WorksheetsBusiness Vocab 1 & 2 + Entrepreneurial Cycle
Total questions: 32
Worksheet time: 26mins
A _____________ is a person or group of people who create and sell products and/or services in order to make money.
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business
utilities
revenue
profit
Tangible items made by humans, machines, or nature that can be sold by a business.
service
product
profit
revenue
Intangible work that someone does for another person.
Product
Profit
Service
Revenue
A cost associated with operating a business.
Revenue
Profit
Expense
Cash Flow
The money a person is paid for working.
Insurance
Profit
Salary
Utilities
Money regularly paid to use or occupy a space.
Salary
Revenue
Insurance
Rent/Lease
Money made by a company after expenses have been paid.
Insurance
Profit/Net Income
Revenue
Utilities
Money a company earns from selling a product or a service before expenses.
Insurance
Profit/Net Income
Revenue/Gross Income
Salary
The Profit Equation is:
Revenue/Gross Income - Expenses = Profit or Loss
Profit or Loss - Expenses = Revenue/Gross Income
Expenses - Revenue/Gross Income = Profit or Loss
Rent - Expenses = Profit or Loss
A (a) occurs when total expenses (costs) exceed total revenue (gross income).
FedEx is a company that provides:
Goods
Services
Both
Gasoline for a transportation company, such as Uber, is considered an:
Tax
Expense
Revenue
Insurance
Best Buy purchases a laptop for $50 and sells it to a customer for $75. Best Buy's revenue was:
$50
$25
$0
$75
Best Buy purchases a laptop for $50 and sells it to a customer for $75. Best Buy's profit was:
$75
$0
$25
$50
Utilities a company pays for monthly is considered as an:
Mortgage
Salary
Expense
Profit
An (a) is a person who takes on the risk of beginning and operating a new business.
What is the first stage of the entrepreneurial cycle?
Manufacturing
Marketing
Sales
Design
What is the second stage of the entrepreneurial cycle?
Manufacturing
Design
Marketing
Sales
What is the third stage in the entrepreneurial cycle?
Manufacturing
Design
Sales
Marketing
What is the fourth stage in the entrepreneurial cycle?
Sales
Design
Manufacturing
Marketing
(a) is the management of money and other items of value.
_________________ is focused on leading the team and managing the smooth operation of the company and its employees.
VP of Design
Chief Executive Officer
VP of Finance
VP of Marketing
What is in the center of the entrepreneurial cycle?
Design
Finance
Manufacturing
Sales
Which position is focused on leading the team in creating an attractive design and a quality product that will appeal to customers.
VP of Finance
VP of Design
VP of Manufacturing
VP of Sales
Which position is focused on leading the team in making sure all money is accounted for and the company is making a profit?
VP of Design
VP of Finance
CEO
VP of Marketing
Which position is focused on leading the team in making the product as easily and inexpensively as possible?
VP of Finance
VP of Marketing
VP of Manufacturing
VP of Sales
Which position is focused on leading the team in promoting the company, product, or service?
VP of Manufacturing
VP of Sales
VP of Marketing
VP of Design
Which position is focused on leading the team in providing excellent customer service and selling lots of products/services?
VP of Manufacturing
VP of Marketing
VP of Finance
VP of Sales
A (a) is a form filled out by someone who wants a job, summarizing their skills and experience.
Why is finance in the middle of the entrepreneurial cycle?
What are some examples of financial decisions a company might have to make?
What must be the first step in the design portion of the entrepreneurial cycle?
