EOPA Entrepreneurship Study Set Exam
Q&A 100% Guaranteed Pass
Employees - ✔✔People who work for someone else
self-assessment - ✔✔an evaluation of your strengths and weaknesses
brainstorming - ✔✔a creative problem-solving technique that involves
generating a large number of fresh ideas
Entrepreneurs - ✔✔People who own, operate, and task the risk of a business
venture
trade shows - ✔✔special meetings at which companies of the same or related
industry display their products
ideas - ✔✔thoughts or concepts that come from creative thinking
aptitude - ✔✔the ability to learn a particular kind of job
entrepreneurship - ✔✔the process of running a business of one's own
capitalism - ✔✔private ownership of resources by individuals
economic resources - ✔✔the means through which goods and services are
produced
wants - ✔✔those things that you think you must have in order to be satisfied
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©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,scarcity - ✔✔occurs when people's needs and wants are unlimited and
resources are limited
economic decision making - ✔✔the process of choosing which wants you will
satisfy using the resources you have
opportunity cost - ✔✔the value of the next-best alternative- the one you must
pass up
equilibrium price and quantity - ✔✔point at which supply and demand meet
marginal benefit - ✔✔measures the advantage of producing one additional unit
of a good or service
capitalism - ✔✔private ownership of resources by individual
needs - ✔✔an individual's need or desire for a product or service at a given
price
variable costs - ✔✔costs that go up or down depending on the quantity of the
good or service produced
business plan - ✔✔a written document that describes all the steps necessary for
opening and operating a successful business
pro forma financial statement - ✔✔a financial statement based on projected
revenues and expenses
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©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,cover letter - ✔✔a letter that introduces and explains an accompanying
document or set of documents
executive summary - ✔✔a short restatement of a report
statement of purpose - ✔✔a brief explanation of why you are asking for a loan
and what you plan to do with the money
Small Business Administration (SBA) - ✔✔an independent agency of the federal
government created to help Americans start, build and grow businesses
Service Corp of Retired Executives (SCORE) - ✔✔Organization made up of more
than 10,500 retired executives who volunteer their time to provide
entrepreneurs with real-world advice and know-how
trade association - ✔✔organizations made up of professionals in a specific
industry
Customer profile - ✔✔Description of the characteristics of the person or
company that is likely to purchase a product or service
demographics - ✔✔data that describe a group of people in terms of their age,
marital status, family size, ethnicity, gender, profession, education, and income
focus group - ✔✔an in-depth interview with a group of target customers who
provide valuable ideas on products and services
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©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, primary data - ✔✔information collected for the first time to fit a specific
purpose
market research - ✔✔a system for collecting, recording, and analyzing
information about customers, competitors, goods, and services
psychographics - ✔✔data that describe a group of people in terms of their
tastes, opinions, personality traits, and lifestyle habits
secondary data - ✔✔data found in already published sources
direct competition - ✔✔a business that makes most of its money selling the
same or similar products or services to the same market as the other business
intellectual property - ✔✔the original, creative work of an artist or inventor
advertising fees - ✔✔paid to the franchise company to support television,
magazine, or other advertising of the franchise as a whole
patent - ✔✔the grant of a property right to an inventor to exclude others from
making, using, or selling his or her invention
advertising fees - ✔✔paid to the franchise company to support television,
magazine, or other advertising of the franchise as a whole
intellectual property - ✔✔the original, creative work of an artist or inventor
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©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
Q&A 100% Guaranteed Pass
Employees - ✔✔People who work for someone else
self-assessment - ✔✔an evaluation of your strengths and weaknesses
brainstorming - ✔✔a creative problem-solving technique that involves
generating a large number of fresh ideas
Entrepreneurs - ✔✔People who own, operate, and task the risk of a business
venture
trade shows - ✔✔special meetings at which companies of the same or related
industry display their products
ideas - ✔✔thoughts or concepts that come from creative thinking
aptitude - ✔✔the ability to learn a particular kind of job
entrepreneurship - ✔✔the process of running a business of one's own
capitalism - ✔✔private ownership of resources by individuals
economic resources - ✔✔the means through which goods and services are
produced
wants - ✔✔those things that you think you must have in order to be satisfied
1|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,scarcity - ✔✔occurs when people's needs and wants are unlimited and
resources are limited
economic decision making - ✔✔the process of choosing which wants you will
satisfy using the resources you have
opportunity cost - ✔✔the value of the next-best alternative- the one you must
pass up
equilibrium price and quantity - ✔✔point at which supply and demand meet
marginal benefit - ✔✔measures the advantage of producing one additional unit
of a good or service
capitalism - ✔✔private ownership of resources by individual
needs - ✔✔an individual's need or desire for a product or service at a given
price
variable costs - ✔✔costs that go up or down depending on the quantity of the
good or service produced
business plan - ✔✔a written document that describes all the steps necessary for
opening and operating a successful business
pro forma financial statement - ✔✔a financial statement based on projected
revenues and expenses
2|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,cover letter - ✔✔a letter that introduces and explains an accompanying
document or set of documents
executive summary - ✔✔a short restatement of a report
statement of purpose - ✔✔a brief explanation of why you are asking for a loan
and what you plan to do with the money
Small Business Administration (SBA) - ✔✔an independent agency of the federal
government created to help Americans start, build and grow businesses
Service Corp of Retired Executives (SCORE) - ✔✔Organization made up of more
than 10,500 retired executives who volunteer their time to provide
entrepreneurs with real-world advice and know-how
trade association - ✔✔organizations made up of professionals in a specific
industry
Customer profile - ✔✔Description of the characteristics of the person or
company that is likely to purchase a product or service
demographics - ✔✔data that describe a group of people in terms of their age,
marital status, family size, ethnicity, gender, profession, education, and income
focus group - ✔✔an in-depth interview with a group of target customers who
provide valuable ideas on products and services
3|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, primary data - ✔✔information collected for the first time to fit a specific
purpose
market research - ✔✔a system for collecting, recording, and analyzing
information about customers, competitors, goods, and services
psychographics - ✔✔data that describe a group of people in terms of their
tastes, opinions, personality traits, and lifestyle habits
secondary data - ✔✔data found in already published sources
direct competition - ✔✔a business that makes most of its money selling the
same or similar products or services to the same market as the other business
intellectual property - ✔✔the original, creative work of an artist or inventor
advertising fees - ✔✔paid to the franchise company to support television,
magazine, or other advertising of the franchise as a whole
patent - ✔✔the grant of a property right to an inventor to exclude others from
making, using, or selling his or her invention
advertising fees - ✔✔paid to the franchise company to support television,
magazine, or other advertising of the franchise as a whole
intellectual property - ✔✔the original, creative work of an artist or inventor
4|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
