DAOF ESB Unit 1 Review

Imagine Jackson, William, and Abigail want to start an organization where everyone gets a say and shares the benefits because they all have the same goal. What type of entity are they creating?

• partnership

• sole proprietorship

• cooperative (co-op)

• S corporation (S corp)

Imagine David and Maya are working on a cool new gadget in their design thinking class. During the ideate stage, do you think they would already be building a scaled-down version of their product for users to try out?

• True

• False

Lily and Luna are discussing what forms the foundation of an employee's compensation package. It's usually determined by things like job responsibilities, market rates, and the individual's skills and experience. Can you help them figure out what it is?

• Performance management

• Base salary

• Market analysis

• Benefits and prerequisites

Abigail and Jackson are learning about business structures in class. Which of the following are true characteristics of a C corp? Select two options to help them ace their quiz!

• Ownership is one or more people

• Owners pay personal tax

• Owners pay corporate tax

• Unlimited personal liability

Olivia and Noah are competing to earn extra rewards at work! Which type of compensation includes extra elements that are only given if they hit certain goals, targets, or performance benchmarks?

• Variable pay

• Base salary

• Benefits

• Pay grades

Isla and Rohan are eager to tackle a big challenge! Which stage of the design thinking process are they in when they focus on truly understanding the issue they want to solve?

• Ideate

• Empathize

• Test

• Prototype

Harper and Luna are discussing the design thinking process. Harper claims that user-centric research is the main focus during the prototype stage. Is Harper correct?

• True

• False

Maya and Elijah are discussing different types of business organizations in class. Maya asks, "Which type of business means its owners are not personally liable and they are tax exempt?" Can you help them choose the right answer?

• C-corporations

• S-corporations

• Nonprofit corporations

• Partnerships

Ethan and Avery are starting a nonprofit corporation to help their community. Which of the following are true characteristics of their nonprofit? Select two options.

• They pay corporate tax

• They are tax-exempt

• The owners are not personally liable

• They pay self-employment tax

Samuel and Abigail are discussing what makes someone a true entrepreneur. Samuel says it's all about having a strong desire for financial independence. Do you agree with Samuel?

• True

• False