Shark Tank Vocabulary Quiz

What is the definition of an entrepreneur?

• A person who creates and operates their own business

• A person who invests in other businesses

• A person who works for a large corporation

• A person who studies business in college

What does it mean when a product has a patent?

• The product is waiting for government approval

• The product has government-approved rights and no one else can take the idea

• The product is owned by a large company

• The product is exclusively sold at a specific store

What does 'patent pending' mean?

• The product is waiting for government approval

• The product has government-approved rights and no one else can take the idea

• The product is owned by a large company

• The product is exclusively sold at a specific store

What does it mean for a product to have exclusivity?

• The product is exclusively sold at a specific store

• The product is waiting for government approval

• The product is owned by a large company

• The product has government-approved rights and no one else can take the idea

What does it mean to have equity in a company?

• To have ownership over a web address

• To receive payment based on each item sold

• To have exclusive rights to sell a product

• To own a percent of the company

What is crowdfunding?

• Funding a project by investing in stocks

• Funding a project by using personal savings

• Funding a project by raising money from a large number of people

• Funding a project by borrowing money from a bank

What is the definition of marketing?

• The process of advertising and promoting a business or product

• The process of manufacturing a product

• The process of managing finances in a business

• The process of hiring employees for a business

What does profit margin represent?

• The amount of money made after subtracting the cost of supplies

• The amount of money paid to employees

• The amount of money invested in a company

• The total revenue of a company

What does it mean to receive a royalty?

• To own a percent of the company

• To have ownership over a web address

• To have exclusive rights to sell a product

• To receive payment based on each item sold

What does it mean for a product to be proprietary?

• The product is owned by a large company

• The product is used, made, or marketed by one having the exclusive legal right

• The product is exclusively sold at a specific store

• The product has government-approved rights and no one else can take the idea