Entrepreneurship Everfi Quiz

Name some creative thinking exercises entrepreneurs use to generate ideas

Challenge the usual, think backwards, draw idea maps

What role do entrepreneurs play in economics

Entrepreneurs create more jobs

Name an advantage of starting your own business

You choose who you work with and you have more financial independence

What is the target market?

a target market is the group of people you gear your product and commercials for

Provide an example of a NEED?

a warm winter coat

What is a variable expense? Provide an example?

an expense that is different from month to month; groceries is an example

What is a fixed expense? Provide an example?

an expense that typically does not change month to month example a mortgage payment; rental payments is an example

Define "Value Proposition"

an innovation, service, or feature intended to make a company or product attractive to costumers

Define an asset

anything that has a value

Name a few characteristics of successful entrepreneurs

creativity, innovation, determination, and self- direction

How could an entrepreneur improve their "net profit?"

entrepreneurs can improve their net profit by doing some of the work themselves, saving on labor costs

Medicare taxes

federal health insurance for people over the age of 65; an example of a tax

What is market research

market research about customers and the target market

What is income?

money you earn, usually from working at a job

Provide an example of a WANT?

movie tickets

Federal Taxes

payments you make to the US federal government

Define an entrepreneur

someone who starts and runs their own business

What are the four parts of a SWOT analysis

strengths, weaknesses, opportunities, threats

What is "take-home pay?"

the amount leftover from your monthly paycheck after deductions, income minus savings, and income minus what you spend

What is "start-up capital?"

the money that must be available before the center is opened and for some time thereafter

Social security taxes

the tax levied on both employers and employees to fund the Social Security program; an example of a tax you must pay

What is the main purpose of developing a business pitch?

to get people interested in your business

When is a budget considered to be balanced?

when the amount you spend is equal or less than the amount you earn; items on a balanced budget include the amount of earned income, taxes, and savings