ESB Review

Multiple Choice

What is Entrepreneurship?

• Quickly advancing in positions within a corporation.

• Acquiring leadership and managerial skills.

• Marketing and selling products.

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

Multiple Choice

Which is a true statement about an S-Corporation?

• Unlimited shareholders are allowed.

• Shareholders are not personally responsible for business liabilities.

• The owner is personally responsible for business liabilities.

• Unlimited owners are allowed.

Multiple Choice

Which business structure has only one owner?

• S-Corporation

• C-Corporation

• Sole Proprietorship

• Limited Liability Company (LLC)

Multiple Choice

What is the first stage of the business cycle?

• Existence

• Survival of the fittest

• Success

• Maturity

Multiple Choice

During the Design Thinking Process, which element has you state your users' needs and problems?

• Empathize

• Define

• Challenge Assumptions and Create Ideas

• Try your solutions

Multiple Select

In general, which two characteristics define a "small" business?

• Non-profit

• S-Corporation

• Fewer than 1,500 employees

• less than $3.5 million revenue

Multiple Choice

Which business management role is the highest-ranking employee in the company?

• CFO

• CEO

• CIO

• COO

Multiple Choice

Which business management role is the one that creates budgets, analyzes financial data, and forecasts company profits?

• CEO

• CFO

• CIO

• COO

Multiple Choice

Which business management role is the one that oversees the day-to-day administrative functions of a business?

• CEO

• CFO

• CIO

• COO

Multiple Select

What are three disadvantages of selling physical products?

• Needing employees to track the supply

• Shipping and packaging costs

• Needing storage space

• Physical products tend to have a lower value

Multiple Choice

What type of e-commerce product is a movie from a streaming service?

• Physical

• Market

• Digital

• Wholesale

Multiple Choice

When an appliance manufacturer purchases materials from a company to build their appliances what type of transaction is this?

• Physical

• Digital

• Business-to-Business (B2B)

• Business-to-Consumer (B2C)

Multiple Choice

What is the main drawback of a sole proprietorship?

• They are easy to create

• They require a partner

• They are responsible to shareholders

• They have unlimited personal liability

Multiple Choice

Which corporation uses a double layer of taxation?

• C Corporation

• S Corporation

• Limited Liability Corporation

• Sole Proprietorship

Multiple Choice

Once a business is economically sound which stage of the business life cycle is it in?

• Take-off

• Success

• Existence

• Survival

Multiple Choice

What might the design team need to do during the design thinking process?

• Conduct surveys to ensure that customers believe the finished product will solve the outlined problem

• Create less viable prototype ideas to ensure that they will not solve the outlined problem

• Discuss other problems that need to be solved

• Revisit previous stages

Multiple Select

What are two advantages of selling digital products?

• Delivery is instantaneous and inexpensive

• Digital products tend to have a higher value

• Not needing physical storage, inventory, or additional employees

• Digital products are not taxed

Multiple Choice

It is becoming more and more common to sell products and services ___________.

• at markets

• through wholesaling

• through storefronts

• online

Multiple Choice

When ordering a box of cookies from an out-of-state bakery what type of e-commerce product are you purchasing?

• Digital

• Physical

• Wholesale

• Market

Multiple Choice

When you make a purchase of clothing in a department store what kind of transaction is this?

• Digital

• Business-to-consumer (B2C)

• Business-to-business (B2B)

• Physical

Multiple Choice

A non-profit has a ________ status.

• tax-exempt

• low-tax

• tax liable

• non-exempt

Multiple Choice

What is a disadvantage of S Corporations?

• They have high taxation rates

• There are very strict qualification requirements for becoming an S corporation

• There is a limited number of allowed S corporations

• They are subject to double-taxation

Multiple Choice

Cindy owns a law firm. She recently begun earning more money, and the firm's finances are doing well. In which business life cycle stage is Cindy in?

• Existence

• Take-off

• Success

• Survival

Multiple Choice

Sharon owns a small boutique store. The store has not been receiving a lot of business during the last few months and has been making a low profit. Sharon has a meeting scheduled to discuss these issues with other employees of the grocery store. In which business life cycle state is Sharon in?

• Survival

• Pivot or persist

• Resource maturity

• Exit plan

Multiple Choice

What is the definition of small buisness?

• Owned and managed by one individual or sometimes a small group of people with a focus on generating profits

• An individual with an idea to offer an innovative product or service about which they are passionate

• A business where the owner licenses their operations, products or services, branding, and knowledge for a royalty fee

Multiple Choice

What is the definition of an entrepreneur?

• Owned and managed by one individual or sometimes a small group of people with a focus on generating profits

• An individual with an idea to offer an innovative product or service about which they are passionate

• A business where the owner licenses their operations, products or services, branding, and knowledge for a royalty fee

Multiple Choice

What is the definition of a franchise?

• Owned and managed by one individual or sometimes a small group of people with a focus on generating profits

• An individual with an idea to offer an innovative product or service about which they are passionate

• A business where the owner licenses their operations, products or services, branding, and knowledge for a royalty fee

Multiple Choice

Which compensation type is hourly pay?

• Payment for the hours an employee has worked

• Fixed payment amount for each pay period

• A fee paid to an employee for completing a task

• Compensation for the number of units an employee produces

Multiple Choice

Which compensation type is salary?

• Payment for the hours an employee has worked

• Fixed payment amount for each pay period

• A fee paid to an employee for completing a task

• Compensation for the number of units an employee produces

Multiple Choice

Which compensation type is commission?

• Non-cash compensation, including an investment vehicle, ownership in the company, restricted stocks, or shares

• Fixed payment amount for each pay period

• A fee paid to an employee for completing a task

• Compensation for the number of units an employee produces

Multiple Choice

Which compensation type is piece work?

• Non-cash compensation, including an investment vehicle, ownership in the company, restricted stocks, or shares

• Fixed payment amount for each pay period

• A fee paid to an employee for completing a task

• Compensation for the number of units an employee produces

Multiple Choice

Which compensation type is equity?

• Non-cash compensation, including an investment vehicle, ownership in the company, restricted stocks, or shares

• Fixed payment amount for each pay period

• A fee paid to an employee for completing a task

• Compensation for the number of units an employee produces