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DAOF ESB Unit 1 Review

Total questions: 33

Worksheet time: 33mins

Name
Class
Date
1.

Imagine Jackson, William, and Abigail want to start an organization where everyone gets a say and shares the benefits because they all have the same goal. What type of entity are they creating?

a)

partnership

b)

sole proprietorship

c)

cooperative (co-op)

d)

S corporation (S corp)

2.

Imagine David and Maya are working on a cool new gadget in their design thinking class. During the ideate stage, do you think they would already be building a scaled-down version of their product for users to try out?

a)

True

b)

False

3.

Lily and Luna are discussing what forms the foundation of an employee's compensation package. It's usually determined by things like job responsibilities, market rates, and the individual's skills and experience. Can you help them figure out what it is?

a)

Performance management

b)

Base salary

c)

Market analysis

d)

Benefits and prerequisites

4.

Abigail and Jackson are learning about business structures in class. Which of the following are true characteristics of a C corp? Select two options to help them ace their quiz!

a)

Ownership is one or more people

b)

Owners pay personal tax

c)

Owners pay corporate tax

d)

Unlimited personal liability

5.

Olivia and Noah are competing to earn extra rewards at work! Which type of compensation includes extra elements that are only given if they hit certain goals, targets, or performance benchmarks?

a)

Variable pay

b)

Base salary

c)

Benefits

d)

Pay grades

6.

Isla and Rohan are eager to tackle a big challenge! Which stage of the design thinking process are they in when they focus on truly understanding the issue they want to solve?

a)

Ideate

b)

Empathize

c)

Test

d)

Prototype

7.

Harper and Luna are discussing the design thinking process. Harper claims that user-centric research is the main focus during the prototype stage. Is Harper correct?

a)

True

b)

False

8.

Maya and Elijah are discussing different types of business organizations in class. Maya asks, "Which type of business means its owners are not personally liable and they are tax exempt?" Can you help them choose the right answer?

a)

C-corporations

b)

S-corporations

c)

Nonprofit corporations

d)

Partnerships

9.

Ethan and Avery are starting a nonprofit corporation to help their community. Which of the following are true characteristics of their nonprofit? Select two options.

a)

They pay corporate tax

b)

They are tax-exempt

c)

The owners are not personally liable

d)

They pay self-employment tax

10.

Samuel and Abigail are discussing what makes someone a true entrepreneur. Samuel says it's all about having a strong desire for financial independence. Do you agree with Samuel?

a)

True

b)

False

11.

Zoe, Aria, and David are starting new businesses! Which of their chosen business structures could leave them with unlimited personal liability? Select all that apply.

a)

sole proprietorship

b)

LLC

c)

nonprofit corporation

d)

partnership

12.

Ethan, Lily, and Emma are starting a new company together! Which department should they turn to for help in setting up the organization of their company?

a)

finance

b)

marketing and sales

c)

IT

d)

human resources

13.

Imagine Harper and Mason are starting a lemonade stand. One of them decides to take on most or all of the financial risk for their new business. Is this a key factor that defines an entrepreneur?

a)

True

b)

False

14.

Imagine Michael, Daniel, and Kai are brainstorming wild and wacky solutions for their project. During which stage of the design thinking process would they use techniques like Worst Possible Idea or SCAMPER to spark creativity?

a)

Empathize

b)

Define

c)

Prototype

d)

Ideate

15.

Aria, Anika, and Benjamin are forming a dream team to run a successful business! Which of the following are part of the six fundamental functional areas of business management? Select all that apply to help their team thrive.

a)

Operations management

b)

Learning management

c)

Information technology

d)

Strategic management

16.

Emma and Mason are working on a design thinking project. They wonder: Is it really necessary to define the issue and problem statement from a human-centered perspective in the design thinking process?

a)

True

b)

False

17.

Daniel and Avery are starting their first business adventure! Can you help them figure out which of the following is the very first stage in a business lifecycle?

a)

seed

b)

growth

c)

maturity

d)

renewal

18.

Abigail and David are starting a new business and want to protect themselves from personal liability while still paying self-employment tax. Which type of business structure should they choose?

a)

sole proprietorship

b)

partnership

c)

limited liability corporation

d)

C-corporation

19.

Abigail, Harper, and Luna are running a business together. At which stage of the business lifecycle do they see their operations, customer base, and revenue all expanding rapidly?

a)

Growth

b)

Seed

c)

Maturity

d)

Decline/Renewal

20.

Imagine Benjamin is starting his own business. At which stage of the business lifecycle would Benjamin likely begin to hire his first team members?

a)

Growth

b)

Maturity

c)

Decline/Renewal

d)

Seed

21.

Liam, James, and Mia are running a successful business together. At which stage of the business lifecycle would they start focusing on optimizing efficiency, sustaining profitability, and looking for exciting new opportunities to grow even further?

a)

seed

b)

growth

c)

maturity

d)

decline

22.

Imagine Scarlett, Priya, and Zoe are starting their own business adventure! During which business lifecycle stage would they sit down together to write a business plan?

a)

Seed

b)

Growth

c)

Maturity

d)

Decline/Renewal

23.

Maya, Priya, and Lily are launching their own startup! Which is a way that Human Resources can help them succeed?

a)

HR can help you create non-discriminatory job titles.

b)

HR can help with pricing and promoting your product.

c)

HR can help you formulate strategies and set long-term goals for your company.

d)

HR can help you determine an effective budget for personnel, equipment, and office furniture.

24.

Ethan, Nora, and Aria are discussing the business lifecycle in class. When a business reaches the maturity stage, what is its main focus?

a)

The business focuses on securing additional funding and assembling a core team.

b)

The business focus shifts towards optimizing efficiency, sustaining profitability, and exploring new opportunities for growth.

c)

The business focuses on adapting its strategies, exploring restructuring options, or identifying new market niches to revitalize the business.

d)

The business experiences increase demand for their offerings and may need to invest in additional resources.

25.

Imagine Evelyn, Anika, and James are designing a cool new app! During which phase of the design thinking process would they go out and research users to truly understand their needs?

a)

ideate

b)

empathize

c)

prototype

d)

test

26.

Mia and Ava are dreaming of starting their own business! Which of the following is a big advantage they might enjoy if they become their own boss?

a)

Financial independence

b)

An inherited brand

c)

Existing customers

d)

Existing revenue

27.

Imagine Maya and Rohan are starting their own business. Do you think one of the key things that makes them entrepreneurs is taking on competitors?

a)

True

b)

False

28.

Hannah, Avery, and Evelyn are working on a project to ensure everyone in their company is paid fairly and consistently. Which term describes the structured approach they should use to maintain internal equity in compensation?

a)

Base salary

b)

Performance management

c)

Market analysis

d)

Pay bands

29.

Lily and James are excited to launch their own business from scratch! Which challenge might they face along the way?

a)

Misleading or incorrect market data

b)

Inaccurate or inadequate business research

c)

Incomplete or incorrect product information

d)

Insufficient or inadequate competitor data

30.

Harper and Olivia are launching their own startup! Which functional area of business management should they focus on to stay out of legal trouble and make sure their company follows all the rules and regulations?

a)

Operations Management

b)

Strategic Management

c)

Human Resources

d)

Finance and Accounting

31.

Aiden, Nora, and Abigail are starting a new business together! They want a structure where any profits or losses go straight to their personal tax returns. Which business structure should they choose?

a)

Limited liability corporation

b)

Nonprofit corporation

c)

Partnership

d)

C-corporation

32.

Imagine Harper, Scarlett, and Grace are running a successful company. At which stage of the business lifecycle are they most likely to brainstorm exciting new markets to enter or launch innovative products to keep their growth going strong?

a)

Decline/Renewal

b)

Maturity

c)

Growth

d)

Seed

33.

Nora, Sophia, and David are starting a new business together! As their company grows, which of the following is a key responsibility of the Human Resources team?

a)

Designing product prototypes

b)

Ensuring compliance with employment laws

c)

Developing marketing campaigns

d)

Managing company finances