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WorksheetsESB Domain 1
Total questions: 53
Worksheet time: 27mins
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
Which 2 documents summarize the business plan of a company? (choose 2)
BUSINESS PLAN
LEAN CANVAS
BALANCE SHEET
MARKETING PLAN
PITCH DECK
T/F The goal of a pitch deck is to get investors' attention
True
False
Business plans are text-based documents
True
False
A pitch deck is a visual slide presentation
True
False
Business Plans are highly visual
True
False
A typical pitch deck has between 20-100 slides
True
False
A __________is a multi-page document describing and detailing a business.
Pitch Deck
Business Plan
Lean Canvas
A slide presentation for potential investors that summarizes of the key items of a business is called a __________.
Business Plan
Pitch Deck
Lean Canvas
A __________ is a single-page business summary template that was created by Ash Maurya.
Business Plan
Pitch Deck
Lean Canvas
Which 3 components are characteristic of a Pitch Deck? (choose 3)
10-20 slides
Highly visual
highly texted based
used to get investors attention
used to get investor buy in
•B2B:
A document that compares assets to liabilities plus owner's equity.
Cost incurred by a business.
A business-to-consumer transaction.
A business-to-business commercial transaction between businesses.
B2C:
A tangible item a business owns.
Cost incurred by a business.
A document that compares assets to liabilities plus owner's equity.
A business-to-consumer transaction.
Business Opportunity:
A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.
A calculation used to measure a business's monthly cash flow.
A document that addresses the concept, customers, and capital for a business.
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
Business Plan:
A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.
A calculation used to measure a business's monthly cash flow.
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
A document that addresses the concept, customers, and capital for a business.
•C Corporation:
A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
A calculation used to measure a business's monthly cash flow.
A document that addresses the concept, customers, and capital for a business.
Collaboration:
The action of working with one or more people toward a common goal.
The Chief Financial Officer (CFO) holds a leadership role within a business. The CFO oversees a company's finances.
The Chief Executive Officer (CEO) holds a leadership role within a business. The CEO oversees a business's operations and resources and makes the major decisions for the company.
The key objective of a small business owner is to generate (a) .
(a) are for-profit corporations with limited liability.
Businesses can offer ____ in addition to a lower salary.
salary
empathy
equity
profits
____ are ideal for international businesses.
S Corporations
C Corporations
LLC
Partnerships
____ employees are paid a fixed amount each pay period.
stock option
business partners
full time
salary
_____ allows one to see and experience a customer's perspective.
Sympathy
Empathy
Emotions
One of the five elements of the design thinking process includes:
prototype
new customers
stock options
viable products
Check all of the items that are services
drum lessons
couch
web design
Cuban link necklace
AC repairs
Check all of the items that are products
muffins
couch
web design
Cuban link necklace
AC repairs
One characteristic of a legal structure for a single owner seeking low risk would be
C Corporation
S Corporation
LLC
Partnership
What is the first stage of the business life cycle
success
take-off
exit plan
existence
survival
What is the fourth stage of the business life cycle?
success
take-off
exit plan
existence
survival
What is the seventh stage of the business life cycle?
success
take-off
exit plan
existence
survival
What is the third stage of the business life cycle?
success
take-off
exit plan
existence
survival
What is the fifth stage of the business life cycle?
success
take-off
resource maturity
existence
survival
What is the second stage of the business life cycle?
success
take-off
resource maturity
existence
survival
What is the sixth stage of the business life cycle?
success
pivot or persist
resource maturity
existence
survival
Person that creates the company is known as the ___
CEO
Stockholder
Founder
COO
CFO
Person that oversees the finances of the company is known as the ___
CEO
Stockholder
Founder
COO
CFO
Person that reports to the board of directors is known as the ___
CEO
Stockholder
Founder
COO
CFO
