Entrepreneurship & Small Business Concepts

Bennett and Jacob are planning to expand their business internationally. They are considering different legal structures for their business. Even though one of the structures might lead to double taxation, they believe it's the best for their situation. Which legal structure are they considering?

• LLC

• S-Corp

• C-Corp

• Non-profit

Jacob, Caleb, Riley, Lacey, and Bennett started a new company. Who among them, if appointed as CFO, would be responsible for the company's finances and creating budgets?

• Jacob

• Caleb

• Riley

• Lacey

• Bennett

Sam works at a local bookstore. He gets paid a set rate for the hours he works. What type of compensation is Sam receiving?

• Salary

• Commission

• Hourly

• Equity

Caleb and Bennett have decided to start a pizza delivery business. What is the first stage in their business life cycle?

• Survival stage

• Success stage

• Take-off stage

• Existence stage

Adam is considering starting a business where he agrees to buy and sell the products developed by the seller or owner of the business model. What type of business opportunity is Adam considering?

• Franchise

• Viability

• Network Marketing

• Licensing

Alexa and Caleb started a new business and they came up with a unique logo and business name. What type of intellectual property should they register to protect their brand name and logo?

• Copyright

• Patent

• Trademark

• Trade Secret

Adam and Nola are working on a project to start a new business. They are using a Lean Canvas to plan their business. What would they include in the Lean Canvas to provide a brief overview of their business company's mission and the value they intend to provide to their customers?

• The team they have assembled

• The problems they aim to solve

• The milestones they have set

• Their vision and value proposition

Caleb has invented a new type of solar panel. Which type of intellectual property should he use to protect his invention from being copied by others?

• Trade Secret

• Trademark

• Patent

• Copyright

Bennett and Alexa are starting a new business and they are preparing a pitch deck. What is the main purpose of their pitch deck?

• To present a one-page document covering problems, solutions, and key details of their business plan

• To outline their goals and show investors how their investments will help achieve them

• To protect their creative works such as art, literature, and music

• To recruit other marketers like Brody, Riley, and Noah who work under them to create a distribution network

Adam and Bennett are planning to start a new business. They are considering different funding options. Which of the following is a common source of funding for startups?

• Bank Loans

• Personal Savings

• Venture Capital

• All of the above