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WorksheetsESB Domain 1
Total questions: 32
Worksheet time: 48mins
The key objective of a small business owner is to generate ______ .
profits
customer retention
cash
none of these
Entrepreneurs are willing to take on new opportunities and unknown risks to grow their businesses rapidly
FALSE
TRUE
When a ______purchases an item from a business, it is a business-to-consumer transaction
business
vendor
customer
all of these
______ are for-profit corporations with limited liability and are NOT the most ideal for overseas or international operations.
C corp
S corp
LLC (Limited Lability Company)
are ideal for international businesses.
International Company
Over Sea Corp
none of these
C corp
The (COO) Chief Operating Officer duty is
handles the finances of a company
oversees daily operational and administrative functions
oversees the marketing team
oversees the daily transactions for a company
A ______votes on the management of a company.
stockholder
Customer
Board of Directors
All of these
Salary is
paid by the amount of work produced
paid by the amount of hours worked
paid a fixed amount each pay period
paid every two weeks
Businesses can compensate employees for work they produce when being paid by ______
percent pay
hours worked
salary
piece work
Businesses can offer _______in addition to a lower salary
benefits
equity
none of these
both of these
During the _____stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income.
opening
start-off
run-off
survival
The owner may decide to sell their ownership in the company during the ______stage
exit plan
ending
gateway
retire
The five elements of the design thinking process are: empathize, define, ideate, prototype , and _____
observe
exam
test
experiment
_____ allows one to see and experience a customer's perspective
Empathy
Kindness
Entrepreneurial skills
Understanding
The design team creates multiple inexpensive versions of a product, known as_______ .
Experimental Viable Products
Minimum Viable Products
Maximum Viable Products
Experimental Product
________ is the amount of loss one is willing to take when making an investment decision
Willingness
Will power
Risk tolerance
Strength
Having a growth mindset means ?
you want to grow your business skills
believing that one can grow by experiencing life
having a set of beliefs that means you easily give up
believing that one can accomplish anything through hard work
An example of an environmental risk is
tornado
car crash
appliances breaking
Someone slipping on ice
A _____ needs to be obtained to use a brand name on products
license
certificate
legal document
none of these
The five factors that determine the viability of a business opportunity are
all are correct
market size, relationships, cash flow management, management skillsets, and passion.
market size, relationships, cash flow management, business skillsets, and passion.
customer retention, will power, technology, money, investments
A lean canvas should only be one _____long.
slide
sentence
paragraph
none of these
The ______ creates the first impression of a business plan.
lean canvas
business plan
executive summary
all of these
A pitch deck is most commonly presented in the form of a ______ presentation
slide
Powerpoint
all of these are wrong
both of these are correct
A _____ and value proposition provides a brief overview of a business where one talks about the company's mission and the value provided to customers
vision
mindset
sighting
all of these are right
Trade secrets protect a company's formulas from being shared with _____
customers
other businesses
compeititors
employees
To license a product, one must obtain ______from the author or creator
authorization
approval
none of these
consent
Confidentiality or disclosure agreements are signed by employees, agreeing not to share trade secrets.
False
true
A patent protects a/an _____from being copied
music
designs
inventions
ideas
Michelle owns a charter school. She has recently begun earning more money and the schools' finances are doing well. In which business life cycle stage is Michelle?
Take Off
Success
Survivial
Existence
When considering the reliability of the management for a business opportunity, what else should one consider at this time?
the cost of management
one's own skillset
the cost of the product
the employee's skillset
Peter has decided to purchase a new carpet for his townhouse, He visits a local store to purchase the carpet there. Why type of transaction is this?
Business to consumer (B2C)
Physical
Digital
Business to Business (B2B)
Franchises will generally have higher _______________________, but they offer ongoing support and training
training costs
start-up costs
bankruptcy rates
taxes
