WorksheetsDomain 1 Vocab Part 1
Total questions: 45
Worksheet time: 23mins
Name
Class
Date
1.
One’s ability to act and work toward achieving a goal is called:
a)
Initiative
b)
Personal Agency
c)
Problem-Solving
d)
Self-Reliance
2.
What is a business opportunity?
a)
local agency with information on businesses
b)
. A situation an entrepreneur analyzes to determine business feasibility
c)
. A document that addresses the concept, customers, and capital
d)
A persuasive speech to entice customers
3.
What is a commission?
a)
A monetary amount given to employees for their work
b)
A fee paid to an employee for completing a task
c)
A business’s liability to an entity
d)
A type of compensation for total hours worked
4.
What is compensation?
a)
A financial calculation for return on investment
b)
A monetary amount given to employees in return for work
c)
A pricing strategy for products
5.
What does COO stand for?
a)
Chief Operations Officer
b)
Chief Organizing Officer
c)
Chief Operating Officer
d)
Chief Organizational Officer
6.
The Chamber of Commerce provides:
a)
Local business information and resources.
b)
Business licenses.
c)
Loans for entrepreneurs.
d)
A list of government regulations.
7.
Demographics refers to:
a)
Statistical data about specific groups within a population.
b)
A list of economic conditions.
c)
Information about competitors.
d)
The number of businesses in an are
8.
a)
Inventions and technical innovations.
b)
Brand names, logos, and business names
c)
Customer databases.
d)
Financial assets.
9.
What is collaboration?
a)
The process of solving a problem
b)
The action of working with others toward a common goal
c)
A form of business ownership
d)
A financial term referring to assets owned by a business
10.
What is burn rate?
a)
A calculation used to measure a business’s monthly cash flow
b)
A fee paid to an employee for completing a task
c)
d. The amount of money owed to an entity
d)
A financial statement detailing revenue and expenses
11.
A type of compensation based on the amount of work produced is called:
a)
Salary
b)
Piece Work
c)
Selling Price
d)
Trade Secret
12.
A presentation given to potential investors to provide a brief overview of a business plan is called a:
a)
Marketing Plan
b)
Pitch Deck
c)
Sales Channel
d)
Growth Mindset
13.
First-hand research like surveys, interviews, and statistical data is called:
a)
Primary Data
b)
Secondary Data
c)
Product Market Fit
d)
Prototype
14.
The process of coming up with solutions to a problem is called:
a)
Ethical Practices
b)
Problem-Solving
c)
Stakeholder Engagement
d)
Initiative
15.
A tangible item is called a:
a)
Product
b)
Prototype
c)
Service
d)
Trade Secret
16.
The stage where a business’s sales are high and continue to grow due to customer demand is called:
a)
Product Market Fit
b)
Innovation
c)
Sales Channel
d)
Personal Agency
17.
A calculation used to project a company’s future performance is called:
a)
Run Rate
b)
Selling Price
c)
Initiative
d)
Marketing
18.
A type of business structure that allows companies to pass income, losses, and deductions through its shareholders is called:
a)
Sole Proprietorship
b)
S Corporation
c)
Small Business
d)
Nonprofit
19.
A fixed payment amount provided to a full-time employee is called:
a)
Salary
b)
Piece Work
c)
Selling Price
d)
Initiative
20.
The method by which a business sells its products or services to customers is called a:
a)
Sales Channel
b)
Marketing Plan
c)
Product Market Fit
d)
Stakeholder
21.
Data that may contain personal bias, like company newsletters and academic journals, is called:
a)
Primary Data
b)
Secondary Data
c)
Marketing Plan
d)
Stakeholder
22.
Trusting oneself and their goals and progress is an example of:
a)
Personal Agency
b)
Self-Reliance
c)
Problem-Solving
d)
Sales Channel
23.
The price a company charges for its product or service, including cost and profit margin, is called:
a)
Selling Price
b)
Income Statement
c)
Secondary Data
d)
Innovation
24.
An intangible skill or service performed is called a:
a)
Product
b)
Prototype
c)
Service
d)
Marketing
25.
A privately owned business with fewer employees and revenue than larger companies is called
a)
Small Business
b)
LLC
c)
Sole Proprietorship
d)
Nonprofit
26.
A business structure with a single owner that is not shielded from liability is called a:
a)
S Corporation
b)
LLC
c)
Sole Proprietorship
d)
Small Business
27.
An individual with an interest in a business is called a:
a)
Stakeholder
b)
Stockholder
c)
Investor
d)
Partner
28.
An individual who owns at least one share in a corporation is called a:
a)
Stakeholder
b)
Stockholder
c)
Partner
d)
Owner
29.
A business practice used to protect a process, formula, or method from competitors is called a:
a)
Trade Secret
b)
Prototype
c)
Innovation
d)
Product Market Fit
30.
Fluctuating costs that depend on production are called:
a)
Fixed Costs
b)
Variable Costs
c)
Liabilities
d)
Run Rate
31.
What do you call an individual hired by a company and compensated for their work?
a)
Investor
b)
Employee
c)
Owner
d)
Stakeholder
32.
Which term refers to standards of professional conduct that professionals should uphold?
a)
Ethical Practices
b)
Personal Agency
c)
Self-Reliance
d)
Innovation
33.
Thinking about and planning for the future is known as:
a)
Growth Mindset
b)
Forward-Thinking Mentality
c)
Initiative
d)
Problem-Solving
34.
Believing that one can accomplish anything with hard work is called:
a)
Innovation
b)
Growth Mindset
c)
Self-Reliance
d)
Initiative
35.
What financial statement details a business’s revenue and expenses for a given period?
a)
Balance Sheet
b)
Run Rate
c)
Income Statement
d)
Sales Channel
36.
What term describes taking action to turn ideas into reality?
a)
Initiative
b)
Problem-Solving
c)
Marketing
d)
Selling Price
37.
A new idea, product, or method is an example of:
a)
Innovation
b)
Prototype
c)
Trade Secret
d)
Service
38.
Goods a business owns with the purpose of selling are called:
a)
Sales Channels
b)
Inventory
c)
Secondary Data
d)
Products
39.
A person or entity willing to provide monetary funds to a business in hopes of earning a return is called:
a)
Investor
b)
Stockholder
c)
Owner
d)
Partner
40.
The amount of money owed to an entity is known as:
a)
Trade Secret
b)
Selling Price
c)
Liability
d)
Self-Reliance
41.
A business structure with pass-through taxation, where owners pay taxes on company profit and losses through their personal taxes, is called:
a)
Sole Proprietorship
b)
LLC
c)
S Corporation
d)
Nonprofit
42.
A form of communication between businesses and customers that promotes services and/or goods is called:
a)
Marketing
b)
Sales Channel
c)
Forward-Thinking Mentality
d)
Income Statement
43.
A type of business that has no owner and does not pay federal U.S. taxes is called:
a)
LLC
b)
Nonprofit
c)
Small Business
d)
Sole Proprietorship
44.
The individuals that own the business are called:
a)
Stockholders
b)
Stakeholders
c)
Owners
d)
Partners
45.
Two or more individuals that share a business’s financial responsibility are called:
a)
Partners
b)
Stakeholders
c)
Employees
d)
Stockholders
100 %
