Untitled Flashcards Set

1&2) An entrepreneur

• is responsible for his or her business success

• risks more than an employee

3) A “green company” aims at protecting the environment.

4) A company that runs most of its business from the Internet is a Dot-com company.

5) A way to gain experience in a particular business through an internship.

6) Entrepreneurs typically work longer hours than employees.      

7) What does a mentor do?  Gives guidance, suggestions for achieving goals, and tutoring.

8) What can Entrepreneurs who consistently make a profit over time do? Offer more products, invest in other businesses; donate profits to benefit society.     

9) In a market economic system suppliers and consumers control production and price of goods      

10) The United States has which type of economic system?  market    

11) When there are not enough goods to meet the demand, is there a surplus? no

12) If a company manufactures T-shirts, what is the unit of sale?  One T-shirt.

13) Importing and exporting are business activities that take place within the global economy.

14) The foreign exchange rate is the value of one currency in relation to another currency.

15) What are potential obstacles for entrepreneurs who want to conduct international trade?  Tariffs; cultural differences between countries; trade barriers.

16) When engaged in international trade, business etiquette includes being respectful of a nation's customs; language; and attitudes.

17) The business activity in which goods or services are sent from a country and sold to foreign consumers?  Exporting

18) Services as well as goods, can be imported and exported.

19) Auto repair is an example of which type of business?  Service     

20) Examples of professional service providers require licensing?  Daycare providers; engineers; doctors    

21) McDonald's is an example of what kind of a business?  Franchise

22) What kind of a business sells goods directly to consumers on the Internet?  Retailing

23) In a sole proprietorship, how many people are responsible for the business?   One

24) Which type of business ownership has "double taxation?"     C-Corporation

25) What are the disadvantages of a general partnership have over a sole proprietorship?   Profit is split between the partners; each partner is responsible for the business actions of the others; partners may have trouble agreeing on policies.   

26) Which type of business is tied to the life span of its owners?    Limited Partnership

27) Business owners with limited liability only risk the money specifically invested in the business

28) Cooperatives  often share their earnings with their members as dividends.   

29) What is a paper trail?  Written communication that can serve as legal backup.

30) You can use a word-processing template to create a fax cover sheet, letter, and a memo.

31) Cell phones are not recommended for conference calls.      

32) Active listening means focusing on the person speaking and then giving feedback.

33) A memo is written to people within a business; a letter is written to people outside a business.

34) If you can't meet your commitment after a negotiation, what is the best action is to take? Accept responsibility for the problem and try to correct it.     

35) What questions should you ask yourself to help you clarify your negotiating goals? What sacrifices are you willing to make?; What will you do if you can’t reach an agreement?; What are your needs and wants?

36) Where can negotiations take place?   Over the phone; by instant messaging; by e-mail.   

37) What is the best course of action if the other party in a negotiation is unable to meet the agreed-on commitment? Accommodating the other party, if possible.

38) In a negotiation, it is more important to focus on needs than wants.

39) A concession is something you're willing to give up in a negotiation.

40) What is a good planning strategy for negotiation?  Put your points in writing

41) When a musical work is created, it is protected by what?  Copyright.

42) A device or process can be protected by what?  Patent

43) A brand name can be legally protected by what?  Trademark

44) A retailer who receives gifts from one of his suppliers runs the risk of conflict of interest.

45) An example of when transparency is practiced in a business would be when employees know how their retirement fund is being invested.

46) Someone who tells the public or someone in authority about alleged dishonest or illegal activities.  Whistle blower.

47) Example of social media?  A blog.

48) Confidentiality can be an ethical concern for entrepreneurs.

49) If a patented invention is used in a new product, the inventor must be compensated unless the invention has the status of public domain.

50) What exists when personal considerations and professional obligations interfere with each other?  Conflict of interest.   

51) Copyright includes works published on the Internet.

52) A measurement of the amount of carbon one person or business uses?  Carbon footprint

53) The practice of a business overstating its commitment to environmental responsibility is called?  Greenwashing

54) Corporate social responsibility balances the good of society with profit and growth.

55) A company putting its logo on the uniforms of a sports team is an example of what?  Sponsorship     

56) An Executive Summary is a one- or two-page report describing the business plan's highlights.

57) A business plan for what kind of company focuses on the mission and services in support of that mission?  Non-Profit

58) What kind of agreement should a manufacturer with whom you discuss a product idea sign?  Non-Disclosure

59) The time period for acting on a business opportunity before it is lost is called?  Window of opportunity

60) Someone who is licensed to sell businesses?  Business broker

61) When one carefully considers the potential costs and benefits of an idea:  Calculated risk

62) A SWOT analysis is a strategic planning method not a type of business plan.

63) Before performing market research, what’s the first thing you should do? Identify your target market

64) What is true about a target market?  It can be based on buying patterns; It represents a limited customer base; It can include more than one market segment.

65) To understand a particular market, what do you need to research?   Individual consumers or businesses; the business environment; the competition.    

66) Facts about consumers that relate to their beliefs, lifestyle, and personal preferences are called psychographics.     

67) Potential customers in a market can include people or businesses.

68) Market research should be done before and after starting a new business.

69) Demographics include age, marital status, and education.      

70) Secondary data includes information gathered by the U.S. federal and state governments.      

71) How do you analyze market research data?   Compare strengths and weaknesses; compare competitors’ characteristics; identify potential differentiators.

72) To determine your competitive advantage, what would you want to know?  What your competitor charges for the products; what products your competitor carries; the type of customer service your competitor offers.

73) Posing as a customer at a competitor's place of business is a way to  perform market research; uncover a competitive advantage; gather competitive intelligence.

74) The practice of combining the price of several products into one price is called bundling.     

75) The type of pricing strategy that focuses on how much customers are willing to pay for a product is called demand-based pricing.

76) The type of distribution that gives an authorized dealer the sole rights to sell a product is called exclusive.   

77) A marketing plan details marketing goals and strategies for reaching them

78) The process used to influence potential customers to buy a product is referred to as promotion.

79) A free gift with a company's name printed on it is called a premium.

80) A contest that creates excitement about a product is a form of publicity.

81) Direct mail is a form of one-on-one communication.