Worksheetsesbv2
Total questions: 67
Worksheet time: 34mins
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.
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
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
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
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
The key objective of a small business owner is to generate (a) .
Businesses sell (a) and services.
Is best for international businesses, have limited liability, and are double taxed.
General or Limited Partnership
C Corporation
S Corporation
Sole Proprietorship or Partnership
Limited Liability Corporation
(a) employees are paid a fixed amount each pay period. [Business Compensation Structures]
Business Life Cycle Stages
Stage 1 - When a business begins
Existence
Survival
Success Stage
Take-Off Stage
Resourse Maturity Stage
Business Life Cycle Stages
Stage 2 - Income and customers begin to grow
Existence
Survival
Success Stage
Take-Off Stage
Resourse Maturity Stage
Business Life Cycle Stages
Stage 4 - When an owner decides whether to continue growing the business and how to finance growth.
Pivot or Persist
Survival
Exit Plan Stage
Take-Off Stage
Resourse Maturity Stage
Businesses can offer (a) in addition to a lower salary.
A one page document covering problems, solutions, and key details of a business plan, costs and revenue.
Business Plan
Executive Summary
Pitch Deck
Lean Canvas
A brief overview of the business plan which outlines the business, what funding is needed, and financial projections
Business Plan
Executive Summary
Pitch Deck
Lean Canvas
Confidentiality or (a) agreements are signed by employees, agreeing not to share trade secrets. [Using Licensed Materials]
Which viability factor involves building relationships with experienced professionals?
Network marketing
Relationships
Passion
Management skillset
Which viability factor can help an entrepreneur make up for a lack of skills?
Passion
Management skillset
Network marketing
Relationships
Mary works for a tech company and is designing a new style of headphones. Which intellectual property law would best protect Mary’s design?
Trade secret
Patent
Copyright
Trademark
(a) data is more accurate and reliable compared to secondary data. [Primary and Secondary Data]
Financial limitations would be an example of a (a) in a SWOT analysis. [SWOT Analysis]
Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis element below:
Dependable employees
Strength
Opportunity
Threat
Weakness
The formula used to determine customer acquisition costs is (a) expenses plus sales expenses divided by the number of new customers for the period. [Customer Acquisition and Retention Costs]
The four P’s of the marketing mix are product, price, place, and (a) . [Elements of a Marketing Plan]
Jon’s company acquired 2,000 new customers last year. He spent $10,000 in marketing costs and $6,000 in sales costs. What was Jon’s CAC?
(a)
Erin owns an ice cream shop. She spent $5,000 in marketing expenses and $2,000 in sales costs last year. She obtained 700 new customers. What was Erin’s CAC?
(a)
Becky owns a coffee shop. She wants to figure out her customer retention rate for the first quarter (Q1). What is Becky’s customer retention rate? Round to the nearest whole number.
Customers at the end of Q1: 250
b. Customers at the beginning Q1: 225
c. New customers in Q1: 35
d. Customer retention rate: (a) %
Which element outlines marketing costs?
Situation analysis
Delivery plan
Budget
Product, price, place, and promotion
The last step in a sales process is (a) . [Elements of a Sales Process]
Selling goods from one business to another is known as (a) sales. [Key Characteristics of Sales Channels]
In which step of the sales process would you address customer concerns?
Approach
Closing
Presentation
Prospecting
Objection
In which step of the sales process would potential customers be identified?
Approach
Closing
Presentation
Prospecting
Objection
George came up with a secret banana bread recipe that he sells in his bakery. Which intellectual property law would best protect his recipe?
Copyright
Patent
Trade secret
Trademark
Jessica is composing a song and wants to protect it from being copied. Which intellectual property law would best protect Jessica’s song?
Copyright
Patent
Trade secret
Trademark
During which stage of the design thinking process will the design team create multiple inexpensive product versions?
Ideate
Define
Prototype
Empathize
In which stage do sales gain momentum?
Growth
Idea
Traction
Launch
Monetization
A key example of a (a) service many companies use is a software as a service (SaaS) platform. [Production Options]
When setting one’s own quality standards, one must ensure that the standards are (a) . [Quality Control Testing]
What should one research before creating a product?
How much money investors are willing to invest in the product
The number of products that will need to be produced
What is required to make the product
How much it will cost to compensate employees
A business can use (a) engineering to cut down on costs or to improve its product’s function. [Production Options]
Distribution and fulfillment centers are both (a) distribution channels. [Direct Distribution and Fulfillment Services]
Ben owns a shoe store. He has a new line of limited-edition running shoes that he will be selling in his store soon. The cost of manufacturing the shoes was $18 per pair, and he wants to make a 20% profit on each pair he sells. What is Ben’s selling price?
(a)
Ashley sells cars. She has $26,000 in cash, $34,000 in inventory, a $4,600 credit card balance, and $7,900 in long-term debt. What is Ashley’s
equity?
(a)
Mallory sells hats. Last month, Mallory had an income of $3,800, her cost of goods was $875, and her total expenses were $1,400. What was Mallory’s gross income?
(a)
Jane owns a dress-making business. Her income last quarter was $8,000, her cost of goods was $1,500, and her total expenses were $3,000. What were Jane’s net income?
(a)
Zach owns a car detailing shop. Last year, he had a beginning cash balance of $5,600, total cash sales of $21,800, $4,700 in utilities, $3,400 in loan payments, and $1,200 in marketing costs. What was Zach’s ending cash balance for last year?
(a)
Andrea owns a food truck. Last month, her starting balance was $3,400, her ending balance was $5,300, and her revenue was $4,700. What is Andrea’s current run rate?
(a)
Andrea owns a food truck. Last month, her starting balance was $3,400, her ending balance was $5,300, and her revenue was $4,700. What is Andrea’s burn rate for last month?
(a)
Sherry sells purses. What is Sherry’s ROI?
a. Production cost: $17.20/purse
b. Selling price: $30/purse
(a)
