©SOPHIABENNETT@2024-2025 Monday, August 19, 2024 10:10 PM
EOPA Entrepreneurship Study Set with
Complete Solutions
multiple choice/60 questions/online/no time limit/70% or higher gains certificate/you
may use a calculator - Answer✔️✔️-what is the format of the exam?
intellectual property - Answer✔️✔️-a work or invention that is the result of creativity,
such as a manuscript or a design, to which one has rights and for which one may
apply for a patent, copyright, trademark, etc.
aptitude - Answer✔️✔️-natural ability to do a particular type of work or activity well
capital resources - Answer✔️✔️-goods made and used to produce other goods and
services, such as buildings, machinery, tools and equipment
OSHA - Answer✔️✔️-Occupational Safety and Health Act of 1970, created to assure
safe and healthful working conditions for working men and women by setting and
enforcing standards and by providing training, outreach, education and assistance.
break even analysis - Answer✔️✔️-is a calculation of the point at which revenues
equal expenses
unlimited liability - Answer✔️✔️-If a small business owner (sole proprietor) is
responsible for all the debts and choices of
a business, the owner is considered to have?
marketing plan - Answer✔️✔️-Business document created for the purpose of
describing
the current market position of a business and its strategy for making the customer
aware of the product or service that is being offered
,©SOPHIABENNETT@2024-2025 Monday, August 19, 2024 10:10 PM
The purpose of SWOT analysis is to examine a company's? - Answer✔️✔️-strengths,
weaknesses, opportunities, and threats
income statement - Answer✔️✔️-A "period-of-time" report on the profitability of
business operations is a/an
trade association - Answer✔️✔️-Entrepreneurs can seek technical and general
assistance in a specific industry by
joining organizations such as?
Good credit - Answer✔️✔️-Paying bills when due
LIFO Method - Answer✔️✔️-inventory costing method produces lower gross margin,
lower income tax, smaller cash outflows for income tax purposes.
LIFO (last in first out) - Answer✔️✔️-an asset management and valuation method that
assumes assets produced or acquired last are the ones used, sold or disposed of first
FIFO (first in first out) - Answer✔️✔️-is an asset-management and valuation method in
which the assets produced or acquired first are sold, used or disposed of first
attitude - Answer✔️✔️-What is reflected in every contact with customers and in
completion of work
assignments?
word processing - Answer✔️✔️-Which application is the best choice for creating
reports, tables, letters and memos?
mission statement - Answer✔️✔️-a formal summary of the aims and values of a
company, organization, or individual.
word processing software - Answer✔️✔️-a.k.a. Microsoft Word
spreadsheet software - Answer✔️✔️-a.k.a. Microsoft Excel
,©SOPHIABENNETT@2024-2025 Monday, August 19, 2024 10:10 PM
presentation software - Answer✔️✔️-a.k.a. Microsoft PowerPoint
Accounts Payable - Answer✔️✔️-An unpaid balance of money owed by your business,
generally referring to amounts owed for inventory,supplies, and other such ongoing
expenses.
Accounts Receivable - Answer✔️✔️-An unpaid balance of money owed to your
business by customer accounts
Annual Work Plan - Answer✔️✔️-A detailed document which is the result of
operational planning.Highlights from this plan are included in the business plan
assets - Answer✔️✔️-Any items of value owned; items on the balance sheet that reflect
value owned include cash, accounts receivable, notes receivable, property and
property rights.
Barter - Answer✔️✔️-The direct trading of goods and services between people without
the use of money
Bottom Line - Answer✔️✔️-The last lineof a financial statement used to show net
profit or loss
Brainstorming - Answer✔️✔️-A creative problem-solving activity that helps create
possibilities to address problems or challenges. Thinking of as many and different
answers is important and no responses should be
questioned during the activity of Brainstorming
Brand - Answer✔️✔️-A name or symbol that represents a product.
Capital Resources - Answer✔️✔️-Goods made by people and used to produce other
goods and services (also called intermediate goods)
Cash Flow - Answer✔️✔️-The movement or flow of cash in and cash out of a business
, ©SOPHIABENNETT@2024-2025 Monday, August 19, 2024 10:10 PM
Circular Flow - Answer✔️✔️-A model of an economy showing the interactions
between households and business firms as they exchange goods and services and
resources in markets.
Citizen - Answer✔️✔️-Member of a nation
Civic - Answer✔️✔️-Of a city or citizen.
Collateral: - Answer✔️✔️-The assets pledged to a lender to secure or support a loan.
Common Law Rights - Answer✔️✔️-Common law is law that was developed over
centuries and based
on custom and judicial opinions, as opposed to legislative acts.
Commerce - Answer✔️✔️-Trade between states or nations.
Competition - Answer✔️✔️-Techniques used by businesses to gain more customers
and to earn higher profits.
Consumers - Answer✔️✔️-People whose wants are satisfied by using goods and
services
Contract - Answer✔️✔️-A formal agreement or a promise or set of promises between
two or more parties that is legally enforceable.
Copyright - Answer✔️✔️-The exclusive right to reproduce, sell, publish, or distribute
literary or artistic work; i.e., works of authors, composers, etc. Copyright does not
protect the idea itself or the information
itself. It protects the form or manner in which the idea or information is proposed.
Corporate Mission - Answer✔️✔️-A broad statement of what business or businesses
the company should be in.
Cost of Production - Answer✔️✔️-All resources used in producing goods and services
for which owners receive payment
