Government: Week 1 DT #3 Remediation Lesson

Government: Week 1 DT #3 Remediation Lesson

What Motivates Entrepreneurs?

Some benefits that motivates entrepreneurs include being your own boss, working long hours for yourself as opposed to someone else, and receiving the majority of the profit that the business earns. In some cases, an extremely successful business is purchased by someone else, providing the entrepreneur with a huge profit. 

Risk Factors of Entrepreneurship

Entrepreneurs who start their own businesses and fail often lose their own money and time in the process. Protecting personal financial security (and that of your family) should be a priority for entrepreneurs. An entrepreneur can minimize financial risks by limiting how many assets are risked.

Business Risks

The U. S. Small Business Administration indicates that over 50% of all businesses fail to be productive within their first five years in operation while other resources indicate that 60% - 90% fail within the first 18 months of operation. 

Multiple Choice

The expectation of earning a ______________motivates entrepreneurs to accept the risk of acquiring and organizing resources to meet market opportunities.

• profit

• loss

• recession

Multiple Choice

Which of the following is NOT a benefit of being an entrepreneur?

• being your own boss

• working long hours for yourself as opposed to someone else

• over 50% of all businesses fail to be productive within their first five years in operation

• receiving the majority of the profit that the business earns

Personal Finance

Developing a personal financial management plan is unique to every individual. Spending and saving goals should be considered in making a realistic, workable plan. Perhaps the most important factor when first developing a financial plan should be the individual’s income.

Income vs. Expenditures

Income is the money received (coming in) for labor or services, the sale of property or goods, from financial investments, or other services. Knowing monthly income allows the individual to know how much money is available to take care of expenditures (to spend). This allows the individual to maintain control of his money and helps to achieve long- and short-term financial goals.

Multiple Choice

________________________________________is the money received (coming in) for labor or services, the sale of property or goods, from financial investments, or other services.

• Profit

• Income

• Expenditures

• Budgeting

Service Industry Economic Impact

The service industry can be divided into two broad, general subdivisions: customer services and professional services. Service industries are the largest sector of Georgia's economy led by wholesale (food, petroleum products, transportation equipment) and retail (automobile dealerships, discount stores, grocery stores, restaurants) trade activities. 

Entertainment Industry

The entertainment industry in GA offers close proximity to a well-connected transportation system, competitive tax incentive programs, a broad network of production and recording facilities, a large and skilled workforce including actors, the latest production equipment and suppliers, gaming and interactive media developers, and technology and support services.

Multiple Choice

Which industry is booming in Georgia due to the abundant tax incentives and proximity to a well-connected transportation system?

• Manufacturing

• Service

• Agriculture

• Entertainment

Multiple Select

Choose ALL examples of acceptable debt:

• Advancing education

• Starting a business

• Buying a car

• Buying a home

Debt is an amount of money borrowed by one party from another party. While we typically think of debt as a negative consequence of poor planning or circumstances beyond one’s control, debt can provide positive opportunities for individuals.

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DEBT

Acceptable uses of debt include purchasing a home (mortgage), advancing education, starting or expanding a business, and fulfilling dreams.

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Acceptable Uses of Debt

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