What is one of the CEO's responsibilities?

Developing the company's vision, strategy, and mission

Directly managing all hiring processes

Conducting performance reviews for all staff

What is one of the responsibilities of a CFO?

In charge of marketing strategies

Directs customer service operations

What does a CFO do in relation to budgets?

Approves all team-building activities

What is a CFO responsible for forecasting?

Whether the company will meet the set budget requirements or not

What is the primary responsibility of a COO according to the learning material?

Oversees the business's day-to-day operations and administrative functions

Leads the company's marketing strategies

What does equity compensation refer to in the context of compensation?

A) A set amount of pay in a given period

B) A set rate of pay for hours worked

D) Usually found in sales roles

What does hourly compensation imply?

B) Set rate of pay for hours worked

C) Usually found in sales roles

D) Set amount of pay in a given period

What is a salary in terms of compensation?

D) Set amount of pay in a given period

B) Set rate of pay for hours worked

C) Usually found in sales roles

What is the role of a Founder in a company?

Reports to the board of directors

What does a Stockholder do in a company?

Reports to the board of directors

Oversees daily operational and administrative functions

Has a vested interest in the success of the company

What is the responsibility of the COO?

Oversees daily operational and administrative functions

What distinguishes a Stakeholder from a Stockholder in a company?

A Stakeholder has a vested interest in the success of the company

A Stakeholder creates the company

A Stakeholder oversees company finances

A Stakeholder owns stock in the company

What happens during the survival stage of the Business Life Cycle?

Income and customers begin to grow

The business becomes economically healthy

The owner decides if they will continue to grow the business into a large company or pivot to a new project

The owner may choose to sell their company

What is the Resource maturity stage characterized by in the Business Life Cycle?

The owner can separate financially and operationally from the business

The owner decides to sell the business

The business reaches a point where it needs to pivot or persist

What does the pivot or persist decision entail in the Business Life Cycle?

Deciding if the business will continue to grow into a large company or pivot to a new project

Deciding whether to become economically healthy

Choosing to sell the company or not

Separating financially and operationally from the business

What is the purpose of the 'Prototype' stage in the Design Thinking Process?

The image does not provide this information

To identify the needs of the customer

To identify and define problems

What does self-reliance mean in the context of an entrepreneur's characteristics?

Trusting one's self, goals, and progress

The amount of loss one is willing to take when making investment decisions

Adapting to change, loss, and disappointment

Tackling goals with courage and perseverance, even when it's challenging

What is meant by 'forward thinking' for an entrepreneur?

Thinking about and planning for the future

Turning one's ideas into action or bringing new ideas to generate more or better business

The way one approaches new ideas and ventures

Adapting to change, loss, and disappointment

How is 'opportunity recognition' defined for an entrepreneur?

The way one approaches new ideas and ventures

The amount of loss one is willing to take when making investment decisions

Trusting one's self, goals, and progress

Adapting to change, loss, and disappointment

What does 'initiative' refer to in entrepreneurial characteristics?

Turning one's ideas into action or bringing new ideas to generate more or better business

Thinking about and planning for the future

The amount of loss one is willing to take when making investment decisions

Trusting one's self, goals, and progress

What does 'resiliency' signify for an entrepreneur?

Adapting to change, loss, and disappointment

The way one approaches new ideas and ventures

Tackling goals with courage and perseverance, even when it's challenging

Trusting one's self, goals, and progress

What is 'grit' in the context of entrepreneurial characteristics?

Tackling goals with courage and perseverance, even when it's challenging

Adapting to change, loss, and disappointment

The amount of loss one is willing to take when making investment decisions

Turning one's ideas into action or bringing new ideas to generate more or better business

What does 'risk tolerance' mean for an entrepreneur?

The amount of loss one is willing to take when making investment decisions

Trusting one's self, goals, and progress

Adapting to change, loss, and disappointment

Tackling goals with courage and perseverance, even when it's challenging

What does having a growth mindset as an entrepreneur imply?

Believing that anything can be accomplished with enough hard work

Focusing solely on financial gain

Believing that success is predetermined

What is critical thinking in the context of entrepreneurship?

Solving problems using a variety of possible solutions

Following instructions without questioning them

Taking decisions based on assumptions

How is creativity and innovation expressed in entrepreneurship?

Bringing new and unconventional ideas

Copying existing business models

Sticking to traditional methods

What does collaboration mean for an entrepreneur?

Working with others towards a common goal

Competing with others at all times

What is meant by problem solving in entrepreneurship?

Ignoring problems until they resolve themselves

Delegating all problems to others

What does personal agency refer to in the context of entrepreneurship?

Working towards a goal without direction or push by others

Waiting for others to make decisions

What are ethical practices for an entrepreneur?

Making decisions based on doing the right thing

Making decisions based on personal gain only

Ignoring the consequences of business decisions

Following unethical trends for profit

What constitutes social responsibilities for an entrepreneur?

Preventing or removing corruption or unethical behavior from a business or community

Focusing on short-term profits regardless of social impact

Ignoring laws and regulations to expedite business growth

Prioritizing personal benefits over community welfare

What is the seller required to do for the buyer in a business opportunity?

Help the buyer find an ideal location for the business

Offer a discount on the purchase

Guarantee a certain level of income

Legal Structures Quiz

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Legal Structures Quiz

74 questions

Which legal structure is characterized by having no ownership and is not subject to US federal taxes?

What is a key characteristic of a C-Corp?

What is a disadvantage of a proprietorship?

Which legal structure is known for a lower tax rate that prevents the company from being double-taxed?

What is a characteristic of an LLC?

Which legal structure involves shared financial backing?

What is the role of a CEO in a company?

Who does the CEO report to?

What is one of the CEO's responsibilities?

What is one of the responsibilities of a CFO?

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