STUDY GUIDE - ENTREPRENEURSHIP BOY and EOY

Which of the following traits/characteristics would be beneficial for an entrepreneur to have?

• Low Risk Tolerance

• Easily Distracted

• Risk Taker

• Action Oriented

• Hard Working

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

• Technopreneurship

• Social entrepreneurship

• Crowdsourcing

• Green entrepreneurship

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

• Marginal Cost

• Current Liability

• Opportunity cost

• Limited Warranty

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

• Competitor Analysis

• Income Analysis

• Executive Summary

• Mission Statement

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

• Venture capitalist

• Angel investor

• Manager

• Entrepreneur

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

• Assets

• Equity

• Liabilities

• Revenue

Identify the Financial document in the image provided.

• Sales forecast

• Expense Sheet

• Income Statement

• Balance Sheet

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

• Break even

• Make a profit

• Acquire market share

• Prove a business model

Which are examples of a determinant of demand?

• Record high bamboo growth

• New shoe release by popular brand

• BOGO luggage sale

• Release of gasoline in the market

• Unexpected citrus frost in Florida

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?

• Contract manufacturing

• Pivoting

• Minimal viable product

• Bootstrapping