Entrepreneurship I - 5.02 Vocabulary Quiz

A point of reference.

• Benchmark

• Business Plan

• Strategic Plan

• Periodical

Prejudice.

• Objective

• Bias

• Stereotyping

• Benchmark

An estimate of income and expenses for a particular period of time.

• Budget

• Capital Expenditure

• Sales Quota

• Sales Forecast

A statement of a business’s goals and an outline of its strategies to reach those goals.

• Marketing Plan

• Internal Information

• Business Plan

• External Information

A one-time purchase a business makes (e.g., land, building, equipment).

• Budget

• Inventory

• Capital Expenditure

• Operating Costs

Facts that come from sources outside the business (e.g., government, media).

• Market Conditions

• Internal Information

• Mass Media

• External Information

Sales forecasting that predicts sales for periods of three months to two years; used to plan quarterly or yearly budgets or to determine whether or not to make capital expenditures (purchases of equipment, land, etc.).

• Long-Range Forecasting

• Short-Range Forecasting

• Intermediate-Range Forecasting

• Quantitative Forecasting

Facts that come from sources inside the business (e.g., accounting records, financial statements).

• Internal Information

• External Information

• Quantitative Forecasting

• Qualitative Forecasting

The goods a business has in stock.

• Budget

• Product Life Cycle

• Production Costs

• Inventory

Sales forecasting that predicts sales for periods of more than two years; used when making strategic plans to develop new products, enter new markets, build new facilities, etc.

• Intermediate-Range Forecasting

• Short-Range Forecasting

• Long-Range Forecasting

• Qualitative Forecasting