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WorksheetsSmall Business, Entre., Legal Structure Compensation Review
Total questions: 52
Worksheet time: 29mins
What is a franchise?
Bought a license from a bigger company, have to follow specific guidelines
Content with where they are, key objective is to generate profit
Small Business
C-Corporation
What is a small business?
Interested in exploring new opportunities, take risks, and grow profit
Amazon
A business with multiple stores
Content with where they are, key objective is to generate profit
An Entrepreneur is / does: (Multiple Answers)
Interested in things staying the same and not interested in innovative ideas
Content with where they are, key objective is to generate profit
Takes on the all the risk at the beginning o the business process
Use his . her own capital to start the business.
Which is not a service?
Manicure
Dog walking
T-shirt
Boat Detailing
Having someone shop for your groceries for a fee at the grocery store is:
Service based
Product based
Both
Taking a Crossfit class is:
Service Based
Product Based
Both
When you buy into a franchise, do you receive ongoing support and help from the franchise owner/larger company & brand?
Yes
No
When we talk about start-up costs (the money it takes to start a business) is it cheaper to start your own business or buy into a franchise?
Buy into the franchise is cheaper
Starting my own business is cheaper
Let's say you bought into a McDonalds franchise, could you go and buy paper cups from Walmart without the main franchise office of McDonalds knowing or saying its okay?
Yes, you can do whatever you want!
No way, the franchise owner has to approve any changes I want to make.
B2C means:
When a business sells product or service to another business
When you sell a service back to a business
When a business sells product or service directly to a consumer
You buy a bottle of Mountain Dew at 7-11. What kind of transaction is this?
B2B
B2C
Your company makes the glass that is used for iPhones. You sell the glass to Apple. What kind of transaction is this?
B2B
B2C
A Small Business contains the following characteristics (multiple answers)
Owned by 1 individual or a few
Owned by many individuals with a Capital Investment
Owned by a few with a Capital Investment
Involved in Business Decisions and direction
Capital is:
Money Invested
Property Invested
Equipment
All of the above
A Small Business has: (Choose all that apply)
Works for a corporation
Wants to generate profits
May be happy to continue on it's current path
sells only products not services
Entrepreneurs want their business to grow rapidly.
True
False
A Franchise does not offer products, marketing and support to their Franchisees'.
True
False
A product is delivered directly to your email
True
False
Classify the following as products
Shirt
Streaming service
Sneakers
Downloaded cheat code
E-Commerce is:
selling an item in a store
selling a service door to door
purchasing a service or product on-line
Which is not an example of an E-Commerce retailer?
An intangible service is delivered digitally.
True
False
Tangible products require warehousing (a place to store them)
True
False
It is easy to determine the selling price of an intangible digital service.
True
False
Examples of B2C businesses are: (Choose all that apply)
Groceries
Clothes online or in person at a store
Haircut
Buying a car
Taxes - are ways that government can collect money from businesses to pay for hospitals, skills and roads.
True
False
Which corporation is very strict to qualify for, can only have 100 shareholders, 1 class of stock, and strict with who can be a shareholder?
Sole Proprietor
S-Corporation
C-Corporation
Non-Profit
C - Corporation is the best option for domestic companies.
True
False
Characteristics of a C- Corporation (Choose all that apply)
Least common type of corporation in the US
Double Tax, company pays taxes on profits and so do shareholders
Great Legal Structure for your business if you are selling goods and services internationally
A C-Corporation has Limited Liability
A Limited Liability Company (LLC) is a great option for a single owner because it limits their liability - personal assets are safe.
True
False
Which of the following the owners pay taxes on their business profits / losses through their own personal taxes at the personal tax rate?
Sole Proprietor
S Corporation
Limited Liability Co. (LLC)
Non-Profit
Sole Proprietorship is a one owner business, that is difficult to set up and has limited liability.
True
False
A non-profit does not pay any taxes, is not owned by stockholders or individuals and is usually a charity.
True
False
Which is not a non-profit? (Select all)
Nike
Red Cross
The Humane Society
Amazon
Select the functions of a CEO.
Creates Budgets and is incharge of the corporations finances
Makes the major decisions of the company
Develops companies vision, strategies & mission
Reports to the board of directors
The CFO is in charge of the following: (Multiple options)
In charge of the company's finances
Creates budgets & financial strategies
Manages the daily operations of the company
Negotiates the company's financial dealings
The COO is in charge of the day to day administrative functions.
True
False
The individual who develops / creates a company and invests their own resources is called.
Chief Executive Officer
Entrepreneur
Chief Operations Officer
A Founder
Stakeholders are usually... (Multiple selections)
Investors
Customers
Suppliers
Employees
An employee is paid by wage or salary.
Wage
Wage
Both
Hourly Pay
Fixed payment amount for each pay period
Payment for the hours an employee has worked.
A fee paid to an employee for completing a task.
Compensation for the number of units an employee produces
Commission
Fixed payment amount for each pay period
Payment for the hours an employee has worked.
A fee paid to an employee for completing a task.
Compensation for the number of units an employee produces
Salary
Fixed payment amount for each pay period
Payment for the hours an employee has worked.
A fee paid to an employee for completing a task.
Compensation for the number of units an employee produces
Equity
Fixed payment amount for each pay period
Payment for the hours an employee has worked.
A fee paid to an employee for completing a task.
Non-cash compensation, including an investment vehicle, ownership in the company restricted to stocks or shares.
Piece Work
Fixed payment amount for each pay period
Payment for the hours an employee has worked.
A fee paid to an employee for completing a task.
Compensation for the number of units an employee produces
Non-cash compensation, including an investment vehicle, ownership in the company restricted to stocks or shares.
Salary
Piece Work
Equity
Commission
Non-Profit
Sole Proprietor
S-Corporation
Limited Liability Co. (LLC)
Non-Profit
Employment Contracts includes all except:
Compensation
Schedule
Benefits
After Work Activities
The Success Stage of the Business Life Cycle includes which of the following?
Making $
Company is growing
Founder lets employees run the company
All of the above
In the Take-off Stage of the Business Life Cycle; the owner decides to keep the business small, make it big or sell,
True
False
In the Existence Stage of the Business Life Cycle; the business: (Multiple responses)
The owner decides to sell
The business gets up & running
Sales increase slowly
Starts to get customers
In the Existence Stage of the Business Life Cycle; the business: (Multiple responses)
The owner decides to sell
The business gets up & running
Sales increase slowly
Starts to get customers
