NEW
Font size
WorksheetsESB V2 Domain 1 Pre-Assessment
Total questions: 54
Worksheet time: 27mins
Trademarks, copyrights, and patents protect different types of intellectual property.
True
False
A copyright does not protect an original work, such as art, writing, or music.
True
False
Which two documents summarize the business plan of a company?
Business Plan &
Lean Canvas
Lean Canvas & Pitch Deck
Lean Canvas & Balance Sheet
Marketing Plan & Pitch Deck
A typical pitch deck has between 20-100 slides.
True
False
A _____ is a multi-page document describing and detailing a business.
Pitch Deck
Lean Canvas
Business Plan
A business plan is highly visual
True
False
CEO stands for
Chief Engineer Officer
Chief Executive Officer
Chief Employee Office
Caring Employee Organization
The first step of the business life cycle is:
Survival
Success
Existense
Maturity
When a business has been around for a while and people recognize the brand what step of the life cycle is it:
Success
Maturity
Takeoff
Pivot/Persist
Which is not a component of a Pitch Deck?
20 - 100 slides
Highly visual
Used to get investor's attention
Used to get an investor's buy-in
Which sales channel has been opened to manufacturers because of digital tools?
B2B
Wholesale
Direct to Consumer
Distribution
Successful entrepreneurs have mindsets that typically possess which characteristics?
Responsible, Adaptable, and Argumentative
Adaptable, Argumentative, and Tenacious
Responsible, Adaptable, and Tenacious
Argumentative, Tenacious, and Nervous
Which is the greatest benefit of being an entrepreneur?
Quick return on investment (ROI)
Schedule Control
Paying less taxes
Meeting new people
In a corporation the CFO stands for
Chief Faculty Officer
Chief Financial Officer
Chief Facilitation Offier
Chief Franchise Officer
Which of these is a characteristic of a successful entrepreneur mindset?
Likes to argue
Makes friends quickly
Doesn't give up easily
None of these
What is the main difference between a copyright and a patent?
Copyrights protect inventions, while patents protect literary and artistic works.
Copyrights have a shorter duration than patents.
Copyrights protect literary and artistic works, while patents protect inventions.
Patents are easier to obtain than copyrights.
What is entrepreneurship?
Acquiring leadership and managerial skills
Marketing and selling products
Setting up a business with the aim to make a profit
Quickly advancing in positions within a corporation
Select the business that is classified as Business to Business (B2B).
Grocery store
Repair shop
Wholesale flooring
Hair salon
Which legal structure should you set up for a business that has shareholders, distribute tax expense and doesn't intend to sell stock but wants to be personally protected from business liabilities?
C Coroporation
Sole Proprietorship
Limited Liability Company
S Corporation
Which business type is considered double taxed:
LLC
S Corporation
C Corporation
Sole Proprietorship
Which business type can be opened in another country/internationally:
LLC
C Corporation
S Corporation
Sole Proprietorship
What is the second step of the design thinking process:
Empathize
Define
Ideate
Test
What is the last step of the Design Thinking Process:
Define
Prototype
Empathize
Test
An example of compensation is when a worker is paid for each chair that is assembled:
piece work
Hourly
Salary
Commisssion
A _____ employee receives a set amount of pay each month without overtime compensation for extra hours worked.
Piece Work
Salary
Hourly
Commission
An employee who is paid a percentage is paid with :
Piece Work
Hourly
Salary
Commission
In General, which 2 characteristics define a "Small Business"?
No more than $200,000 in sales and fewer than 1,500 employees
Fewer than 1,500 employees and less than $35.5 million in revenue
No more than $200,000 in sales an between 200 and 2,500 employees
Non-Profit and Between 500 to 2,500 employees
Which legal structure is best if your small business intends to sell shares to the public, startup partners are citizens of Mexico and Japan, and you don't want to be personally responsible for business liabilities?
C Corporation
LLC
S Corporation
Sole Proprietorship
Which is the highest ranking employee in the company that reports to the board of directors?
CFO
CIO
CEO
CTO
Who creates budgets, analyzes financial data, and forecast company profits?
CTO
CIO
CFO
CEO
Who develops policies and structures to protect company data?
CEO
CTO
CMO
CFO
Who oversees the day-to-day administrative functions of a business, second in command?
CFO
COO
CIO
CEO
What is the correct order for the Business Life Cycle:
Existence, Survival of the Fittest, Success, Take-off, and Maturity, pivot, exit
Existence, Success, Take-off, Survival of the Fittest, and Maturity
Take-off, Survival of the Fittest, Take-off, Success, Maturity
Survival of the Fittest, Existence, Take-off, Success, Maturity
What is the definition of Empathize in the Design Thinking Process?
Challenge assumptions and create ideas
Research your users' needs
State your users' needs and problems
create solutions
What is the definition of Define in the Design Thinking Process?
Challenge assumptions and create ideas
create solutions
State your users' needs and problems
Research your users' needs
What is the definition of Ideate in the Design Thinking Process?
Challenge assumptions and create ideas
State your users' needs and problems
create solutions
Research your users' needs
What is the definition of Protype in the Design Thinking Process?
Research your users' needs
Challenge assumptions and create ideas
State your users' needs and problems
create solutions
What is the definition of Test in the Design Thinking Process?
Try your solutions
Research your users' needs
State your users' needs and problems
create solutions
What is the difference between small business and entrepreneurs?
Entrepreneurs are not always interested in taking on new business opportunities.
Small business owners are not always interested in taking on new business opportunities.
Entrepreneurs are focused on generating profits.
Small business owners are more willing to take on unknown risks.
What is the main drawback of a sole proprietorship?
They require a partner
They are responsible to shareholders.
They are easy to create
They have unlimited personal liability.
Tommy's startup company does not have enough cash to continue paying his full salary. Tommy agreed to receive some of his pay in company stocks. Which two forms of compensation is Tommy receiving for his work?
Hourly and Piece Work
Piece Work and Equity
Piece Work and Salary
Equity and Salary
Mike's doggy daycare is economically healthy and he is looking for ways to finance future growth. In which business life cycle stage is Mike?
Success
Survival
Take-off
Existence
a non profit has a
tax liable
non-exempt
tax-exempt
low-tax
Billie manages the budget for a toy manufacturing company and negotiates financial matters with other companies. Which best descirbes the role Billie plays in the company?
Chief Finanical Officer (CFO)
Chief Operating Officer (COO)
Employee
Stakeholder
Sally performs car repairs and maintenance while abiding by the safety guidelines outlined at the shop. She is paid an hourly wage. Which best describes Sally's role in the auto shop?
Employee
Chief Financial Officer (CFO)
Chief Operating Officer (COO)
Stakeholder
Korryn receives $15 per hour of work, receives overtime pay, and gets partial ownership of the company in the form of shares. Which two forms of compensation does Korryn receive for work?
Salary and Piece Work
Salary and Equity
Hourly and Salary
Equity and Hourly
Which three charactertistics help identify a business opportunity?
Quality, Service, and Price
Quality, Service and Marketing
Size, Price and Branding
Marketing, Size, and Branding
What should an entrepreneur do FIRST before offering a new service?
Ask customers if they are interested in the service
Determine if there is a supply chain available.
Perform a financial audit to determine if there are funds available
Contact support department
What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?
You can apply your own experience
Developing your own rules
Less record keeping
Lower financial risk
What intellectual property law best protects "Ronda's Famous Hot Sauce Recipe" from being stolen or replicated by other competitors?
Trademark
Trade Secret
Patent
Copyright
Which two documents do many companies have their employees sign to help mitigate the risk of employees sharing trade secrets?
Non-disclosure agreement (NDA) and Employee handbook
Non-disclosure agreement (NDA) and Employee handbook
Non-disclosure agreementn (NDA) and Confidentiality agreement
Trade secret contract and Confidentiality agreement
To use materials that have copyright or a trademark, one must get permission. Which two things are they required to do before legally using the material?
Sign a trade agreement and become the copyright or trademark owner
Sign a licensing agreement and pay a licensing fee
Sign a trade agreement and pay a licensing fee
Become the copyright or trademark owner and sign a licensing agreement
What must happen before one can use someone else's patent?
They must apply for permission to use the patent through legal channels.
They must get written approval from the owner of the patent.
They must obtain ownership of the patent.
They must sign a confidentiality agreement or non-disclosure agreement.
Which of the following best describes a franchise royalty fee?
A fee for purchasing equipment for the franchise.
A one-time fee to start a franchise.
A percentage of revenue paid regularly to the franchisor.
A fee for advertising the franchise.
