xiv Copyright Goodheart-Willcox Co., Inc. It is important to assess what you learn as you progress through the text. Multiple opportunities are provided for self-assessment to confirm learning as the content is explored. Formative assessment includes the following. Assess Your Progress • Checkpoint activities at the end of each main chapter section provide you with an opportunity to review what you have learned before moving on to the remaining content. • Review Your Knowledge covers basic entrepreneurial concepts to help you evaluate your understanding of the main points presented in the chapter. • Apply Your Knowledge challenges you to begin the planning process and prepare your business plan. • Teamwork encourages a collaborative experience to help you learn to interact with others in a productive manner. • College and Career Readiness activities provide real-world literacy skills to prepare for life outside of school. • Research skills are critical for success in college and career. Internet Research activities at the end of each chapter provide opportunities to put them to work. • Building Your Business Plan–Putting the Puzzle Together is an ongoing project-based activity that guides you through preparing a complete business plan. corre q Section 15.2 Check Your Understanding 1. What three factors must be considered when purchasing inventory? 2. Explain the concept of sales forecasting. How is marketing research used in sales forecasting? 3. What percentage of inventory is considered productive inventory? 4. List at least five features of a computerized inventory-control system. 5. State the equation used to calculate turnover rate. Build Your Vocabulary As you progress through this text, develop a personal glossary of key terms. This will help you build your vocabulary and prepare you for a career. Write a definition for each of the following terms and add them to your personal glossary. inventory management lead time buffer stock stockout physical inventory perpetual inventory- control system manual-tag system unit-control system point-of-sale (POS) software radio frequency identification (RFID) periodic inventory- control system just-in-time (JIT) inventory-control system 80/20 inventory rule productive inventory turnover Review rate. manual-tag system unit-control system point-of-sale (POS) software rule produ ctive inventory turnover rrate ate Copyright Goodheart-Willcox Co., Inc. Key T matching activity, and vocabulary game unt y meanings. Review Your Knowledge 1. Why is accounting called the language of business? 2. What are two common accounting methods? 3. What is the difference between the two common accounting methods? 4. Why is good recordkeeping important? 5. What are daily transactions? 6. When is a purchase order used? 7. Name the four common types of special journals that are used in business. 8. What is an account payable? 9. How are financial statements different from pro forma statements? 10. Which four financial statements will most businesses create on a regular basis? Copyright Goodhea t W es and obstacles involved business and your team’s solutions and strategies. Internet Research Forms of Business Ownership. Using the Internet, research pro prietorships, partnerships, and corporations as forms of business ownership. Look at each of the options from both legal and financial perspectives. Write a paragraph about which one you think may be best for your new business and explain why. College and Career Readiness Communication Skills Speaking. Participate in a collaborative classroom discussion about the pros and cons of joining business. Ask questions to participants that connect ideas to the relevant evidence that has been presented.yourfamilya Listening. Do an Internet search on speeches made by en trepreneurs. Select one speech of your choice and listen to it in its entirety. Present your and supporting evidence of the line of reasoning, development, and style the speaker used to prepare his or information. Identify the target market and the purpose of the speech.herorganization,findings