Entrepreneurship Part 2

What is an office memorandum?

• Message from one person to another

• Short written form of business communication

• Short speech

• Letter

If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?

• Sales-months in a year

• Sales-expenses

• Total sales-expenses

• Monthly sales* expenses

Which one is NOT a step in the problem-solving method?

• Define the problem

• Gather information

• Identify solutions

• Ignore the problem

What type of economy allows the government to determine what, how, and whom products and services are produced?

• Command

• Market

This economy is about personal choice. Individuals decide what, how, and for whom products and services are produced.

• Market

• Command

What is a fixed cost?

• Measure the disadvantages of production

• What is a fixed cost?

• Measure advantages of production

• Cost that remain the same

What is the opportunity cost?

• Going with your first option

• Going with the easiest option

• Choosing the best alternative

What is the variable cost?

• Measures the disadvantages of production

• Measures advantages of production

• Cost that go up and down

• Cost that remain the same

Chemicals, fabrics, and foods are examples of (a)   businesses.

Shopping malls, Krogers, and Best Buy are examples of a (a)   business.