Utah State Skill Certification Entrepreneurship test #451 Vocabulary Definitions
Terms in this set (30)
Expenses that have been incurred but not yet paid for; money owed by a business
(ex. Maglebys just grabs flowers from wrights. "just put it on my tab")
Paid presentation of ideas, goods, or services directed toward a mass audience by an identified sponsor.
Categorizing a customers account by the length of time since the bill was incurred.
(Your table is getting old!!)
Financial statement that tells an entrepreneur what his or her business is worth at any given time.
(sheet. im worth alot)
Break Even Point
The point at which the money from product sales equals the costs of making and distributing the product. Volume of sales that must be made to cover all of the expenses of a business.
(oh no! you sell for $2 and it cost $2 to make! you need to charge more.)
A written document that describes all the steps necessary in opening and operating a successful new business. Used to explain to lenders and investors why the new business deserves financial support.
(remember writing this?? how could you forget?)
The buildings, equipment, tools and other goods needed to produce a product, or the money used to purchase these items.
(CAPITAL ONE=MONEY bank account. i need money to buy and oven so i can sell pies)
Chamber of Commerce
Private sector agency at the local level with the resposiility for promoting a healthy business environment. In local communities they also set ethical standards for business. Chambers operate with paid staffs and support both business development and total community development.
(is a chamber really the best place to sell stuff in a healthy way?)
Model (map) used by economists to highlight basic features of a free enterprise economy. Shows how the voluntary exchanges between households and businesses answer the what, how and who questions and creates the flow of money, products and resources.
(thhhheee ciiirccclllee off lifffeeee.)
1914. Defined a variety of illegal business practices. Prhibits certain business practices such as giving special rates to certain customers if it lessens the competition or tends to create a monopoloy. made labor unions "exempt" from antitrust rules and regulations.
(Clayton comes into the store, we give only him the special price on candy. Illegal.)
To agree to a contract, sale, etc. as binding both parties.
(close the door to an old house... you sold it!)
Striving for the same customer of market
(wendys vs. mcdonalds)
Competition based pricing
Pricing that is determined by considering what competitors charge for the same goods.
(the dollar menu)
Element of a legal contract speaking of that what is exchanged for the promise and causing the contract to be binding.
(what makes this binding. ex. "you have my word")
A binding legal agreement betwen two or more persons or parties.
(2 year contract phone plan)
A grant to an author that protects his or her orginal works.
(common cent$. lol)
A business that is charted, or registered by a state, and legally operates apart from its owner or owners.
Ticket or part of a printed advertisement that can be exchanged for prizes, samples, discounts, etc.
the guidelines to determine when credit is made available to businesses and individuals.
(extra credit!!!! jk. you pay everything on time! you can borrow money!)
The amount or quanitity of goods or services that customers are willing and able to buy.
(I need clothes)
pricing that is determined by how much customers are willing to pay for a product or service.
(im willing to pay $200 for awesome shoes)
Characteristics of human populations and population segments, especially when used to identify consumer markets.
(charactersitics.. Age, income, old, young, education, nationality, religion, ethnicity.)
The lowering of the value of an asset to reflect its current value.
The use of a computer and specialized software to combine text and graphics to create high-quality documents that can be printed on either a laser printer or typesetting machine.
(Freaking print the paper)
A reduction from the regular price to customers.
The combination of distribution activities that a company uses to disburse its goods or services.
(Paul is going to use FedEx to distribute yoyo's)
All the activities involved in moving or transferring the ownership of goods or services from producers to consumer.
(Product to person)
A merchant, especially a person or company that sells goods wholesale.
(Red mountain sells wholesale flowers)
Official prohibition by a govt. of ocean trade into and out of its ports.
("youve been barged out of my port")
attempts to increase productivity, decrease errors and lesson supervision.
("this is how you wash a dish"..."duh")
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