Short Quiz #1_Entrepreneurship

_____________ is the owner's share of the assets of a business.

• Owner's Equity

• Liabilities

A _________________ details the computation of net revenue by deducting cost of sales, expenses, and taxes.

• Financial Statement

• Balance Sheet

This refers to the high value asset that is submitted by the business to the bank when applying for a loan.

• Collateral

• Revenue

This can be described as the "best friend" of manpower in producing goods and offering services.

• Manpower

• Machines

_________________ is a one to two day session that summarizes the history of the business, mission and vision, policies, etc.

• Human Resource Department

• Employee Orientation

This is the process of bringing the products or service to the customers. This is not a straight process from the entrepreneur to the customers.

• Distribution

• Contribution

This serves as a step-by-step guide of the employee and the manufacturing equipment.

• Manufacturing Program Flow

• Manufacturing Process Flow

A type of floor plan that where similar items are grouped together.

• Product-based Layout

• Process-based Layout

A type of floor plan where the product equipment, tools and machines are located according to how a product is made.

• Process-based Layout

• Product-based Layout

A manufacturing site that provides the entrepreneur substantial freedom and flexibility to design and run the commercial space.

• Commercial space for rent

• Commercial space purchase