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WorksheetsESB 1.1
Total questions: 17
Worksheet time: 10mins
What is Entrepreneurship?
Marketing and selling products
Setting up a business with the aim to make a profit.
Acquiring leadership and managerial skills
Quickly advancing in positions within a corporation
Select the businesses that are classified as Business to Business (B2B).
Wholesale flooring distributor
Chain of local grocery stores
Purchases requiring a tax exemption certificate
Motorcycle repair shop
Select the Businesses that are Business to consumer (B2C)
Wholesale flooring distributer
Purchases requiring tax exemption
Chain of local grocery stores
Motorcycle repair shop
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?
Sole Proprietorship
C-Corporation
Limited Liability Company
S-Corporation
For each statement about owners of equity in a business, select the TRUE answers
Founders own equity
A Partner owns equity
All stakeholders own equity.
Contractors own equity.
An example of ________ compensation is paying field laborers for the amount of fruit they pick.
Piece work
salary
commission
hourly
A ________ employee receives a set amount of pay each month without overtime compensation for extra hours worked.
Piece work
Salary
Hourly
Commission
Employees most affected by minimum wage laws are compensated ________.
Piece Work
Salary
Hourly
Commission
An employee who is paid a percentage of a sale is paid by ________.
Commission
Hourly
Salary
Piece Work
In General, which 2 characteristics define a "small business"? (Choose 2)
No more than $200,000 in sales
Fewer than 1500 employees
Less than $35.5 Million revenue
Non-Profit
Between 500 and 2500 employees
Which of the following businesses classify as a Digital Business.
Bookstore on Amazon that sells eBooks
Online store that dropships camping gear
Bakery in your community
Hair salon that makes appointments
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?
S-Corp
Limited liability Company LLC
Sole proprietorship
C-Corp
Who is the highest ranking employee in the company. Reports to the board of directors
CEO
CFO
COO
CIO
Who creates budgets, analyzes financial data, and forecast company profits.
CEO
COO
CFO
CNO
Who develops policies and structures to protect company data.
CNO
COO
CIO
CDO
Who overseas the day to day administrative functions of a business, second in command.
CEO
COO
CIO
CFO
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?
Salary
Commission
Hourly
Piece Work
