business Association


Correct Option: C

A document that describes a new business and a strategy to launch that business.

  1. business plan

  2. market document

  3. business concept

  4. documentation


Correct Option: A

A tool used for organizing important information about a businesses competition. 

  1. competitor chart

  2. business graph

  3. competitive grid

  4. business grid


Correct Option: C

The process used to test a business concept that helps decide whether a business has potential.

  1. feasibility analysis

  2. business plan

  3. industry analysis

  4. business test


Correct Option: B

A clear and concise description of an opportunity that contains four elements.

  1. business idea

  2. business plan

  3. business start-up

  4. business concept


Correct Option: D

A business that handles overseas shipments.

  1. business forwarder

  2. freight forwarder

  3. business export

  4. freight shipment


Correct Option: B

A restriction on goods entering or leaving a country.

  1. trade tariff

  2. trade tax

  3. trade price

  4. trade barrier


Correct Option: D

The interconnected economies of the nations of the world.

  1. global economy

  2. global market

  3. global business

  4. global opportunity


Correct Option: A

Someone whose job is to bring buyers and sellers together.

  1. middle man

  2. franchiser

  3. business broker

  4. opportunist


Correct Option: C

Personal characteristics that describe a population.

  1. stereotypes

  2. demographics

  3. characteristics

  4. profile


Correct Option: B

Finding new, creative ways of doing things.

  1. outsourcing

  2. creativity

  3. business ideas

  4. innovation


Correct Option: D

Contracting with other companies for serives.

  1. outsourcing

  2. trade

  3. venturing

  4. business trade


Correct Option: A

The rivalry among businesses for consumer dollars.

  1. rivalry

  2. competition

  3. disagreement

  4. business rivalry


Correct Option: B

A set of characteristics or qualities that identifies a type of person.

  1. basic skills

  2. characteristics

  3. model

  4. profile


Correct Option: D

Skills that are used when setting up and running a business.

  1. basic skills

  2. business skills

  3. foundation skills

  4. personal skills


Correct Option: C

The amount of money a person puts into his/her business as capital.

  1. investment

  2. capital

  3. resources

  4. funding


Correct Option: A

A business that is operating under a new name.

  1. business failure

  2. discontinuance

  3. new management

  4. opportunity


Correct Option: B

The capital, skilled labor, management expertise, equipment, etc. need to start a new business.

  1. start-up capital

  2. resources

  3. start-up resources

  4. assets


Correct Option: C

The general pattern of expansion and contraction that the economy goes through.

  1. business cycle

  2. business plan

  3. business outline

  4. business pattern


Correct Option: A

Point at which consumers buy all of a product that is supplied.

  1. surplus

  2. demand

  3. equilibrium

  4. inelastic demand


Correct Option: C

Occurs when demand exceeds supply.

  1. scarcity

  2. shortage

  3. no supply

  4. demand


Correct Option: A

Acting like an entrepreneur or having an entrepreneurial mind-set.

  1. business owner

  2. entrepreneurial

  3. manager

  4. entreprenuer


Correct Option: B

Resources businesses use to produce goods and services that people want.

  1. economics

  2. assets

  3. service

  4. factors of production


Correct Option: D

Something not required for survival but you would like to have.

  1. goods

  2. need

  3. want

  4. service


Correct Option: C

An individual who undertakes the creation, organization, and ownership of a business.

  1. entrepreneur

  2. manager

  3. entrepreneurship

  4. CEO


Correct Option: A
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