| A | B |
|---|
| Needs and Wants | 1. Businesses fulfill the ______ _____and _______ ____of consumers. |
| Profit Motive | 2. The desire to make money or to see an opportunity to make money in the marketplace is called the_______________________. |
| Sole Proprietorship | 3. The type of business ownership that has unlimited liability, and is owned by one person is called a ____________________ |
| Partnership | 4. This type of business is owned by two or more people, in which owners share responsibility of the business is called a _________________ |
| Corporation | 5. This type of business ownership is owned by many people called _______________. This type of business is called a __________________ |
| Franchise | 6. A _________________ is a contractual agreement to sell a company’s products or services in a specific geographic area (Example: Subway, Taco bell) |
| Accounting | 7. The method of reporting financial activity is referred to as ___________________ |
| Accounting Equation | 8. Assets = Liabilities + Owners Equity is known as the ____________ _______________ |
| Asset | 9. Anything of value owned by a business is called a ____________ (Example: Cash, Company Cars, Office Supplies |
| Liabilities | 10. Money owed by the business is called _________________ (Example: Accounts Payable, Monthly Bills) |
| Balance Sheet | 11. The type of financial statement that reports assets, liabilities, and owner’s equity on a certain date is called a __________ ___________ |
| Income Statement | 12. The type of financial statement that reports the revenue, expenses and the net income (loss) of a business for the fiscal period is known as a ___________ _____________. Revenue is the money that a company earns. |
| Profit | 13. A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses |
| hardware | 14. The physical parts of a computer are called the _________ |
| Software | 15. Programs written for the computer are called ______________ |
| Network | 16. A system of computers, peripherals, terminals, and databases connected by communication lines is called a _______________ |
| Marketing | 17. The means by which products or services are developed, priced, distributed, and promoted to customers is called ________________ |
| Product, Price Place, Promotion | 18. The 4 P’s of marketing are: _________, __________, __________, ____________ |
| Target Market | 19. A group of individuals or organizations with similar traits who may purchase a particular product is known as a __________ ____________ |
| Top Level | 20. The type of manager that sets company goals, and plans for the future is called _______ _____________ |
| Middle Level | 21. These managers carry out the decisions of top-level management. ____________ ______________ |
| First Lane | 22. These managers control the direct the day-to-day activities of operational employees. _________ ____________ |
| Planning | 23. Setting company goals, deciding what must done, and deciding who will do what is called ________________ |
| Organizing | 24. Assigning managers different tasks and coordinating activities is known as _______________ |
| Leading | 25. __________ is creating a vision for the company. |
| Economics | 27. ________________ is the study of how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources |
| Natural | 28. ________________ are raw materials found in nature that are used to produce goods |
| Human Resources | 29. ________________ are people’s knowledge, efforts, and skills used in their work |
| Capital | 30. ________________ are used to produce goods and services (buildings, materials, and equipment) |
| Entreprneurial | 31. ___________ ____________recognize the need for new goods or service. |
| scarcity | 32. The shortage or lack or resources is known as ________________. |
| Traditional | 33. This type of economy is centered around the family or ethnic unit. ___________________ |
| Controlling | 26. Keeping the company on track, and making sure all goals are met is _______________ |
| Market | 34. This type of economy uses the law of supply and demand, and does not exist on its own. ___________________ |
| Command | 35. This type of economy has the government make ALL decisions. (Found in China,Cuba) ____________________ |
| Mixed | combination of a market and command economy is called a __________ _________________ |
| Stocks | 37. _________ is ownership in a company. (A piece of paper that shows that you own part of a company |
| Dow Jones Industrial Average | 38. ________________________________ is an index of thirty, blue chip stocks that are traded in the United States. |
| Discovery | 39. The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market is called _________________. |
| Concept development | 40. The stage in which the entrepreneur develops a business plan, chooses a location, and obtains a patent. ________________ |
| Resourcing | 41. 41. The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, is called ____________________ |
| Actualization | 42. The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives is called __________________. |
| Harvesting | 43. The stage in which the entrepreneur determines the future of the business ____________________. |
| Buisness Etiquette | 44. The rules of good workplace manners are called _____________ ______________ |
| Netiquette | ___________________ describes good Internet behavior. |
| Controlling | 26. Keeping the company on track, and making sure all goals are met is _______________ |
