STUDY GUIDE - ENTREPRENEURSHIP BOY and EOY

Front

Patrick creates an innovative product using recycled water bottles. What type of entrepreneurship trend is this considered?

Back

Green entrepreneurship

Front

Which term describes the loss of potential gain from alternatives when one alternative is chosen?

Back

Opportunity cost

Front

What formal declaration contains the values and goals of a company?

Back

Mission Statement

Front

Which term describes an individual who undertakes to start and run their own business with the intention of making a profit?

Back

Entrepreneur

Front

If a company owes $100,000, what section of the balance sheet would this debt be placed on?

Back

Liabilities

Front

Identify the Financial document in the image provided.

Back

Income Statement

Front

What is the ultimate goal of any business or private enterprise in free market system?

Back

Make a profit

Front

Marci has owned a successful infant girls boutique for five years. This year she has decided to add a new clothing line for infant boys. Which product concept does this change represent?

Back

Pivoting

Front

Identify the financial document in the image provided.

Back

Balance Sheet

Front

What are costs that fluctuate in proportion to the good or service that a business produces?

Back

Variable costs