Review ESB test

What is Entrepreneurship?

• Marketing and selling products

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

• Acquiring leadership and managerial skills.

• Quickly advancing in positions within a corporation.

B2B is an acronym for?

• Business to business

• Business to consumer

• Business to buyer

• None of the above

B2B sell products and services directly to other businesses.

• True

• False

Which fall under B2C (Business to consumer)? Select all that apply

• Chain of a local grocery store

• Wholesale flooring distributor

• motorcycle repair shop

• Purchases requiring a tax exemption certificate.

What is a sole proprietorship?

• A designer for a shoe company.

• A limited liability company.

• Someone who owns an unincorporated business by himself or herself.

• Someone who is looking to start a business.

What does an S-Corporation offer? Select all that apply

• 100 shareholders max allowed and all must be U.S. citizens or residents.

• Taxed once only the shareholders pay on profits received. A separate tax return is required for the business.

• Taxed twice business pays at the corporate level

• Popular choice for business concerned about liability protection.

By default, owners of a equity in a business are founder, partners, and shareholder.

• True

• false

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

• Piece of work

• commission

• Salary

• Hourly

Employees most affected by minimum wage laws are compensated ________.

• biweekly

• hourly

• annually

• commission

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

• hourly

• summers

• salary

• commission