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EOPA Entrepreneurship Study Set questions with correct answers 2024/2025
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EOPA Entrepreneurship Study Set questions with correct answers 2024/2025
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EOPA Entrepreneurship Study Setmultiple choice/60 questions/online/no time limit/70% or higher gains certificate/you may use a
calculator - ANSwhat is the format of the exam?
intellectual property - ANSa work or invention that is the result of creativity, such as a
manuscript or a design, to which one has rights and for which one may apply for a patent,
copyright, trademark, etc.
aptitude - ANSnatural ability to do a particular type of work or activity well
capital resources - ANSgoods made and used to produce other goods and services, such as
buildings, machinery, tools and equipment
OSHA - ANSOccupational Safety and Health Act of 1970, created to assure safe and healthful
working conditions for working men and women by setting and enforcing standards and by
providing training, outreach, education and assistance.
break even analysis - ANSis a calculation of the point at which revenues equal expenses
unlimited liability - ANSIf a small business owner (sole proprietor) is responsible for all the debts
and choices of
a business, the owner is considered to have?
marketing plan - ANSBusiness document created for the purpose of describing
the current market position of a business and its strategy for making the customer
aware of the product or service that is being offered
The purpose of SWOT analysis is to examine a company's? - ANSstrengths, weaknesses,
opportunities, and threats
income statement - ANSA "period-of-time" report on the profitability of business operations is
a/an
trade association - ANSEntrepreneurs can seek technical and general assistance in a specific
industry by
joining organizations such as?
Good credit - ANSPaying bills when due
LIFO Method - ANSinventory costing method produces lower gross margin, lower income tax,
smaller cash outflows for income tax purposes.
,LIFO (last in first out) - ANSan asset management and valuation method that assumes assets
produced or acquired last are the ones used, sold or disposed of first
FIFO (first in first out) - ANSis an asset-management and valuation method in which the assets
produced or acquired first are sold, used or disposed of first
attitude - ANSWhat is reflected in every contact with customers and in completion of work
assignments?
word processing - ANSWhich application is the best choice for creating reports, tables, letters
and memos?
mission statement - ANSa formal summary of the aims and values of a company, organization,
or individual.
word processing software - ANSa.k.a. Microsoft Word
spreadsheet software - ANSa.k.a. Microsoft Excel
presentation software - ANSa.k.a. Microsoft PowerPoint
Accounts Payable - ANSAn unpaid balance of money owed by your business, generally
referring to amounts owed for inventory,supplies, and other such ongoing expenses.
Accounts Receivable - ANSAn unpaid balance of money owed to your business by customer
accounts
Annual Work Plan - ANSA detailed document which is the result of operational
planning.Highlights from this plan are included in the business plan
assets - ANSAny items of value owned; items on the balance sheet that reflect value owned
include cash, accounts receivable, notes receivable, property and property rights.
Barter - ANSThe direct trading of goods and services between people without the use of money
Bottom Line - ANSThe last lineof a financial statement used to show net profit or loss
Brainstorming - ANSA creative problem-solving activity that helps create possibilities to address
problems or challenges. Thinking of as many and different answers is important and no
responses should be
questioned during the activity of Brainstorming
Brand - ANSA name or symbol that represents a product.
,Capital Resources - ANSGoods made by people and used to produce other goods and services
(also called intermediate goods)
Cash Flow - ANSThe movement or flow of cash in and cash out of a business
Circular Flow - ANSA model of an economy showing the interactions between households and
business firms as they exchange goods and services and resources in markets.
Citizen - ANSMember of a nation
Civic - ANSOf a city or citizen.
Collateral: - ANSThe assets pledged to a lender to secure or support a loan.
Common Law Rights - ANSCommon law is law that was developed over centuries and based
on custom and judicial opinions, as opposed to legislative acts.
Commerce - ANSTrade between states or nations.
Competition - ANSTechniques used by businesses to gain more customers and to earn higher
profits.
Consumers - ANSPeople whose wants are satisfied by using goods and services
Contract - ANSA formal agreement or a promise or set of promises between two or more parties
that is legally enforceable.
Copyright - ANSThe exclusive right to reproduce, sell, publish, or distribute literary or artistic
work; i.e., works of authors, composers, etc. Copyright does not protect the idea itself or the
information
itself. It protects the form or manner in which the idea or information is proposed.
Corporate Mission - ANSA broad statement of what business or businesses the company
should be in.
Cost of Production - ANSAll resources used in producing goods and services for which owners
receive payment
Counterfeiting - ANSCopying another's work without permission and passing off the copy as an
original. A counterfeit is an imitation, fake or "knock-off.
Culture - ANSThe implied beliefs, norms, values, and customs that define a society. Culture
leads to common patterns of behavior. Like countries, businesses can have cultures also.
, Currency - ANSPaper money issued by the government.
Cyberspace - ANSA link between computers with modems to access the World Wide Web.
Decision Maker - ANSThe individual in a family or business who is ultimately responsible for the
final selection of a product or service
Demand - ANSA schedule of how much consumers are willing and able to buy
at all possible prices during some time period.
Demographics: - ANSThe statisticalstudy of population characteristics. Demographics can also
refer to a list of objective characteristics about an individual consumer like age, income,
occupation, marital status, education, or location.
Deposit - ANSTo put money in a bank or other financial institution
Depreciation - ANSThe portion of the cost of tangible operating assets, such as
buildings or equipment, recorded as expense for the accounting
period; results from spreading out the cost of long-lived assets
over several years.
Depression: - ANSA time of economic crisis or bad times in commerce, finance,
and industry, characterized by falling prices, restriction of credit,
low output and investment, many bankruptcies and a high level
of unemployment (many people without jobs). A less severe
crisis is usually known as a recession.
Design - ANSAn outline, sketch or plan in the form and structure of a product
to be created or constructed.
Distribution - ANSThe supplying of goods and services to retailers and others so
that people's needs can be met.
Dividends - ANSA share of profits paid to stockholders of a corporation.
Economic Systems - ANSThe way a society organizes the production, consumption and
distribution of goods and services.
Economics - ANSThe study of choice and decision-making in a world with limited
resources.
Equilibrium Price: - ANSThe market clearing price at which the quantity demanded by
buyers equals the quantity supplied by sellers.
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