Entrerpreneurship EOY Vocab Test (2 answer option)

What is the process of effectively working together in group settings?

• Cooperation

• Finance

What is the department responsible for the management process?

• Production

• Management

What is the process of recording, classifying, summarizing and reporting the financial position of a business?

• Accounting

• Finance

What are items of value owned by a business called?

• Capital

• Assets

What are the debts or obligations of a business called?

• Liabilities

• Assets

What is the department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan?

• Production

• Finance

What is the department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle and understanding consumers through marketing research?

• Marketing

• Management

What is the department responsible for producing goods and services in the most efficient and cost-effective manner?

• Cooperation

• Production

What is the department responsible for distributing goods and services in the most efficient and cost-effective manner?

• Marketing

• Distribution

What is a written map for beginning and growing a business called?

• Goals

• Business Plan