INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Most people earn income by paying taxes.
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Most people earn income by working at a job.
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Most people earn income by saving a portion of their paycheck each month.
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Most people earn income by spending more than they earn each month.
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Detailed explanation-1: -Salaries/Wages: Salaries or wages are the most common type of earned income. Salaries or wages refer to the amount of money that an individual earns from their employer in exchange for their work. In most cases, payment for labor, whether hourly or salary, counts as earned income.
Detailed explanation-2: -A balanced budget occurs when revenues are equal to or greater than total expenses. A budget can be considered balanced after a full year of revenues and expenses have been incurred and recorded. Proponents of a balanced budget argue that budget deficits burden future generations with debt.
Detailed explanation-3: -Variable Expense. An expense that is different from month to month. Fixed Expense. An expense that typically does not change month to month.
Detailed explanation-4: -Wages paid to workers however can vary as the number of workers increase or decrease. Hence it is not considered as a fixed cost.
Detailed explanation-5: -Which of the following statements is TRUE about startup capital? Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.