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Worksheets

ESB 1.1

Total questions: 17

Worksheet time: 10mins

Name
Class
Date
1.

What is Entrepreneurship?

a)

Marketing and selling products

b)

Setting up a business with the aim to make a profit.

c)

Acquiring leadership and managerial skills

d)

Quickly advancing in positions within a corporation

2.

Select the businesses that are classified as Business to Business (B2B).

a)

Wholesale flooring distributor

b)

Chain of local grocery stores

c)

Purchases requiring a tax exemption certificate

d)

Motorcycle repair shop

3.

Select the Businesses that are Business to consumer (B2C)

a)

Wholesale flooring distributer

b)

Purchases requiring tax exemption

c)

Chain of local grocery stores

d)

Motorcycle repair shop

4.

You need to create a legal structure for your small business. You would like some benefits enjoyed by large corporations, but do not want to be taxed twice. You do not plan to sell stock and you want to personally be protected from business liabilities.

Which legal structure should you set up for your business?

a)

Sole Proprietorship

b)

C-Corporation

c)

Limited Liability Company

d)

S-Corporation

5.

For each statement about owners of equity in a business, select the TRUE answers

a)

Founders own equity

b)

A Partner owns equity

c)

All stakeholders own equity.

d)

Contractors own equity.

6.

An example of ________ compensation is paying field laborers for the amount of fruit they pick.

a)

Piece work

b)

salary

c)

commission

d)

hourly

7.

A ________ employee receives a set amount of pay each month without overtime compensation for extra hours worked.

a)

Piece work

b)

Salary

c)

Hourly

d)

Commission

8.

Employees most affected by minimum wage laws are compensated ________.

a)

Piece Work

b)

Salary

c)

Hourly

d)

Commission

9.

An employee who is paid a percentage of a sale is paid by ________.

a)

Commission

b)

Hourly

c)

Salary

d)

Piece Work

10.

In General, which 2 characteristics define a "small business"? (Choose 2)

a)

No more than $200,000 in sales

b)

Fewer than 1500 employees

c)

Less than $35.5 Million revenue

d)

Non-Profit

e)

Between 500 and 2500 employees

11.

Which of the following businesses classify as a Digital Business.

a)

Bookstore on Amazon that sells eBooks

b)

Online store that dropships camping gear

c)

Bakery in your community

d)

Hair salon that makes appointments

12.

You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities. Which legal structure would you set up?

a)

S-Corp

b)

Limited liability Company LLC

c)

Sole proprietorship

d)

C-Corp

13.

Who is the highest ranking employee in the company. Reports to the board of directors

a)

CEO

b)

CFO

c)

COO

d)

CIO

14.

Who creates budgets, analyzes financial data, and forecast company profits.

a)

CEO

b)

COO

c)

CFO

d)

CNO

15.

Who develops policies and structures to protect company data.

a)

CNO

b)

COO

c)

CIO

d)

CDO

16.

Who overseas the day to day administrative functions of a business, second in command.

a)

CEO

b)

COO

c)

CIO

d)

CFO

17.

You own a lawn care business. You have employees who work long hours laboring in good weather, often exceeding 40 hrs per week. They also work short hrs when the weather is bad, sometimes they can't work at all. You do all the sales for your business.


Which 2 types of compensation would be appropriate for these landscape employees?

a)

Salary

b)

Commission

c)

Hourly

d)

Piece Work