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WorksheetsESB vocabulary review
Total questions: 92
Worksheet time: 46mins
What are Acquisition Costs?
The process of acquiring a new company.
The cost incurred by a business.
The cost of hiring new employees.
The expenses for marketing a new product.
Who is an Angel Investor?
A financial advisor for startups.
A government grant for businesses.
An investor who provides funding to a business for a stake in the business in return.
A bank that offers loans to businesses.
What is an Asset in business terms?
A long-term business goal.
A business liability.
A tangible item a business owns.
An intangible skill of an employee.
What does B2B stand for?
Business 2 Buyer
Business 2 Broker
Business 2 Business
Business 2 Bank
What is a B2C transaction?
A business-to-consumer transaction.
A business-to-business transaction.
A business-to-government transaction.
A business-to-employee transaction.
What does a Balance Sheet represent in business?
A document that lists all the company's investments.
A document that compares assets to liabilities plus owner's equity.
A document that outlines the company's annual profits.
A document that records the employee salaries.
What does Bootstrapping mean in a business context?
A marketing strategy for startups.
A business owner that uses their own money to fund their business.
A method of reducing business expenses.
A technique for improving employee productivity.
What is Brand Recognition?
The process of registering a brand name.
The level of familiarity one has with a brand.
The legal protection of a brand's logo and name.
The market share a brand holds.
What is the Break-Even Point in business?
The point where a business's revenue exceeds its expenses.
The point where a business's revenue is equal to its expenses.
The point where a business starts to make a profit.
The point where a business decides to enter a new market.
What is a Budget in the context of a business?
A calculation used to measure a business's monthly cash flow.
The amount of money a business plans on spending during a given period.
A document that addresses the concept, customers, and capital for a business.
A business structure that allows matches its expenses over a given period.
What does Burn Rate refer to in business terms?
A calculation used to measure a business's monthly cash flow.
A business structure that allows matches its expenses over a given period.
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
What is a Business Opportunity?
A document that addresses the concept, customers, and capital for a business.
A calculation used to measure a business's monthly cash flow.
A business structure that allows matches its expenses over a given period.
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
What is a Business Plan?
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.
A business structure that allows matches its expenses over a given period.
What is a C Corporation?
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.
A calculation used to measure a business's monthly cash flow.
A business structure that allows matches its expenses over a given period.
What is the role of a Chief Executive Officer (CEO) in a company?
The CEO is responsible for the company's financial statements only.
The CEO is the primary contact for all customer service inquiries.
The CEO holds a leadership role within a business, overseeing operations and resources and making major decisions.
The CEO is in charge of hiring all levels of employees within the company.
What does the acronym CFO stand for?
Chief Financial Officer
Chief Family Officer
Chief Facility Officer
Chief Future Officer
What is the role of a CFO within a business?
The CFO manages the company's marketing strategies.
The CFO oversees the company's finances.
The CFO is responsible for hiring employees.
The CFO supervises the production department.
What does 'Collaboration' refer to in a business context?
The process of terminating an employee
The action of working with one or more people toward a common goal
The method of evaluating employee performance
The strategy for individual achievement
What is a 'Commission' in the context of employee compensation?
A fixed salary paid at the end of each month
A bonus for long-term service
A fee paid to an employee for completing a task
A retirement fund contribution
What does 'Compensation' mean in terms of employment?
A monetary amount given to employees in return for their work
A title awarded to the most efficient employee
A penalty charged for employee mistakes
A certificate of appreciation
What is the purpose of a Confidentiality Agreement?
To outline the obligations and terms of employment.
To ensure that an entity will not disclose information agreed upon by all parties in an arrangement.
To hold a leadership role within a business.
To oversee the day-to-day administrative and operational functions of a business.
What does a Contract typically outline in a business setting?
The non-disclosure of confidential information.
The day-to-day administrative and operational functions of a business.
The obligations and terms of employment between an employee and a company.
The responsibilities of the Chief Operating Officer (COO).
What is the role of the Chief Operating Officer (COO) in a business?
To sign agreements stating non-disclosure of information.
To create contracts between employees and the company.
To oversee the day-to-day administrative and operational functions of a business.
To ensure confidentiality of information in business arrangements.
What is copyright intended to protect?
A method of sharing a start-up business online
The ability to use one's mind to solve problems
Intellectual property such as print, music, film, and other forms of creative licenses
The process of purchasing goods and services
What does critical thinking involve?
Pre-selling products online
Protecting intellectual property
Considering various potential solutions to a problem
Purchasing goods and services
What is crowdfunding?
A form of protection for intellectual property
Using one's mind to solve a problem
The method of sharing a start-up business online to pre-sell products
An individual or business that purchases goods and services
Who is a customer?
Someone who protects their intellectual property
An individual or business that purchases goods and services
A person who uses critical thinking to solve problems
A method of sharing a start-up business online
What does Customer Acquisition Cost refer to?
The total cost of retaining an existing customer.
The total cost of acquiring a new customer.
The total cost of hiring a new employee.
The total cost of distributing a product.
What are Customer Retention activities or strategies used for?
To acquire new customers.
To distribute products.
To retain existing customers.
To collect demographic data.
What is the Chamber of Commerce?
A statistical data collection agency.
A method for distributing products.
A local agency with information on participating local businesses.
A cost associated with customer acquisition.
What does Demographics refer to?
The cost of hiring employees.
The activities to retain customers.
Statistical data that refers to particular groups within a population.
A method used to get a product from the manufacturer to the end-users.
What is a Distribution Channel?
A method used to get a product from the manufacturer to the end-users.
An agency providing information to businesses.
The cost involved in acquiring a new customer.
The strategies employed to retain customers.
What is an Employee in the context of a business?
A method for distributing products.
An individual hired by a company and compensated.
A local agency with information on businesses.
Statistical data about a population.
What is an entrepreneur?
A person who provides financial support to a business.
An individual who aspires to start and run a successful business.
A person who manages a team within a large corporation.
An individual who invests in stocks and shares.
What does equity refer to in a business context?
The total debts of a company.
The ownership interest in a company.
Non-cash compensations offered to employees in place of or in addition to a lower salary.
The liquid assets available for day-to-day operations.
What are ethical practices?
Laws that businesses must follow.
Standards of professional conduct professionals should uphold.
The principles of right and wrong that guide an individual in making decisions.
The financial policies a company adopts to increase profitability.
What are fixed costs?
Costs that fluctuate based on the amount of goods produced.
Costs that are variable depending on the company's sales.
Costs a business has that remain the same no matter the volume of production.
The costs associated with changing the prices of products.
What does having a forward-thinking mentality involve?
Focusing on past achievements and maintaining the status quo.
Thinking about and planning for the future.
Being cautious and avoiding risks.
Prioritizing short-term gains over long-term stability.
What is the definition of a Founder?
A financial statement
The person that developed or created a company or organization.
A payment amount provided to employees for the number of hours they worked.
A business that takes its name and characteristics from an existing business chain.
What does the term Franchise refer to?
A financial statement
The characteristic of being able to tackle goals with courage and perseverance.
A business that takes its name and characteristics from an existing business chain.
Believing that one can accomplish anything with hard work.
What does Grit mean in the context of personal characteristics?
A payment amount provided to employees for the number of hours they worked.
A business that takes its name and characteristics from an existing business chain.
The characteristic of being able to tackle goals with courage and perseverance.
A financial statement
What is a Growth Mindset?
A payment amount provided to employees for the number of hours they worked.
A financial statement
The characteristic of being able to tackle goals with courage and perseverance.
Believing that one can accomplish anything with hard work.
What is Hourly Pay?
A business that takes its name and characteristics from an existing business chain.
A financial statement
The characteristic of being able to tackle goals with courage and perseverance.
A payment amount provided to employees for the number of hours they worked.
What is an Income Statement?
The characteristic of being able to tackle goals with courage and perseverance.
A payment amount provided to employees for the number of hours they worked.
A business that takes its name and characteristics from an existing business chain.
A financial statement
What is Initiative?
A one-page business model
A characteristic in which an individual acts to turn ideas into action.
Goods a business owns with the purpose of selling.
A new idea, product, or method.
What does Intellectual Property refer to?
A person or entity willing to provide monetary funds to a business
A creative work or invention to which an individual has been given rights.
A one-page business model
Goods a business owns with the purpose of selling.
What is the definition of Inventory in a business context?
A characteristic in which an individual acts to turn ideas into action.
A creative work or invention to which an individual has been given rights.
Goods a business owns with the purpose of selling.
A person or entity willing to provide monetary funds to a business
Who is an Investor?
A characteristic in which an individual acts to turn ideas into action.
Goods a business owns with the purpose of selling.
A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money.
A creative work or invention to which an individual has been given rights.
What does "Liability" refer to in a business context?
The amount of money invested in a business
The amount of money owed to an entity
The amount of profit a company makes
The amount of inventory a company has
What is a characteristic of a Limited Liability Company (LLC)?
Owners are subject to double taxation on the company's profits
Owners have unlimited liability for the company's debts
Owners pay taxes on the company's profit and losses through their personal taxes
Owners cannot participate in the management of the company
What is Marketing?
A written plan that outlines a company's marketing strategies.
A form of communication between businesses and customers which relays a message promoting services and/or goods.
The expenses incurred for running day-to-day tasks.
A type of business that has no owner and does not pay federal US taxes.
What is a Marketing Plan?
A minimum viable product (MVP) to test the product idea.
The expenses incurred for running day-to-day tasks.
A type of business that has no owner and does not pay federal US taxes.
A written plan that outlines a company's marketing strategies.
What does MVP stand for in a business context?
Marketing Value Proposition
Minimum Viable Product
Maximum Value Product
Most Valuable Player
What characterizes a Nonprofit organization?
A form of communication between businesses and customers.
A written plan that outlines a company's marketing strategies.
A type of business that has no owner and does not pay federal US taxes.
A minimum viable product (MVP) to test the product idea.
What are Operating Costs?
The expenses incurred for running day-to-day tasks.
A minimum viable product (MVP) to test the product idea.
A type of business that has no owner and does not pay federal US taxes.
A written plan that outlines a company's marketing strategies.
What does "Opportunity Recognition" refer to?
The individuals that own the business.
The way one approaches new ideas and ventures in their life.
A legal method used to protect an invention for a limited time.
A presentation given to potential investors.
Who are considered "Owners" in a business context?
A type of compensation provided for the amount of work produced.
The individuals that own the business.
Two or more individuals that share a business's financial responsibility.
One's ability to act toward achieving a goal.
What is the role of "Partners" in a business?
The way one approaches new ideas and ventures in their life.
A presentation given to potential investors.
Two or more individuals that share a business's financial responsibility.
A legal method used to protect an invention for a limited time.
What is a "Patent"?
One's ability to act to work toward achieving a goal.
A type of compensation provided for the amount of work produced.
A presentation given to potential investors.
A legal method used to protect an invention for a limited time.
What does "Personal Agency" mean?
The individuals that own the business.
A presentation given to potential investors.
One's ability to act to work toward achieving a goal.
A type of compensation provided for the amount of work produced.
What is "Piece Work"?
A legal method used to protect an invention for a limited time.
The individuals that own the business.
A presentation given to potential investors.
A type of compensation provided for the amount of work produced.
What is a "Pitch Deck" commonly used for?
A legal method used to protect an invention for a limited time.
One's ability to act to work toward achieving a goal.
A presentation given to potential investors.
The way one approaches new ideas and ventures in their life.
What is the definition of Price?
The stage where a business's sales are high and continue to grow.
The amount of money charged for goods or services.
A tangible item.
The process of coming up with solutions to solve a problem.
What does Primary Data refer to?
Data collected from second-hand sources.
A tangible item.
First-hand research like surveys, interviews, and statistical data.
The amount of money charged for goods or services.
What is Problem-Solving?
The amount of money charged for goods or services.
A tangible item.
The stage where a business's sales are high and continue to grow.
The process of coming up with solutions to solve a problem.
What is a Product?
First-hand research like surveys, interviews, and statistical data.
A tangible item.
The process of coming up with solutions to solve a problem.
The amount of money charged for goods or services.
What does Product/Market Fit signify?
The amount of money charged for goods or services.
A tangible item.
The process of coming up with solutions to solve a problem.
The stage where a business's sales are high and continue to grow because their product or service is something customers want and need.
What is the definition of 'Profit' in a business context?
The number of sales and other income in a business for a given period.
The amount of financial gain from a business.
The possibility of something negative happening.
A preliminary product commonly a product with minimum viability.
What does 'Prototype' refer to?
The amount of financial gain from a business.
The ability to adapt to change, loss, and disappointment.
A preliminary product, commonly a product with minimum viability, from which to test and develop.
The number of sales and other income in a business for a given period.
What does 'Resiliency' mean in a business context?
The number of sales and other income in a business for a given period.
The amount of financial gain from a business.
The ability to adapt to change, loss, and disappointment.
The possibility of something negative happening.
How is 'Revenue' defined in a business context?
The amount of financial gain from a business.
The ability to adapt to change, loss, and disappointment.
The possibility of something negative happening.
The number of sales and other income in a business for a given period.
What is 'Risk' in the context of a small business?
The number of sales and other income in a business for a given period.
The amount of financial gain from a business.
The ability to adapt to change, loss, and disappointment.
The possibility of something negative happening, such as a loss of time.
What does ROI stand for in a business context?
Risk of Insolvency
Return on Investment
Range of Interest
Responsibility of Individuals
What are Royalty Fees?
Payments for short-term leases
Fees paid for the use of a brand name or image
Taxes on imported goods
Charges for using public services
What is Risk Tolerance?
The level of willingness to take legal risks
The level of willingness to lose time and money when starting a business
The ability to tolerate market fluctuations
The capacity to handle high levels of debt
What does Run Rate refer to in a business setting?
The average speed at which a company's stock is traded
A calculation used to make projections about a company's future performance
The rate at which a company burns through its cash reserves
The pace at which a company expands its operations
What is an S Corporation?
A government-owned corporation
A non-profit organization
A type of business structure with a special tax
A sole proprietorship with limited liability
What is a salary?
A fixed payment amount provided to a full-time employee.
A persuasive speech prepared to entice a potential customer.
How a business sells its products and services to the end customer.
An advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.
What is a sales channel?
A fixed payment amount provided to a full-time employee.
A persuasive speech prepared to entice a potential customer.
How a business sells its products and services to the end customer.
An advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.
What is a sales pitch?
A fixed payment amount provided to a full-time employee.
A persuasive speech prepared to entice a potential customer.
How a business sells its products and services to the end customer.
An advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.
What may secondary data contain?
Original research findings
Personal bias like company newsletters and academic journals
Only peer-reviewed articles
Financial statements
What does self-reliance mean?
Relying on others for help
Trusting one's self, goals, and progress
Seeking external validation
Avoiding personal responsibilities
How is the selling price of a company's product or service determined?
By subtracting the profit margin from the cost price
By multiplying the cost price with the profit margin
By adding the cost price and the profit margin the company wants to earn
By dividing the cost price by the profit margin
What is a service?
A tangible product sold in the market
A discount offered on products
An intangible service or skill that is performed
A type of manufacturing process
What is a small business?
A multinational corporation
A government agency
A corporation, partnership, or sole proprietorship that is small in size
A non-profit organization
What is the Small Business Administration (SBA)?
A) A private company that provides loans to individuals.
B) An independent government agency specializing in providing small businesses with assistance.
C) A non-profit organization that helps large corporations.
D) A financial institution that offers insurance services.
What is a characteristic of a business that is considered a "small business"?
A) It has a large number of employees and high revenue.
B) It is owned by a governmental body.
C) It is privately owned by one individual or a small group of people and commonly has fewer employees and revenue than larger-sized businesses.
D) It operates internationally in multiple countries.
What is a sole proprietorship?
A) A business structure with multiple owners where profits are shared equally.
B) A type of business structure with a single owner where the business is shielded from any amount of personal liability.
C) A government-owned business entity.
D) A type of business structure with a single owner where the business is not shielded from any amount of personal liability.
What is a Stakeholder?
An individual that owns at least one share in a corporation's stock.
A planning tool used to document a company's strengths and weaknesses.
The group of customers a company chooses to market its products and services.
An individual with an interest in a business.
What does SWOT Analysis stand for?
Strengths, Weaknesses, Opportunities, and Threats.
Stockholders, Workers, Operations, and Transactions.
Strategic Wins, Objectives, and Tactics.
Suppliers, Wholesalers, Outlets, and Traders.
Who is considered a Stockholder?
An individual with an interest in a business.
A planning tool used to document a company's strengths and weaknesses.
The group of customers a company chooses to market its products and services.
An individual that owns at least one share in a corporation's stock.
What is a Target Market?
An individual with an interest in a business.
A planning tool used to document a company's strengths and weaknesses.
The group of customers a company chooses to market its products and services.
An individual that owns at least one share in a corporation's stock.
