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WorksheetsEntre Q1 Cumulative Vocabulary
Total questions: 65
Worksheet time: 33mins
Name
Class
Date
1.
a written document that describes all the steps necessary for opening and operating a successful business
a)
customer profile
b)
business plan
2.
the individuals or companies that are interested in a particular product or service and are willing and able to pay for it
a)
target market
b)
market segments
3.
groups of customers within a large market who share common characteristics
a)
customer profile
b)
market segments
4.
a description of the characteristics of the person or company that is likely to purchase a product or service
a)
customer profile
b)
market segments
5.
data that describe a group of people in terms of age, marital status, family size, ethnicity, gender, profession, education, and income
a)
demographics
b)
psychographics
c)
geographic data
d)
use-based data
6.
data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits
a)
use-based data
b)
psychographics
c)
geographic data
d)
demographics
7.
data that help a business determine how often potential customers use a particular service
a)
demographics
b)
psychographics
c)
geographic data
d)
use-based data
8.
data that help a business determine where its potential customers live and how far they will travel to visit the business
a)
psychographics
b)
use-based data
c)
demographics
d)
geographic data
9.
a system for collecting, recording, and analyzing information about customers, competitors, products, and services
a)
customer relationship management (CRM)
b)
market research
10.
information collected for the very first time to fit a specific purpose
a)
primary data
b)
secondary data
11.
data found in already-published sources
a)
primary data
b)
secondary data
12.
a company’s efforts to understand customers as individuals instead of as part of a group
a)
competitive analysis
b)
customer relationship management (CRM)
13.
a form of Internet marketing that utilizes social networking sites as a marketing tool
a)
customer relationship management (CRM)
b)
social media marketing
14.
a business that makes most of its money selling the same or similar products or services to the same market as other businesses
a)
indirect competition
b)
direct competition
15.
a business that makes only a small amount of money selling the same or similar products and services to the same market as other businesses
a)
indirect competition
b)
direct competition
16.
identifying and examining the characteristics of a competing firm
a)
business plan
b)
competitive analysis
17.
a legal agreement that gives an individual the right to market a company’s products or services in a particular area
a)
franchise
b)
partnership
18.
the amount the local franchise owner pays in return for the right to run the franchise
a)
initial franchise fee
b)
dividends
19.
the costs associated with beginning a business, including the costs of renting a facility, equipping the outlet, and purchasing inventory
a)
startup costs
b)
initial franchise fee
20.
weekly or monthly payments made by the local owner to the franchise company; these payments usually are a percentage of a franchise’s income
a)
startup costs
b)
royalty fees
c)
initial franchise fee
d)
dividends
21.
fees paid to a franchise company to support television, magazine, or other advertising of the franchise as a whole
a)
Franchise Disclosure Document
b)
advertising fees
c)
initial franchise fee
d)
royalty fees
22.
a regulatory document describing a franchise opportunity that prospective franchisees must receive before they sign a contract
a)
royalty fees
b)
Franchise Disclosure Document
c)
advertising fees
d)
initial franchise fee
23.
a business that is owned exclusively by one person
a)
franchise
b)
corporation
c)
sole proprietorship
d)
partnership
24.
a business owned by two or more people
a)
franchise
b)
corporation
c)
partnership
d)
sole proprietorship
25.
a business that has the legal rights of a person but is independent of its owners
a)
franchise
b)
sole proprietorship
c)
corporation
d)
partnership
26.
a unit of ownership in a corporation
a)
liabilities
b)
contract
c)
share of stock
d)
dividends
27.
a group of people who meet several times a year to make important decisions affecting the company
a)
partnership
b)
share of stock
c)
collateral
d)
board of directors
28.
distributions of corporate profits to the shareholders
a)
board of directors
b)
patent
c)
share of stock
d)
dividends
29.
the grant of a property right to an inventor to exclude others from making, using, or selling his or her invention
a)
contract
b)
trademark
c)
copyright
d)
patent
30.
a form of intellectual property law that protects original works of authorship, including literary, dramatic, musical, and artistic works
a)
contract
b)
trademark
c)
patent
d)
copyright
31.
a name, symbol, or special mark used to identify a business or brand of product
a)
trademark
b)
contract
c)
patent
d)
copyright
32.
a legally binding agreement between two or more persons or parties
a)
contract
b)
trademark
c)
patent
d)
copyright
33.
the difference between what is owned, called assets, and what is owed, called liabilities
a)
net worth (owner’s equity)
b)
assets
c)
copyright
d)
debt-to-equity ratio
34.
items of value that you own
a)
assets
b)
net worth (owner’s equity)
c)
liabilities
d)
collateral
35.
amounts you owe to others
a)
assets
b)
liabilities
c)
net worth (owner’s equity)
d)
debt-to-equity ratio
36.
the relation between the dollars borrowed (debt) and the dollars invested in a business (equity)
a)
net worth (owner’s equity)
b)
debt-to-equity ratio
c)
equity capital
d)
assets
37.
money invested in a business in return for a share in the profits of the business
a)
debt-to-equity ratio
b)
equity capital
c)
debt capital
d)
liabilities
38.
money loaned to a business with the understanding that the money will be repaid within a certain time period, usually with interest
a)
net worth (owner’s equity)
b)
debt capital
c)
collateral
d)
equity capital
39.
property that a borrower forfeits to the bank providing the loan if he or she defaults on the loan
a)
equity capital
b)
debt-to-equity ratio
c)
collateral
d)
assets
40.
people who own, operate, and take the risk of a business venture
a)
entrepreneurs
b)
entrepreneurship
c)
capitalism
d)
employees
41.
process of running a business of one’s own
a)
aptitude
b)
economic decision making
c)
entrepreneurship
d)
opportunities
42.
people who are hired to work for someone else
a)
entrepreneurs
b)
employees
c)
entrepreneurship
d)
trade shows
43.
evaluation of your strengths and weaknesses
a)
opportunity cost
b)
self-assessment
c)
aptitude
d)
brainstorming
44.
the ability to learn a particular kind of job
a)
aptitude
b)
self-assessment
c)
ideas
d)
opportunity cost
45.
possibilities that arise from existing conditions
a)
opportunity cost
b)
aptitude
c)
ideas
d)
opportunities
46.
thoughts or concepts that come from creative thinking
a)
brainstorming
b)
profit
c)
opportunities
d)
ideas
47.
special meetings where companies of the same or related industry display their products
a)
economic decision making
b)
economic resource
c)
Equilibrium point (equilibrium price and quantity)
d)
trade shows
48.
a formal process used to help solve problems in a logical manner
a)
self-assessment
b)
brainstorming
c)
problem-solving model
d)
economic decision making
49.
a creative problem-solving technique that involves generating a large number of fresh ideas
a)
self-assessment
b)
problem-solving model
c)
brainstorming
d)
economic decision making
50.
things that a person must have in order to survive
a)
wants
b)
needs
51.
things that a person thinks he or she must have in order to be satisfied
a)
wants
b)
needs
52.
means through which goods and services are produced
a)
capitalism
b)
economic resource
c)
economic decision making
d)
demand
53.
the private ownership of resources by individuals rather than by the government
a)
capitalism
b)
economic resource
c)
economic decision making
d)
demand
54.
difference between the revenues earned by a business and the costs of operating the business
a)
opportunities
b)
marginal benefit
c)
profit
d)
needs
55.
the process of choosing which needs and wants, among several, will be satisfied using the resources on hand
a)
economic decision making
b)
economic resource
c)
marginal benefit
d)
economies of scale
56.
occurs when people’s needs and wants are unlimited and the resources to produce the goods and services to meet those needs and wants are limited
a)
marginal cost
b)
scarcity
c)
opportunity cost
d)
demand
57.
value of the next-best alternative
a)
opportunity cost
b)
economic resource
c)
profit
d)
marginal cost
58.
the quantity of a good or service a producer is willing to produce at different prices
a)
supply
b)
demand
59.
the quantity of a good or service that consumers are willing to buy at a given price
a)
supply
b)
demand
60.
point at which the supply and demand curves meet
a)
marginal benefit
b)
demand
c)
Equilibrium point (equilibrium price and quantity)
d)
profit
61.
costs that must be paid regardless of how much of a good or service is produced
a)
fixed costs
b)
variable costs
62.
costs that go up and down depending on the quantity of the good or service produced
a)
fixed costs
b)
variable costs
63.
measures the advantages of producing one additional unit of a good or service
a)
marginal benefit
b)
marginal cost
c)
Equilibrium point (equilibrium price and quantity)
d)
economies of scale
64.
measures the disadvantages of producing one additional unit of a good or service
a)
marginal benefit
b)
marginal cost
c)
Equilibrium point (equilibrium price and quantity)
d)
economies of scale
65.
the cost advantages obtained by a business due to expansion
a)
profit
b)
marginal cost
c)
opportunity cost
d)
economies of scale
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