if you are operating a business and are selling shoes for $100 each and have sold 20 pairs, what would your total sales be?

• $2,000

• sales - cost

• Units sold X price per product

• sales % cost

The process of creating something new that makes life better is called...

• Technology

• Innovation

• Brand recognition

• Opportunity cost

The act of assuming the risk of operating and managing a business as well as organizing resources to produce goods and services

• business

• critical thinking

• entrepreneurship

• distribution

Who created Facebook

• Mark Zuckerberg

• Elon Musk

• JK Rowling

• Walt Disney

What is an entrepreneur?

• A person who oversees a specific location.

• A person who works for someone else in order to learn skills.

• A person who organizes and operates a business or businesses.

• None of these

Lonnie Johnson invented the Super Soaker and licensed the product to the Hasbro toy company. He earned over $200 milllion from his invention because he was able to obtain a:

• patent

• coupon

• rebate

• savings plan

What are the 4 factors of production (resources) needed to start a business?

• Land, Labor, Capital, Energy

• Land, Opportunity, Cost, Franchise

• Natural Resources, Startup venture, supplies, materials

• Land, Labor, Capital Entrepreneurship

Dog walking is a service based business

• True

• False

Entrepreneurs look to the economy to find out:

• What products already exist in the marketplace

• Who to create products for

• How people are spending their money on goods and services

• All of the above

Hulu, Netflix and Disney+ are all examples of

• product based businesses

• opportunities

• retail based businesses

• service based businesses