Entrepreneurship Study Set Question and Answers
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Entrepreneurship Study Set Question and Answers Entrepreneur Answer: People who own, operate, and take the risk of a bu siness venture Entrepreneurship Answer: The process of running a business of one's own Employees Answer: People who work for someone else Self-assessment Answer: An evaluation of your strengths and weaknesses Aptitude Answer: The ability to learn a particular kind of job Trade shows Answer: Special meetings where companies display their products Business broker Answer: A person who sells businesses for a living Valuator Answer: An accountant; an expert on determining the value of a business Franchise Answer: A legal agreement that gives an individual the right to market a company's products or services in a particular area Royalty fees Answer: Weekly or monthly payments made by the owner of the franchise to the sell er of the franchise Sole proprietorship Answer: A business that is owned exclusively by one person Partnership Answer: A business owned by two or more people Corporation Answer: A business with the legal rights of a person that may be owned by many peop le Share of stock Answer: A unit of ownership in a corporation Shareholders/stockholders Answer: People who own stock in a corporation Board of directors Answer: A group of people who meet several times a year to make important decisions affecting the corporation Dividends Answer: Distributions of profits to shareholders by corporations Liability Answer: The amount owed to others Incorporate Answer: To s et a business up as a corporation S Corporation Answer: A corporation organized under subchapter S of the Internal Revenue Code whose income is taxed as a partnership Business plan Answer: A written document that describes all the steps necessary to open and operate a successful business Pro forma financial statement Answer: A financial statement based on projected revenues and expenses Target market Answer: The individuals or companies that are interested in a particular product or service and are willing and able to pay for it Customers Answer: The people who buy the products and services companies offer Demographics Answer: Data that describes a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income Psychographics Answer: Data that describes a group of people in terms of their tastes, opinions, persona lity traits, and lifestyle habits Customer profile Answer: A description of the characteristics of the person or company that is likely to purchase a product or service Market segments Answer: Groups of customers that share common characteristics
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