Entrepreneurship Flashcards
6 cards from real FBLA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Entrepreneurship flashcards as text
What is a 'SWOT analysis' used for in business?
Answer: Evaluating a business's Strengths, Weaknesses, Opportunities, and Threats
A SWOT analysis helps businesses identify internal strengths and weaknesses alongside external opportunities and threats.
Which section of a business plan describes how a company will sell and promote its products?
Answer: Marketing and sales strategy
The marketing and sales strategy section outlines how a business will reach its target market and convert prospects into customers.
What is 'market research' in entrepreneurship?
Answer: Gathering information about target customers and industry conditions
Market research involves collecting and analyzing data about potential customers, competitors, and industry trends to inform business decisions.
What is an 'angel investor'?
Answer: A wealthy individual who invests personal capital in early-stage startups
An angel investor is typically a high-net-worth individual who provides funding to startups in their early stages, often in exchange for equity.
What does 'break-even analysis' determine for a new business?
Answer: The point at which total revenue equals total costs
Break-even analysis identifies the sales volume at which a business covers all its costs and begins to generate profit.
What is a 'franchise' business model?
Answer: A licensing arrangement where a franchisor grants rights to a franchisee to operate under its brand
A franchise allows an individual (franchisee) to operate a business using an established company's (franchisor's) brand, systems, and support.