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Entrepreneurship Vocabulary

Total questions: 26

Worksheet time: 13mins

Name
Class
Date
1.

A person who starts a company

a)

Entrepreneur

b)

Profit

c)

Startup

d)

Business

2.

You run a lemonade stand on weekends. The lemonade you sell is an example of a ________.

a)

Product

b)

Expense

c)

Profit

d)

Service

3.

You run a lemonade stand on weekends. The lemons, cups, and sugar you buy to make the lemonade are examples of __________.

a)

Products

b)

Expenses

c)

Profits

d)

Services

4.

You run a lemonade stand on weekends. You charge customers $4 for a cup of lemonade, but you only pay $1 for ingredients per cup. The $3 you have left over are an example of _______.

a)

Products

b)

Expenses

c)

Profits

d)

Services

5.

You babysit your cousins for $20 on Saturday nights. Babysitting is an example of a ...

a)

Product

b)

Expense

c)

Profit

d)

Service

6.

An item that can be sold, such as a physical good you can touch

a)

Product

b)

Expense

c)

Profit

d)

Service

7.

Josie opens a lemonade stand, creates her own recipe, buys the ingredients, and manages all of the money. Josie is a(n)...

a)

Business

b)

Entrepreneur

c)

Product

d)

Service

8.

A company or organization that exchanges goods and services for money

a)

Entrepreneur

b)

Business

c)

Profit

d)

Startup

9.

Ingles sells food, drinks, household items, and other products in exchange for money. Ingles is an example of a(n)...

a)

Entrepreneur

b)

Business

c)

Profit

d)

Startup

10.

The money a business makes after all of its bills have been paid

a)

Profit

b)

Budget

c)

Expense

d)

Sales

11.

A company spends $500 to make t-shirts. They sell them for $800. The $500 is a(n)

a)

Profit

b)

Budget

c)

Expense

d)

Sales

12.

A company spends $500 to make t-shirts. They sell them for $800. The $300 difference is an example of...

a)

Profit

b)

Budget

c)

Expense

d)

Sales

13.

A company spends $500 to make t-shirts. They sell them for $800. The $800 is an example of...

a)

Profit

b)

Budget

c)

Expense

d)

Sales

14.

A cost related to running a business

a)

Profit

b)

Expense

c)

Budget

d)

Sale

15.

A new company

a)

Business

b)

Startup

c)

Entrepreneur

16.

Kroger

a)

Business

b)

Startup

c)

Entrepreneur

17.

Steve Jobs

a)

Business

b)

Startup

c)

Entrepreneur

18.

Which answer choice is an example of a product?

a)

Haircut

b)

Tutoring

c)

Lawn Mowing

d)

A bicycle

19.

Which answer choice is an example of a service?

a)

A watch

b)

A video game console

c)

A coffee mug

d)

A taxi ride

20.

Food

a)

Need

b)

Want

21.

Water

a)

Need

b)

Want

22.

Shelter

a)

Need

b)

Want

23.

The new iPhone 17

a)

Need

b)

Want

24.

Skittles

a)

Need

b)

Want

25.

Football game tickets

a)

Need

b)

Want

26.

Which answer choice most closely matches a NEED?

a)

A warm winter coat

b)

A new video game console

c)

A sports car

d)

A bag of candy