ESB 1.1

Front

What is Entrepreneurship?

Back

Setting up a business with the aim to make a profit.

Front

You need to create a legal structure for your small business. You would like some benefits enjoyed by large corporations, but do not want to be taxed twice. You do not plan to sell stock and you want to personally be protected from business liabilities. Which legal structure should you set up for your business?

Back

S-Corporation

Front

An example of ________ compensation is paying field laborers for the amount of fruit they pick.

Back

Piece work

Front

A ________ employee receives a set amount of pay each month without overtime compensation for extra hours worked.

Back

Salary

Front

Employees most affected by minimum wage laws are compensated ________.

Back

Hourly

Front

An employee who is paid a percentage of a sale is paid by ________.

Back

Commission

Front

You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities. Which legal structure would you set up?

Back

C-Corp

Front

Who is the highest ranking employee in the company that reports to the board of directors?

Back

CEO

Front

Who creates budgets, analyzes financial data, and forecasts company profits?

Back

CFO

Front

Who develops policies and structures to protect company data?

Back

CIO