EOPA Entrepreneurship Study Set Latest Update 2025-2026 560 Questions and 100% Verified Correct Answers Guaranteed A+
1040 - CORRECT ANSWER: The standard Internal Revenue Service (IRS) form that
individuals can use to file their annual income tax returns
1040-EZ - CORRECT ANSWER: An alternative to the Internal Revenue Service's (IRS) 1040 income tax form that offers a faster and easier way to file taxes, meant for taxpayers with very basic tax situations
1099 - CORRECT ANSWER: Form that details all "non-employee" compensation, including for specific jobs like freelancers or contractors
401(K) Match - CORRECT ANSWER: An employer contribution made to their
employees' 401(k) plan based on individual employee's contributions
401(k) Plan - CORRECT ANSWER: A retirement savings plan, sponsored through your
employer who will often match your contributions, that allows an individual to save for retirement and have the savings grow while deferring taxes until funds are withdrawn
50-20-30 Rule - CORRECT ANSWER: A popular savings rule of thumb in which 50% of
your income goes towards necessities, 20% goes towards saving and debt repayment, and 30% goes towards flexible spending
Accounts Payable - CORRECT ANSWER: An unpaid balance of money owed by your
business, generally referring to amounts owed for inventory,supplies, and other such ongoing expenses.
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Accounts Receivable - CORRECT ANSWER: An unpaid balance of money owed to your
business by customer accounts
Actualization - CORRECT ANSWER: The stage in the entrepreneurial process in which the entrepreneur operates the venture and utilizes resources to achieve its goals/objectives.
Actuary - CORRECT ANSWER: An employee of an insurance company who calculates
risk based on loss percentages and determines insurance rates and premiums
Adjustable-Rate Mortgage (ARM) - CORRECT ANSWER: A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month
Allowances - CORRECT ANSWER: Employee-claimed exemptions on the W-4 to
determine how much of an employee's pay to withhold from his or her paycheck for taxes
Amortization - CORRECT ANSWER: is the paying off of debt with a fixed repayment
schedule in regular installments over a period of time for example with a mortgage or a car loan.
Amortization - CORRECT ANSWER: The paying off of debt with a fixed repayment
schedule in regular installments over a period of time
Annual Fee - CORRECT ANSWER: A yearly fee that may be charged for having a credit card, independent of how you use the card
Annual Percentage Rate (APR) - CORRECT ANSWER: describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc
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Annual Percentage Rate (APR) - CORRECT ANSWER: The interest rate a credit card
user will be charged on the unpaid portion of their balance
Annual Work Plan - CORRECT ANSWER: A detailed document which is the result of
operational planning.Highlights from this plan are included in the business plan
aptitude - CORRECT ANSWER: natural ability to do a particular type of work or activity well
assets - CORRECT ANSWER: Any items of value owned; items on the balance sheet
that reflect value owned include cash, accounts receivable, notes receivable, property and property rights.
attitude - CORRECT ANSWER: What is reflected in every contact with customers and in completion of work assignments?
Audit - CORRECT ANSWER: An inspection of a filer's tax return by the IRS
Authorized User - CORRECT ANSWER: A person who has permission to use and/or
carry another person's credit card, but isn't legally responsible for paying the bill
Auto Title Loan - CORRECT ANSWER: A small high interest loan, offered through a
business, in which the debtor's car is used as collateral and can be taken if loan payments are not made
Automatic Teller Machine (ATM) - CORRECT ANSWER: A machine that allows a
customer to deposit checks or withdraw physical cash (bills) from their account
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Award Letter - CORRECT ANSWER: A letter that outlines your financial aid package from the college(s) to which you applied, detailing your federal, state, institutional and private aid
Balance - CORRECT ANSWER: The amount of money you have in your bank account
Balance Due - CORRECT ANSWER: The amount that remains due on a loan, including
principle and interest
balance sheet - CORRECT ANSWER: financial statement that represents the state of the business at a specific point in time, thus, it provides a snapshot of the business's financial health. Assets=Liabilities + Owners Equity
Balance Transfer - CORRECT ANSWER: The act of transferring debt from one credit
card account to another, usually for a fee
Bankruptcy - CORRECT ANSWER: A legal process that relieves debtors of the
responsibility of paying their debts or protects them while they try to repay
Bankruptcy - CORRECT ANSWER: A legal process that relieves debtors of the
responsibility of paying their debts or protects them while they try to repay
Barter - CORRECT ANSWER: The direct trading of goods and services between people without the use of money
Billing Date - CORRECT ANSWER: The last date of the month that any purchase you
made with your card or any payment made on you account was posted to your account
Binding - CORRECT ANSWER: all who enter into the contract must be legally obligated to abide by its terms
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