Domain 1 Vocab Part 1

One’s ability to act and work toward achieving a goal is called:

• Initiative
• Personal Agency
• Problem-Solving
• Self-Reliance

What is a business opportunity?

• local agency with information on businesses
• . A situation an entrepreneur analyzes to determine business feasibility
• . A document that addresses the concept, customers, and capital
• A persuasive speech to entice customers

What is a commission?

• A monetary amount given to employees for their work
• A fee paid to an employee for completing a task
• A business’s liability to an entity
• A type of compensation for total hours worked

What is compensation?

• A financial calculation for return on investment
• A monetary amount given to employees in return for work
• A pricing strategy for products

What does COO stand for?

• Chief Operations Officer
• Chief Organizing Officer
• Chief Operating Officer
• Chief Organizational Officer

The Chamber of Commerce provides:

• Local business information and resources.
• Business licenses.
• Loans for entrepreneurs.
• A list of government regulations.

Demographics refers to:

• Statistical data about specific groups within a population.
• A list of economic conditions.
• Information about competitors.
• The number of businesses in an are

• Inventions and technical innovations.
• Brand names, logos, and business names
• Customer databases.
• Financial assets.

What is collaboration?

• The process of solving a problem
• The action of working with others toward a common goal
• A form of business ownership
• A financial term referring to assets owned by a business

What is burn rate?

• A calculation used to measure a business’s monthly cash flow
• A fee paid to an employee for completing a task
• d. The amount of money owed to an entity
• A financial statement detailing revenue and expenses