LESSON 1-2

Question 1

The process of starting a business

Answer 1

Entrepreneurship

Question 2

Where does the 1st known trading between humans took place

Answer 2

New Guinea

Question 3

When does the 1st known trading between humans took place

Answer 3

17,000 BCE

Question 4

What does the locals exchanged for other needed goods (tools, skin, food)

Answer 4

obsidian

Question 5

During this period, humans started to domesticate plants and animals

Answer 5

Agricultural Revolution

Question 6

Common areas of specialization

Answer 6

Hunting and gathering
Fishing
Cooking
Tool-making
Shelter-building
Clothes-making

Question 7

He created standardized principles for keeping track of a firm’s accounts

Answer 7

Luca Pacioli

Question 8

Lifeblood of economies all over the world

Answer 8

entrepreneurs

Question 9

entrepreneur was derived from the french verb …

Answer 9

entreprende, means “to undertake”

Question 10

start a business with a unique idea

Answer 10

Entrepreneur

Question 11

Creates new market

Answer 11

Entrepreneur

Question 12

Low competition

Answer 12

Entrepreneur

Question 13

Taking Risks

Answer 13

Entrepreneur

Question 14

Market leader

Answer 14

Entrepreneur

Question 15

Revolutionary

Answer 15

Entrepreneur

Question 16

Start a business with an existing idea

Answer 16

Businessman

Question 17

Creates place in existing markets

Answer 17

Businessman

Question 18

Very high competition

Answer 18

Businessman

Question 19

Comparatively avoid to take risks

Answer 19

Businessman

Question 20

Market player

Answer 20

Businessman

Question 21

Traditional

Answer 21

Businessman

Question 22

4Ps

Answer 22

Profit
Power
Prestige
Privilege

Question 23

Type of Entrepreneurs

Answer 23

1. Innovative
2. Imitating
3. Fabian
4. Drone
5. Social

Question 24

They are aggressive. They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas

Answer 24

Innovative Entrepreneurs

Question 25

The are also called adoptive entrepreneurs. They are those who do not create new things but only follow the ideas of other entrepreneurs.

Answer 25

Imitating Entrepreneurs

Question 26

They are skeptical about changes to be made in the organization. They do not initiate but follow only after they are satisfied. It is timid and cautious. He imitates other innovations only if he is certain that failure to do so may damage business

Answer 26

Fabian Entrepreneurs

Question 27

They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business. His entrepreneurial activity may be restricted to just one or two innovations. The refuse to adopt changes in production even at the risk of reduced returns

Answer 27

Drone Entrepreneurs

Question 28

They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.

Answer 28

Social Entrepreneurs

Question 29

the process of setting, planning, achieving and reviewing your life goals through the proper management of your finances.

Answer 29

Financial Planning

Question 30

It is an important life skill to help you plan for your future and take better control of your financial goals by helping you to set realistic plans, evaluate alternatives, and take effective measures.

Answer 30

Financial Planning

Question 31

is a process of an estimation of revenue and expenses over a specified future period of time

Answer 31

Budgeting

Question 32

Budgeting Technique

Answer 32

1. Reverse budgeting 2. Balanced Budgeting 3. Envelope Budgeting