What is a Non-Profit?

Owned by shareholders, pays taxes.

Operates for profit, pays taxes.

What does the COO stand for and what is their role?

Chief Operating Officer - 2nd in charge

Chief Executive Officer - Highest ranking in the company

Chief Financial Officer - Handles Finances and Budgeting

Chief Information Officer - IT & data

What is a Salary in business compensation structures?

A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.

A one-time payment made to an employee for a specific task or project.

A payment made to an employee based on the number of hours worked.

A payment made to an employee as a share of the profits of the company.

Hourly compensation in business compensation structures refers to:

Payment based on the number of hours worked.

A fixed annual salary paid to employees.

Compensation given in the form of company shares.

A bonus given at the end of the year.

Explain Commission as a type of business compensation structure.

Commission is a percentage of sales paid to employees based on their sales performance.

Commission is a fixed salary paid to employees regardless of sales.

Commission is a bonus given at the end of the year.

Commission is a type of hourly wage paid to employees.

What is a Bonus in the context of business compensation structures?

A one-time payment given for performance

What does the 'Empathize' step involve in the Design Thinking Process?

Understanding the user's needs and experiences

The purpose of the 'Define' step in the Design Thinking Process is to:

Identify the problem and establish a clear problem statement

Generate a wide range of ideas and solutions

Create prototypes to test ideas

What happens in the 'Prototype' step of the Design Thinking Process?

Prototypes are built to test ideas.

Ideas are generated and brainstormed.

The problem is defined and understood.

Feedback is gathered from users.

Being tenacious as a successful entrepreneur means:

Persistently pursuing goals despite obstacles

Giving up easily when faced with challenges

Avoiding risks and playing it safe

Relying solely on luck for success

Being adaptive can benefit a successful entrepreneur by:

allowing them to respond effectively to changes and challenges

making them more rigid in their business approach

ensuring they never have to change their business model

preventing them from taking risks

Being responsible is important for a successful entrepreneur because it:

ensures accountability and trustworthiness.

What does 'Intuitive & Self-Reliance' mean in the context of an entrepreneurial mindset?

A mindset that relies on gut feelings and independence.

A focus on teamwork and collaboration.

A strategy for financial investment.

How does 'Future Orientation' contribute to an entrepreneurial mindset?

By planning for long-term success

By emphasizing short-term goals

The role of 'Creativity & Innovation' in entrepreneurship is to:

drive business growth and differentiation

maintain traditional business practices

focus solely on financial management

limit the scope of business operations

'Critical Thinking & Problem-Solving' is important for entrepreneurs because:

it helps in making informed decisions and solving complex problems.

it is not relevant to business success.

it only applies to academic settings.

it is a skill that can be ignored.

Communication & Collaboration are essential in an entrepreneurial mindset because they:

foster innovation and adaptability.

only benefit large corporations.

hinder decision-making processes.

What does 'Comfort with Risk' imply for an entrepreneur?

Ability to take calculated risks

How do 'Flexibility & Adaptability' benefit an entrepreneur?

They allow entrepreneurs to respond to changes and challenges effectively.

They hinder the ability to make quick decisions.

They make it difficult to innovate.

They reduce the chances of business success.

What is 'Opportunity Recognition' and why is it crucial for entrepreneurs?

'Opportunity Recognition' is the process of identifying and evaluating potential business opportunities, and it is crucial for entrepreneurs because it helps them to innovate and stay competitive.

'Opportunity Recognition' is a marketing strategy used by entrepreneurs to promote their products, and it is crucial for increasing sales.

'Opportunity Recognition' is a financial analysis tool used by entrepreneurs to assess their business performance, and it is crucial for making investment decisions.

'Opportunity Recognition' is a legal requirement for entrepreneurs to register their businesses, and it is crucial for compliance.

ESB Practice Exam 2

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ESB Practice Exam 2

65 questions

What is the maximum sales amount for a business to be considered a small business?

What does 'B2B' stand for?

What does B2C stand for?

What is an S-Corp?

What is a C-Corp?

What is an LLC?

What is a Sole Proprietorship?

What is a Partnership?

What is a Non-Profit?

What is the role of the CEO in a company?

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