Key Terms #5 and #6

An employee contract

• tells only what they get paid

• outlines the employee/employer obligations and terms of employment

• shares only the hours an employee is supposed to work

The order of business life cycles is:  existence, survival, succes, resource maturity, take-off, pivot or persist, exit plan

• True

• False

What is a fee/bonus paid for completing a task (this could be a percentage or dollar amount)?

• Piece Work

• Commission

• Salary

Employees who are paid for the number of items/units they produce/complete is called

• Commission

• Piece Work

• Hourly

A non-cash payment that is offered instead of cash is called

• Monthly Fee

• Piece Work

• Equity

The Business Life Cycle definition is

• a method to follow in order for you to develop a product.

• the cycle an employee goes through to get hired and promoted.

• the evolution of a business in a phased manner over time.

The business life cycle stage when the owner may choose to make a profit from selling their ownership in a successful company

• exit plan

• resource maturity

• take-off

The business life cycle stage when the entrepreneur is looking for avenues to leverage company's growth

• existence

• survival

• success

The business life cycle stage when you are regularly taking new customers and starting to generate income is called

• Existence

• Survival

• Success

The business life cycle stage when a business continues with its current strategy or turns to a new strategy if needed.

• take-off

• pivot or persist

• exit plan