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ESB Domain 1 Lesson 1

Total questions: 48

Worksheet time: 29mins

Name
Class
Date
1.

Entrepreneurs are willing to explore new opportunites and unknown _____.

a)

Risks

b)

Finances

c)

Opportunites

d)

Chances

2.

When a business makes a purchase from another business, this transaction is called?

a)

CSS

b)

B2K

c)

B2B

d)

B2C

3.

When a customer is making a purchase from a business, this transaction is called?

a)

CSS

b)

B2B

c)

B2K

d)

B2C

4.

A product is a ________ item that you can hold, such as clothing, toys, and food.

a)

soild

b)

tangible

c)

intangible

d)

digital

5.

Businesses sells ________ and ________.

(a)  

6.

A (a)   is a business where the owners license their operations, products or services, branding, and knowledge for a license fee.

7.

A franchise is a business that has established operations, products, or services, and branding. This business requires more money upfront and has less (a)   .

8.

What sets small businesses owner apart from the entrepreneur?

a)

Entrepreneurs are not always interested in taking on new business opportunites.

b)

Small business owners' key objective is to generate profit.

c)

Small business owners are willing to take on risks.

d)

Entrepreneurs tend to have a passion for one business

9.

Select the trait of an Entrepreneur.

a)

Empathy

b)

Charming

c)

Compassionate

d)

Understanding

e)

Positive Attiude

10.

Select a trait of an entrepreneur

a)

Strength

b)

Patience

c)

Caring

d)

Kind

11.

Select a trait of a Entrepreneur

a)

Funny

b)

Friendly

c)

Flexibilty

d)

Forgetful

12.

Select a trait of an Entrepreneur

a)

Caring

b)

Considerate

c)

Comical

d)

Courage

13.

Select a trait of an Entrepreneur

a)

Compassionate

b)

Creativity

c)

Caring

d)

Kind

14.

Select a trait of an Entrepreneur

a)

Determination

b)

Kind

c)

Reasonable

d)

Considerate

15.

What sets small business owners apart from entrepreneurs?

a)

Small business ownrs key objective is to generate a profit

b)

Entrepreneurs are not always interested in taking on new business opportunites.

c)

Small business owners are willing to take on risks.

d)

Entrepreneurs tend to have a passion for one business

16.

A (a)   is a business where the owners license their operations, products, or services, branding, and knowledge for a license fee.

17.

A franchise is a business that has established operations, products, or services, and branding. This business requires more money upfront but has less (a)   involved.

18.

Businesses sell ________ and ________.

a)

digital and physical

b)

clothes and necessities

c)

products and services

d)

loans and cars

19.

A product is a (a)   item that one holds, such as clothing, toys, and food.

20.

A service is (a)   such as car detailing, auto repairs, and lawn businesses.

21.

Match the following characteristic to the appropriate legal structure

No ownership, no US federal taxes

a)

Non Profit

b)

C Corporation

c)

LLC

d)

Sole Proprietorship

22.

Match the following characteristic to the appropriate legal structure:

Best for international business even with being double-taxed

a)

Non Profit

b)

C Corporation

c)

S Corporation

d)

Partnership

23.

Match the following characteristic to the appropriate legal structure:

Easy to create but comes with unlimited liability

a)

LLC

b)

Partnership

c)

Non Profit

d)

    Sole proprietorship

24.

Match the following characteristic to the appropriate legal structure:

Lower tax rate that prevents the company from being double- taxed

a)

S Corporation

b)

LLC

c)

General Partnership

d)

C Corporation

25.

Match the following characteristic to the appropriate legal structure:

Ideal for a single owner seeking low risk

a)

Partnership

b)

Non Profit

c)

Sole proprietorship

d)

LLC

26.

Match the following characteristics to the appropriate legal structure:

Shared financial backing and responsibilities

a)

Partnership

b)

LLC

c)

Non profit

d)

C corporation

27.

Which of the following business roles creates the company?

a)

CFO

b)

Stakeholder

c)

Founder

d)

COO

28.

Which of the following business roles oversees company finances?

a)

CEO

b)

COO

c)

CFO

d)

Founder

29.

Which of the following business roles own stock in the compnay?

a)

Stockholder

b)

Stakeholder

c)

CFO

d)

CEO

30.

Which of the folllowing business roles reports to the board of directors?

a)

CEO

b)

CFO

c)

Stock Holder

d)

Founder

31.

Which of the following roles oversees daily operations?

a)

Founder

b)

COO

c)

CEO

d)

CFO

32.

Which of the following roles have interest in the company's success?

a)

CEO

b)

CFO

c)

COO

d)

Stakeholder

33.

Match the business compensation type with the corresponding definition:

Non-cash compensation

a)

Equity

b)

Commision

c)

Salary

d)

Hourly

34.

Match the business compensation type with the corresponding definition:

Set rate of pay for hours worked

a)

Equity

b)

Salary

c)

Commsion

d)

Hourly

35.

Match the business compensation type with the corresponding definition:

Usually found in sales roles

a)

Salary

b)

Hourly

c)

Commission

d)

Equity

36.

Match the business compensation type with the corresponding definition:

Set amount of pay in each period

a)

Salary

b)

Hourly

c)

Commission

d)

Equity

37.

Chad 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 Chad?

a)

Take off Stage

b)

Existence Stage

c)

Exit Stage

d)

Success Stage

38.

Desing thinking is a learning process that is focused on (a)   and their needs. It is used to develop user-friendly products that customers need.

39.

Bill just started a new graphic design business. He is advertising online and trying to gain customers. He just finished working with his first client. In which business life cycle state is Michael?

a)

Survival Stage

b)

Success Stage

c)

Existence Stage

d)

Take off Stage

40.

Stephanie started a new flower shop last year. She has a good customer base and money coming in. In which business life cycle stage is Stephanie?

a)

Survival Stage

b)

Success Stage

c)

Take off Stage

d)

Pivot or Persist Stage

41.

Which step in the Design Thinking Process does the followign definition belongs to:

First stage-identify needs of the customer and learn about the customers perspective

a)

Test

b)

Define

c)

Empathize

d)

Ideate

42.

Which step in the Design Thinking Process does the following belongs to:

Next, identify any problem a custom may face

a)

Test

b)

Define

c)

Empathize

d)

Ideate

43.

Then the team creates a solution to the problem in the _________ stage.

a)

Define

b)

Test

c)

Empathize

d)

Ideate

44.

In this stage, the team will create a  __________ to test the product.

a)

Ideate

b)

Robot

c)

MVP Prototype

d)

Test

45.

Finally the last step in the Design Thinking Process, the team will (a)   the product.

46.

Select the following Intellectual Property based on charcaterisitc: Used for protection of the "arts"

a)

Copyright

b)

Trademark

c)

Trade secrets

d)

Patent

47.

Select the accurate Intellectual Property based on the following characteristic:

Used to protect inventions

a)

Trade secret

b)

Trademark

c)

Patent

d)

Copyright

48.

Select the accurate Intellectual Property based on the following characteristic:

Used to protect formulas

a)

Copyright

b)

Trade Secret

c)

Trademark

d)

Patent