CAREER PLANNING 11 ENTREPRENEURSHIP

A person who organizes and then runs a business is called an _____________.

• Entrpreneur

• Start-up costs

• Lease

• Goodwill

The expenses involved in going into business.

Examples includes renting or buying space and buying equipment, office supplies, and insurance.

• Entrpreneur

• Start-up costs

• Lease

• Goodwill

The _______, or loyalty, of existing customers is one of a business's most valuable assets.

• Entrpreneur

• Start-up costs

• Lease

• Goodwill

A ______ is a contract to use something for a specified period of time.

• Entrpreneur

• Start-up costs

• Lease

• Goodwill

The ______, or potential for future sales, may be poor.

• franchise

• market outlook

• sole proprietorship

• partnership

A ______ is a legal arrangement in which two or more people share ownership.

• franchise

• market outlook

• sole proprietorship

• partnership

In a _______, the business is completely owned by one person.

• franchise

• market outlook

• sole proprietorship

• partnership

A _______ is a business chartered by a state that legally operates apart from the owner (s).

• corporation

• income statement

• revenue

• gross profit

The first item in an income statement is _______, which is the income from sales.

• corporation

• income statement

• revenue

• gross profit

One essential business record is the ________, which is a summary of a business's income and expenses during a specific period, such as a month, a quarter, or a year.

• corporation

• income statement

• revenue

• gross profit