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WorksheetsESB Domain 1 Test
Total questions: 65
Worksheet time: 36mins
Entrepreneurs are willing to take on new opportunities and unknown risks to grow their businesses rapidly
True
False
Who is the "creator of the company" ?
founder
employee
intern
Having a _______mindset means believing that one can accomplish anything through hard work.
growth
closed
Paul is writing code for his new software program. Which intellectual property law would best protect Paul's code?
copyright
patent
trademark
Cohen creates a new cellphone case for the latest iPhone that is said to rival the most protective on the market. Which intellectual property law would best protect Cohen's design?
copyright
patent
trademark
Faith created company branding design for her new company including logos and a color board. Which intellectual property would best protect her creative work?
copyright
patent
trademark
Business owners are legally bound to treat customers fairly, living by these qualities: (select all that apply)
Honesty
Attention
Accessibility
Respect
True or False: If a nonprofit organization earns more than they spend, the nonprofit must, by law, use the money to support the organization's mission.
True
False
Which section of the business plan is focused on customer retention, growth and acquistion?
Marketing
Organizational
Financial
Executive Summary
Which section of the business plan is a brief summary detailing overview of the business
most important because it is read first
Executive Summary
Business Plan
Marketing Plan
Organizational Plan
The Executive Summary should be brief- about 2 pages.
True
False
What section of the business details the roles of your employees and roles yet to be filled?
Organizational
Marketing
Executive Summary
Financial
In the Financial Plan, you should include budgets, cash flow statements and profit loss projection.
True
False
True or False: a Pitch Desk is 25-100 brief slides.
True
False
Which documents summarize a business plan of a company?
lean canvas
marketing plan
business plan
pitch deck
An entrepreneur is someone who runs their own business.
True
False
What is a reward of being your own boss?
Making your own decisions
Potential of more money
losing your business
What protects this brand logo?
trademark
copyright
patent
trade secret
What would protect this music?
copyright
patent
trademark
trade secret
What would protect the design of this phone?
copyright
patent
trademark
trade secret
What 3 elements are required to have a trade secret?
a unique logo or brand names
information has economic value not generally known
must be a service
subject to reasonable efforts to maintain its secrecy
others cannot legitimately obtain the information
Identifies it is a Creative Commons license
NC
BY
CC
SA
ND
Credit must be given to the creator
NC
BY
CC
SA
ND
Adaptations must be shared under the same terms
NC
BY
CC
SA
ND
Only noncommercial uses of the work are permitted
NC
BY
CC
SA
ND
No derivatives or adaptations of the work are permitted
NC
BY
CC
SA
ND
Which role creates the company?
Founder
CEO
COO
Stakeholder
Which role oversees the company finances?
CFO
CEO
COO
Stakeholder
Which role oversees daily operational and administrative functions?
CFO
CEO
COO
Stakeholder
Which role reports to the board of directors?
CFO
CEO
COO
Stakeholder
Which role would have a vested interest in the success of the company?
Stakeholder
Stockholder
Which role owns stock in the company?
Stakeholder
Stockholder
You own a lawn care business. You have employees who work long hours laboring in good weather, often exceeding 40 hours per week. They also work short hours when the weather is bad, sometimes they can't work at all. You do all of the sale for your business. Which 2 types of compensation would be appropriate for these landscape employees?
Salary
Equity
Commission
Hourly
Choose the correct Business Life Cycle Stages in order from beginning
Existence, Survival of the Fittest, Success, Takeoff, Maturity
Takeoff, Maturity, Survival of the Fittest, Existence
Existence, Success, Takeoff, Survival of the Fittest, Maturity
Takeoff, Existence, Maturity, Success, Survival of the Fittest
Match the stage of the Business Life Cycle:
COMPANY IS STABLE AND PROFITABLE
Success
Takeoff
Maturity
Existence
Match the stage of the Business Life Cycle:
Expansion strategies are implemented, and investment is balanced with potential
Success
Takeoff
Maturity
Existence
Match the stage of the Business Life Cycle:
The business introduces itself to the market and attempts to catch the attention of potential customers
Success
Takeoff
Maturity
Existence
Match the stage of the Business Life Cycle:
Focus shifts to revenue, expenses and growth. Cashflow is the major issue
Survival of the Fittest
Takeoff
Maturity
Existence
Match the stage of the Business Life Cycle:
The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name
Survival of the Fittest
Takeoff
Maturity
Existence
Which phase of the Design Process will :
State your users' needs and problems
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will :
Challenge Assumptions and create ideas
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will :
Try your solutions
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will :
Create solutions
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will :
research your users' needs
Empathize
Define
Ideate
Prototype
Test
What is the only structure with UNLIMITED liability?
S-Corp
C-Corp
Sole Proprietorship
LLC
What is the only structure that is subject to double taxation?
S Corp
C Corp
Sole Proprietorship
LLC
What is the biggest drawback and risk for Sole Proprietorship structures?
Easy to set up
unlimited personal liability
taxed twice
international business laws
Can a nonprofit be taxed and does it have any owners?
No
Yes
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 should you set up for your business?
S Corp
LLC
Sole proprietorship
C-Corp
You need to create a legal structure for your small business. You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public, but do want to be protected from business liabilities.
Which legal structure should you set up for your business?
LLC
Sole Proprietorship
C-Corporation
S-Corporation
What would be B2B?
Business to Business
wholesale flooring distributor
purchases requiring a tax exemption
motorcycle repair shop
chain of local grocery shops
A business that takes its name and characteristics from an existing business chain.
(a)
A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenue than larger-sized businesses.
small business
franchise
entrepreneur
In general, what defines a small business?
non-profit
fewer than 1,500 employees
less than $35.5 million in revenue
between 500 to 2500 employees
no more than $200,000 in sales
What would be B2C?
Business to Consumer
wholesale flooring distributor
purchases requiring a tax exemption
motorcycle repair shop
chain of local grocery shops
Successful entrepreneurs have mindsets that typically possess what characteristics? Select all that apply
tenacious
argumentative
responsible
adaptable
nervous
Which one is the greatest benefits of being an entrepreneur?
quick return on investment
meeting new people
paying less on taxes
schedule control
Which one of these is a characteristic of a successful entrepreneur mindset?
doesn't give up easily
likes to argue
makes friends quickly
lives in a dreamworld
What is the greatest risk of being an entrepreneur?
loss of experience
financial instability
damage to reputation
no control over schedule
What is the main difference between small business owners and entrepreneurs?
Small business owners are not always interested in taking on new business opportunities
small business owners are more willing to take on unknown risks
entrepreneurs are focused on generating profits.
What is a tangible item?
product
service
A Netflix subscription is an example of what type of product?
digital
tangible/physical
What are the 3 disadvantages of selling physical products?
needing storage space for inventory
packaging and shipping costs
physical products tend to have a lower value
needing employees to track supply/inventory
A common financial risk that entrepreneurs face is
higher taxes
higher income
bankruptcy
high maintenance cost
What are two benefits of being an entrepreneur?
working with like minded people
setting your own hours
having a set pay
lower income tax
