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EOPA SOkeke 1

Entrepreneurship Pathway

QuestionAnswer
What is a mixed economy? A part capitalist and part socialist, business privately owned but taxes are high and income is redistributed.
Why is brainstorming important? Improves your critical thinking and problem solving skills as an individual and a team.
In business what is the meaning of staffing? relates to the recruitment, selection, development, training and compensation of the managerial personnel
What is Autocratic Leadership? leadership style that involves making managerial decisions without consulting others
What is a Profit and Loss Account? a financial statement showing revenue, expenditure and profit during a given period
What is Free-Rein Leadership? leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives
What's the meaning of a Trial Balance? summary of all the financial data in the account ledgers that ensures the figures are correct and balanced
What's a balance sheet? a financial statement that reports assets, liabilities, and owner's equity on a specific date
what's goodwill? customers´ approval and support of a business (reputation, contacts and expertise of companies that have been bought)
What is the meaning of fixtures? part of a building that cannot be moved, such as lights; personal property so securely attached to real estate that it becomes part of the real estate
Created by: Okeke!23
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