Practice Flashcard - Optional Unit 3 Quiz

Front

What is one way entrepreneurship impacts the economy?

Back

By creating jobs.

Front

What is the equation for Break-Even cost?

Back

Front

What is the significance of a break-even analysis?

Back

It determines the point at which total revenue equals total costs.

Front

Which of the following is NOT a reason why an elevator pitch is important for a business?

Back

You need to know how to fix elevators to own a business.

Front

What type of entrepreneurship involves rapid expansion with outside investor support?

Back

Scalable startup.

Front

Define entrepreneurship.

Back

The process of starting and running a new business to make a profit.

Front

What is a scalable startup?

Back

A business model designed for rapid growth and expansion.

Front

What is the role of an elevator pitch?

Back

To quickly and effectively communicate the value of a business idea.

Front

What are fixed costs?

Back

Costs that do not change with the level of output.

Front

What are variable costs?

Back

Costs that vary directly with the level of production.