Domain 1 Quick Review

Concept: Entrepreneurs and Small Business

What is the difference between small businesses owners and entrepreneurs?

• Small business owners are more willing to take on unknown risks

  
  

• 
  Small business owners are not always interested in taking on new business opportunities

• Entrepreneurs are not always interested in taking on new business opportunities

  
  

• Entrepreneurs are focused on generating profits

Companies run the risk of employees sharing trade secrets. Which two documents do many companies have their employees sign to help mitigate this risk? (a)   ​ ​ (b)  

• Non-disclosure Agreement (NDA)
• Employment Contract
• Performance Review
• Company Handbook
• Confidentiality Agreement

Ronda owns a food truck where she is known for her hot sauce. Which intellectual property law best protects Ronda's recipe from being stolen or replicated by other competitors?

• Patent
• Trademark
• Copyright
• Trade secret

executive summary should briefly explain everything in a business plan in __________ pages.

• 1 to 2
• 3 to 4
• 5 to 6
• 7 to 8

What is the main drawback of a sole proprietorship?

• High startup costs
• Complex tax structure
• Unlimited personal liability

• Limited growth potential

Mike is the owner of a doggy daycare and grooming business. The business is economically healthy, and he is looking for ways to finance future growth. In which business life cycle stage is Mike?

• Take-Off

• Success

• Existence

• Survival

One should know if there is __________ for a product before taking on a business opportunity.

• high taxes

• buyers fees

• high demand

• high production cost

What might the design team need to do during the design thinking process?

• Create less viable prototype ideas to ensure that they will not solve the outlined problem

• Conduct surveys to ensure that customers believe the finished product will solve the outlined problem

• Discuss other problems that need to be solved

• Revisit previous stages

A common financial risk that entrepreneurs encounter is __________.

• high maintenance cost

• bankruptcy

• high taxes

• high insurance costs

What are the three disadvantages of selling physical products? (a)   ​ ​ pace ​ ​ ​ (b)   ​ ​ (c)  

• Shipping and packaging costs
• Needing storage space
• Needing employees to track the supply
• Unlimited product returns
• No need for marketing
• Instant customer satisfaction