WorksheetsESB Domain 1:Entrepreneurial and Small Business Concepts
Total questions: 40
Worksheet time: 20mins
Which legal structure is best for international business even with being double-taxed?
Non-profit
C-Corp
Proprietorship
LLC
Which legal structure has no ownership and no US federal taxes?
Non-profit
S-Corp
C-Corp
Partnership
Which legal structure is ideal for a single owner seeking low risk?
Partnership
LLC
C-Corp
Non-profit
Which legal structure involves shared financial backing?
LLC
Partnership
C-Corp
S-Corp
Who is responsible for developing the company’s vision, strategy, and mission?
Marketing Manager
Chief Financial Officer
Chief Executive Officer
Human Resources Manager
What does the COO oversee in a business?
Marketing strategies
Day-to-day operations and administrative functions
Financial investments
Product development
What type of compensation is described as non-cash?
Hourly
Commission
Equity
Salary
Which role oversees company finances?
COO
Stockholder
CFO
Stakeholder
Who owns stock in the company?
CEO
Stockholder
Founder
COO
Which role reports to the board of directors?
CEO
CFO
Stakeholder
Founder
Who oversees daily operational and administrative functions?
CFO
COO
Stockholder
Founder
Who has a vested interest in the success of the company?
Stakeholder
CEO
CFO
COO
What is the first stage of the business life cycle?
Survival stage
Success stage
Existence stage
Take-off stage
In which stage is a business considered economically healthy?
Take-off stage
Existence stage
Success stage
Pivot or persist stage
What is the first step in the Design Thinking Process?
Define
Ideate
Empathize
Prototype
Which step in the Design Thinking Process involves creating solutions?
Test
Ideate
Define
Empathize
What is "opportunity recognition" in entrepreneurship?
The way one approaches new ideas and ventures
The amount of loss one is willing to take
Tackling goals with courage and perseverance
Trusting one's self, goals, and progress
How is "initiative" defined in the context of entrepreneurship?
Adapting to change, loss, and disappointment
Turning one's ideas into action or bringing new ideas to generate more or better business
Thinking about and planning for the future
The amount of loss one is willing to take
What does "resiliency" mean for an entrepreneur?
Trusting one's self, goals, and progress
Adapting to change, loss, and disappointment
Thinking about and planning for the future
The way one approaches new ideas and ventures
Which characteristic of an entrepreneur involves believing that anything can be accomplished with enough hard work?
Critical Thinking
Growth Mindset
Collaboration
Social Responsibilities
What does critical thinking in entrepreneurship involve?
Bringing new and unconventional ideas
Solving problems using a variety of possible solutions
Working towards a goal without direction
Preventing unethical behavior
Which characteristic is about bringing new and unconventional ideas?
Creativity & Innovation
Problem Solving
Ethical Practices
Personal Agency
What does the seller guarantee about the income from a business opportunity?
It will be less than the buyer's price
It will be equal to or more than the buyer's price
It will double in a year
It will be tax-free
What happens if the product cannot be resold in a business opportunity?
The buyer keeps the product
The seller buys the product back
The product is discarded
The buyer pays a penalty
What is one of the benefits of starting a franchise?
No need for ongoing support and training
Lower risk to start
No start-up costs
Complete freedom in location choice
Which of the following is a characteristic of a franchise agreement?
Buyers can sell any products they choose
No stipulations on franchise location
Buyers agree to sell products developed by the franchise owner
No need for initial investment
What is a potential drawback of opening a franchise?
Lower start-up costs
Complete independence in business decisions
Higher start-up costs
No need for training
What do distributors agree to do in network marketing?
Manufacture products
Sell products or services another company sells
Design marketing campaigns
Provide customer support
What is required when you want to use the brand or trademark of another company on your product?
You must pay a fee or royalty.
You can use it for free.
You need to ask for permission only.
You must buy the company.
What is an example of licensing in the clothing industry?
Using a Disney character on clothing you want to sell.
Designing your own logo for a t-shirt.
Selling clothes without any brand.
Creating a new fashion trend.
What does 'Market size' research in terms of business viability?
The skills of the employees
The demand for products or services
The potential funding sources
The passion of the entrepreneur
What does 'Managing cash flow' involve?
Researching market demand
Building relationships with professionals
Potential funding and uses of that funding
Analyzing the skills of employees
Which of the following is included in a business plan?
An executive summary
A list of competitors
A detailed product catalog
A customer feedback section
What component of a business plan outlines the company's marketing strategy?
Marketing plan
Financial plan
Executive summary
Organizational structure
Which of the following is a key component of a business plan?
Personal biography
List of favorite products
Market analysis
Employee vacation schedule
What is the main responsibility of a COO in a company?
Handling legal disputes
Managing daily operations
Designing marketing materials
Setting company vision
Which stage in the Design Thinking Process involves testing solutions with users?
Prototype
Test
Ideate
Define
Which role in a company is primarily responsible for overseeing financial planning and record-keeping?
CFO
COO
CEO
Founder
In the Design Thinking Process, which stage focuses on understanding the user's needs and experiences?
Empathize
Prototype
Test
Ideate
What is a key benefit of forming an LLC for a new business owner?
Unlimited liability
Personal asset protection
Double taxation
No legal paperwork required
