Ch.4/5 Vocabulary Test

What are the expenses involved in going into business?

• Entrepreneur

• Start-Up Costs

• Lease

• Goodwill

What is a business chartered by a state that legally operates apart from the owner? Corporations include shareholders that purchase shares of the company.

• Franchise

• Sole Proprietorship

• Partnership

• Corporation

What is a legal arrangement in which two or more people share ownership?

• Franchise

• Sole Proprietorship

• Partnership

• Corporation

What is the amount left after operating expenses are subtracted from the gross profit?

• Operating Expenses

• Net Profit

• Revenue

• Gross Profit

What is the first item in an income statement, it is the income from sales?

• Operating Expenses

• Income Statement

• Revenue

• Gross Profit

What is making your career goals a reality means planning a course of action for your career?

• Resources

• Evaluation

• Personal Career Profile

• Individual Career Plan

What is a school that offers a variety of skill-oriented programs?

• On-The-Job-Training

• Apprentice

• Vocational-Technical Center

• Trade School

What is a privately run institution that trains students for a particular profession?

• On-The-Job-Training

• Apprentice

• Vocational-Technical Center

• Trade School

What are formal courses of study designed for adult students?

• On-The-Job-Training

• Apprentice

• Trade School

• Continuing Education

What is on-site instruction in how to perform a particular job?

• On-The-Job-Training

• Apprentice

• Trade School

• High School