Entrepreneurship Vocab Test I

Entrepreneur

A person who starts a new business or purchases an existing business.

Trait

Distinguishing characteristics or quality that makes a person unique.

Leadership

Ability to influence others to reach a goal.

Job-specific skills

Critical skills necessary to perform the required work related tasks of a position

Transferable skills

Skills gained through life experience or working on a job that help an individual perform in the workplace or gain success in a career; also known as foundation skills.

Mentor

Someone with experience who can provide advice, suggestions, and ideas.

Planning

Process of setting goals and deciding how to accomplish them.

Which is not one of the 5 P's of Entrepreneurship? Purpose, passion, philanthropy, persistence

Philanthropy

Which agency is dedicated to helping entrepreneurs start, build, and grow their business? Options: US Small Business Administration (SBA), Securities Exchange Commission (SEC), Bureau of Labor Stat...

US Small Business Administration (SBA)

Which of the following is a non profit association of more than 13,000 retired and active business people? US Small Business Administration (SBA), Securities Exchange Commission (SEC), Bureau of La...

Service Corps of Retired Executives

_____ is borrowing money that must be repaid for use in the business.

Debt Financing

A sentence describing the purpose of the business.

mission statement

_______ financial statements based on estimates of future business performance, sales, and expenses.

Pro Forma Financial Statements

______ projects revenues and expenses to show whether or not a business is profitable.

Pro Forma Income Statement

_____ is an asset pledged that will be claimed by the lender if the loan is not repaid.

Collateral

What is the term for the process of gathering, analyzing, and interpreting information about a market?

Market Research

Who is an individual or organization that provides funding to a startup in exchange for equity?

Investor

What document outlines a company's goals, strategies, and financial forecasts for starting or growing a business?

Business Plan