The art of taking financial risks in order to make a profit.

An individual who funds and runs a business assuming all of the risks and rewards of the venture.

A state of mind in which one conducts himself/herself to entrepreneurial activities.

Entrepreneurs abandon steady paychecks. This is known as a _____________ that they accept.

Independence and enjoyment are potential ______________ from entrepreneurship.

The greater the risk the greater the reward and vice-versa is known as______________.

An organization that operates to aid in some social effort, they do not retain any profits from commerce.

Goods are ____________ products that have monetary value.

One can analyze Ni opportunity by all of the following except:

A commercial operation or company that satisfies needs in order to make a profit is known as a__________.

A newly emerged business that is striving to develop a viable business model around a new product or service is known as a _________________ .

A market need is a necessity that the market can live without.

A service is a business that provides intangible products.

80% of entrepreneurs work less than 40 hours per week.

Money left after all costs of running a business are deducted from the total revenue is known as profit.

Less businesses are being born now than 30 years ago.

An observable and measurable end result that can be achieved in a specific timeframe

A goal that takes 5+ years to accomplish.

A goal that takes less than one year to accomplish.

A goal that takes longer than one year but less than 5 years to accomplish.

Saving for a house would be considered a ________________.

The desire to accomplish something, which involves hard work and determination is known as ______.

Money or assets that can be invested in a business to generate income.

Psychological classification of different types of individuals composed of different personal attributes.

One with strong _____________ will be able to prioritize and provide high quality work.

The desire or willingness for someone to do something is known as______________.

An asset or item that is purchased for the goal of generating income is known as______________.

Land, labor, and capital are used to undertake an enterprise and achieve an outcome.

Napoleon Hill’s principle on a group of individuals with different skills who work together toward a definite purpose or goal.

Employers seek candidates with strong work ethics. Your performance on the job and the manager's satisfaction will depend on it. A strong work ethic will take you places!

The S in SMART goals stands for Specific.

The gap between limited resources and unlimited wants is known as ____________.

The quantity or how much the market can provide is known as ____________.

The amount of a product or service desired by buyers is known as ____________.

The amount of an asset or resource that exceeds the amount that is utilized is known as ____________.

All of the following are examples of macro-economic principles except:

The study of the economy with a large scope, looking at regional, national and global units.

The study of the economy with a narrow scope, looking into individuals and firms.

The study of production, distribution, and consumption of goods and services.

The point at which supply meets demand is known as ____________.

The change in consumer demand as a result of a change in a good or service’s price.

A geographic area where sellers offer their goods and services in exchange for consumer dollars.

The cost per unit will be reduced when the total output of the product is increased.

__________ is the value of all goods and services produced in a country in a specific period of time.

A __________ is a market situation where there is only one producer who controls the supply of a good or service.

A __________ is a market situation where there are few producers who control the supply of a good or service.

The Business cycle consists of recession, recovery, growth, and decline.

When demand for a good or service exceeds the available supply this is known as a surplus.

Analyzing supply and demand would be a micro-economic principle.

A market situation where there are a few competing firms is known as a monopoly.

Supply meets demand at the equilibrium point.

An idea that can generate income, requiring a commitment of resources and involves exposure to risk is known as __________.

An advantage that is gained from the use or consumption of a good or service.

A concept developed by the mind.

A good idea may not be an opportunity due to bad timing.

Specific attributes that make something one of a kind are referred to as __________.

A business activity that yields a profit or financial gain is known as being __________.

The act of exploring, investigating, and examining unknown markets for opportunities is known as ______.

The fulfillment of one’s expectations or needs is known as satisfaction.

An intangible product can be touched.

Appropriate to the current time, period, or circumstances.

Which of the following best describes a business opportunity?

An opportunity always guarantees success if pursued.

What does it mean for a product or service to be "relevant"?

Risk is an inherent part of pursuing any business opportunity.

A factor that can limit the success of an opportunity is:

Which term refers to the process of gathering information about potential customers and competitors?

A concept is always a fully developed business plan.

What is the primary goal of identifying a unique selling proposition (USP) in a business opportunity?

Satisfaction is only related to physical products, not services.

Which of the following is NOT typically considered a resource commitment when starting a business?

Any business on the internet that sells products, services, or advertising online is known as ______.

The top E-Commerce market is ____________.

A company that conducts business within its national borders is known as a ______________.

A business that has a physical location for consumers to purchase goods.

Business that is conducted between businesses is known as __________.

A seller of goods to consumers is a _____________.

The manufacturer’s direct point of contact to supply goods to wholesalers.

A person or company that makes goods for sale.

A company that sells goods in large quantities at low prices to retailers.

The seller of a franchise is called___________.

The right to make or market a good or service under a trademark name.

An ongoing fee that a franchisee pays the franchisor. The fee is usually a percentage of gross sales.

The buyer of a franchise.

A company that conducts business outside national borders.

A company that conducts business within its national borders.

A person who purchases goods for commercial use is known as a consumer.

Retailers sell goods to distributors.

Joe’s Landscaping would be an example of a domestic business.

McDonald's corporate would be the franchisee in a franchise relationship.

E-Commerce sales will increase over the next 5 years according to statistics.