Small Business Flashcard

Front

What is the primary objective of small business owners?

Back

To generate profits

Front

What is a franchise fee?

Back

A fee for licensing operations, products, or services

Front

What is a requirement for S Corporation shareholders?

Back

Must be a U.S. citizen or resident.

Front

What is a feature of a Non-Profit Corporation?

Back

Profits are not distributed to shareholders.

Front

Who is the highest-ranked employee in a company?

Back

Chief Executive Officer (CEO)

Front

To whom does the CEO report?

Back

Board of Directors

Front

Who is responsible for managing a company's finances?

Back

Chief Financial Officer (CFO)

Front

What is the second stage of the business cycle?

Back

Survival Stage

Front

What is the focus of Design Thinking?

Back

Customers and their needs

Front

What is the main focus of Design Thinking?

Back

Developing user-friendly products