Huec 4070 Test 1

Front 1

____ start their own business and work for themselves

Back 1

entrapanures

Front 2

____ reorganize opportunities to start businesses that other people may not notice

Back 2

entrapaneures

Front 3

entrapaneures shift economic resources from an area of lower and into an area of higher productivity and greater yield. by doing this they _____

Back 3

add value to scarce resources

Front 4

____ is based on voluntary exchange

Back 4

free enterprise

Front 5

___is a trade between two parties who agree to trade money for a product or survice

Back 5

voluntary exchange

Front 6

both parties agree to the exchange because both ___ from the trade

Back 6

benifit

Front 7

_____ encourages entrapaneures who use resources efficiently to satisfy consumer needs by rewarding them with profit

Back 7

free enterprize

Front 8

___ is the sign that an entrapaneur has added value to the scarce resources he or she is using.

Back 8

profit

Front 9

not making a profit is a sign that the entrapaneure is not using ____ very well and is not adding ___ to them

Back 9

resources
value

Front 10

what are the 5 roots of opportunity?

Back 10

1.problems that your business can solve
2.changes in laws, situations, or trends
3.inventions of totally new products or services
4.competition
5.technology and advances

Front 11

a business opportunity is and idea + what 3 characteristics?

Back 11

1.it is attractive to customers
2.it will work in your business enviroment
3.it can be executed in the window of opportynity that exists

Front 12

____ is the process of compairing costs and benifits in order to make a good decision

Back 12

cost/benifit analysis

Front 13

____ can be inaccurate without including opportunity cost

Back 13

cost/benifit analysis

Front 14

what is the cost of "your next-best investment?

Back 14

opportunity cost

Front 15

what is SWOT analysis stand for?

Back 15

1.strengths
2.weaknesses
3.opportunities
4.threats

Front 16

all of the capabilities and positive points that an entrepneur has, from experience to contacts

Back 16

strengths

Front 17

all of the negatives that the entrapanure faces, like leak of capital or tranning or falure to set up a workable accounting system

Back 17

weakness

Front 18

lucky breaks or creative insights that can help the entrapaneur get ahead of the competition

Back 18

opportunities

Front 19

things that can jepordize the existance of the business intimidate the entrapaneur, from competition to legal issues

Back 19

threats

Front 20

why do entrepneures write business plans?

Back 20

1. to organize their thoughts before starting a business, and to help guide the operation of the business.
2. to use to raise money from investores. bankers and other potential investors will refusse to see an entrapaneur who does not have a business plan

Front 21

___ is a document that throughly explains a business idea and how it will be carried out

Back 21

business plan

Front 22

___ is the exchange of valueable information and contacts with other business people

Back 22

networking

Front 23

____ opportunity that comes from a hobbie

Back 23

internal

Front 24

___ opportunity that comes from an outside circumstance that you notice

Back 24

external

Front 25

___ is the information you store on your computer

Back 25

data

Front 26

___ is an idea that is based on what consumers need or want

Back 26

opportunity

Front 27

___ is science that has been applied to to industry or commerce

Back 27

technology

Front 28

what do benifits include?

Back 28

1. independence
2. satisfaction
3. financial reward
4. self-esteem

Front 29

what do costs include?

Back 29

1. business falure
2. obsticles
3. loneliness
4. financial insecurity
5. long hours/hard work

Front 30

__ is the money and time you will have to invest

Back 30

costs

Front 31

the money you will earn, and the knowledge and experience you will gain

Back 31

benifits

Front 32

a fixed payment made at regular intervals, such as every week or every month. no matter how much time you put in the salary remains the same

Back 32

salary

Front 33

fixed payment per hour

Back 33

wage

Front 34

a share of the company's profit as the owner you can pay yourself a portion of the businesses profit this is called a ___

Back 34

dividend

Front 35

when you give up one thing for another

Back 35

trade off

Front 36

the amout of money comming in must be greater than the money going out to pay the bills is called a ___

Back 36

profit

Front 37

the money used to start a business is called __

Back 37

capital

Front 38

__ is a trade between two parties who agree to trade money for a product or survice

Back 38

volentary trade

Front 39

___ is something of value that can be used to make something eles or fill an need

Back 39

scarce resource

Front 40

___ is the buying and selling of of products or survices in order to make money.

Back 40

business

Front 41

___ is something that exists in nature or is made by human bings. it is tangible

Back 41

product

Front 42

__ is work that provides time, skills, or expertise in exchange for money

Back 42

service

Front 43

someone who earns a living by working for someone elses business is ___

Back 43

employee

Front 44

group of people who may be interested in buying a given product or survice

Back 44

market

Front 45

___ business that makes a product from beginning to end

Back 45

manufacturing

Front 46

makes a tangible product

Back 46

manufacturing

Front 47

buys in bulk from the manufacturer and sells smaller quantities to the retailer

Back 47

wholesale

Front 48

sells one pice at a time to consumers

Back 48

retail

Front 49

sells an intangible product to consumers

Back 49

service

Front 50

what are the 4 basic types of business?

Back 50

1. manufactoring
2. wholesale
3. retail
4. service

Front 51

____ is whatever you can do better than the competition that will attract customers to your business

Back 51

competitive advantage

Front 52

how do you find your competitive advantage?

Back 52

1. look at what customers in your market need
2. unique knowledge of your market

Front 53

combines your business definition with your competitive advantage

Back 53

competitive strategy

Front 54

plan for outperforming the competition

Back 54

strategy

Front 55

ways in which you will carry out your strategy

Back 55

tactics

Front 56

the beliefs you will use to guide your business are called what ___

Back 56

core beliefs

Front 57

business function that identifies customer's needs and wants

Back 57

marketing

Front 58

____ is composed of consumers who have a similar response to a certain type of marketing

Back 58

market segment

Front 59

what are the 4 types of segmentation methods?

Back 59

1. geographic
2. demographic
3. psychographic
4. behavioral

Front 60

dividing a population by location

Back 60

geographic segmentation

Front 61

dividing a population based on variable like age gender income or education

Back 61

demographic segmentation

Front 62

dividing a population by psychological differences such as openion or lifestyle

Back 62

psychographic segmentation

Front 63

dividing the market by purrchase behaviors that have been observed, such as brand loyalty or responsiveness

Back 63

behavioral segmentation

Front 64

___ is the process of finding out who your potential customers are

Back 64

market research

Front 65

what are the different types of market research?

Back 65

1. survey
2. general
3. statistical
4. industry

Front 66

the goal of ___ is to distinguish your product or service from others being offered to make segments you have targeted

Back 66

market positioning

Front 67

what are the 4 p's

Back 67

product
price
place
promotion

Front 68

___ is the use of advertising and publicity to get your marketing message out to your customer

Back 68

promotion

Front 69

___ is free mention of your business in news papers or magizines or on the radio

Back 69

publicity

Front 70

___ is a paid announcement that a product or service is for sale

Back 70

advertisement

Front 71

___ tells the person reading why he or she should be interested in your business

Back 71

pitch letter

Front 72

____ the giving of money time or advice to charities in an effort to help solve a social or enviromental problem

Back 72

philanthropy

Front 73

___ are qualities a product or service has

Back 73

features

Front 74

___ are what the product or service can do to fill a need for a customer

Back 74

benifits

Front 75

___ is a formal written agreement between 2 or more parties

Back 75

contract

Front 76

owned by one person who may be the only employee

Back 76

sole proprietorship

Front 77

___ consists of 2 or more owners who make the decisions for the business together and share the profit and losses

Back 77

partnership

Front 78

___ is a legal (entity) composed of stock holders under a common name

Back 78

corporation

Front 79

___limits the number of stockholders to 75. offers most limited liability protection of the corp but income is only taxed once as the personal income of the owners

Back 79

subchapter S corporation

Front 80

is set up with a specific mission to improve society

Back 80

nonprofit corporation

Front 81

combines the best features of partnerships and coperations and is an excellent choice for many small businesses

Back 81

limited liability company LLC

Front 82

what are the mark up formulas?

Back 82

wholesale costXmarkup%=markup
markup/wholesalecost X100=markup%