NEW
Font size
WorksheetsDomain 1 Terms
Total questions: 54
Worksheet time: 27mins
A document that addresses the concept, customers, and capital for a business is called a ________.
Business Plan
Invoice
Resume
Sales Report
A business-to-business commercial transaction between businesses is known as ________.
B2B
B2C
C2C
C2B
A business-to-consumer transaction is referred to as ________.
B2C
C2C
B2B
G2C
A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation is called a ________.
C Corporation
S Corporation
Limited Liability Company (LLC)
Partnership
Holds a leadership role within a business and oversees a business's operations and resources and makes the major decisions for the company. This role is known as ________.
CEO
Manager
Supervisor
Accountant
Holds a leadership role within a business and oversees a company's finances. This role is known as ________.
CFO
CEO
COO
CTO
Holds a leadership role within a business and is responsible for overseeing the day-to-day administrative and operational functions of a business. This role is known as ________.
COO
CFO
CTO
CMO
Using one's mind to solve a problem in the best way by considering various potential solutions to the problem is called ________.
Critical Thinking
Guesswork
Memorization
Procrastination
Fill in the blank: The action of working with one or more people toward a common goal is called ________.
Collaboration
Competition
Isolation
Procrastination
Fill in the blank: A fee paid to an employee for completing a task is called ________.
Commission
Salary
Bonus
Allowance
Fill in the blank: A monetary amount given to employees in return for their work is called ________.
Compensation
Deduction
Promotion
Resignation
Fill in the blank: A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement is called a ________.
Confidentiality Agreement
Employment Contract
Purchase Order
Service Level Agreement
Fill in the blank: An agreement between an employee and a company outlining obligations and terms of employment is called a ________.
Contract
Invoice
Resume
Reference
Fill in the blank: A form of protection individuals can implement to protect their intellectual property, designated for print, music, film, and various other forms of creative licenses, is called ________.
Copyright
Trademark
Patent
Trade Secret
Fill in the blank: An individual hired by a company and compensated for their work is called an ________.
Employee
Employer
Contractor
Client
Fill in the blank: An individual who aspires to start and run a successful business is called an ________.
Entrepreneur
Employee
Investor
Manager
Fill in the blank: Non-cash compensations offered to employees in place of or in addition to a lower salary are called ________.
Equity
Bonuses
Allowances
Commissions
Fill in the blank: Standards of professional conduct professionals should uphold are called ________.
Ethical Practices
Legal Documents
Technical Skills
Business Strategies
Fill in the blank: A business that takes its name and characteristics from an existing business chain is called a ________.
Franchise
Corporation
Sole Proprietorship
Partnership
Fill in the blank: Thinking about and planning for the future is called ________.
Forward Thinking Mentality
Present Focused Attitude
Backward Reflection
Immediate Gratification
A person that developed or created a company or organization is called a _______.
Founder
Employee
Customer
Manager
The characteristic of being able to tackle goals with courage and perseverance is called _______.
Grit
Luck
Talent
Procrastination
Believing that one can accomplish anything with hard work is called having a _______.
Growth Mindset
Fixed Mindset
Passive Attitude
Negative Outlook
A payment amount provided to employees for the number of hours they worked is called _______.
Hourly Pay
Salary
Commission
Bonus
A creative work or invention to which an individual has been given rights is called _______.
Intellectual Property
Public Domain
Copyright Infringement
Patent Violation
A characteristic in which an individual acts to turn ideas into action is called _______.
Initiative
Procrastination
Indifference
Passivity
A new idea, product, or method is called _______.
Innovation
Tradition
Imitation
Obsolescence
A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money is called an _______.
Investor
Employee
Customer
Supplier
A one-page document discussing key information commonly seen in a business plan is called a _______.
Lean Canvas
Executive Summary
Business Model Report
Pitch Deck
A limited liability company is a business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes. This type of business is called _______.
LLC
Corporation
Sole Proprietorship
Partnership
A minimum viable product is an inexpensive preliminary product to test the product idea. This is called _______.
MVP
Prototype
Final Product
Business Model
A type of business that has no owner and does not pay federal US taxes is called a _______.
Nonprofit
Corporation
Sole Proprietorship
Partnership
What is the term for the way one approaches new ideas and ventures in their life?
Opportunity Recognition
Risk Aversion
Resource Allocation
Market Segmentation
Who are the individuals that own the business?
Owner
Employee
Customer
Supplier
What do you call two or more individuals that share a business's financial responsibility?
Partners
Shareholders
Employees
Managers
What is a legal method used to protect an invention for a limited time?
Patent
Copyright
Trademark
Trade Secret
What is one's ability to act to work toward achieving a goal called?
Personal Agency
External Motivation
Social Influence
Cognitive Dissonance
What is a type of compensation provided for the amount of work produced?
Piece Work
Hourly Wage
Salary
Commission
What is a presentation given to potential investors to provide a brief overview of the business plan to earn another meeting called?
Pitch Deck
Business Card
Annual Report
Sales Invoice
What is the process of coming up with solutions to solve a problem called?
Problem-Solving
Brainstorming
Memorization
Observation
What is a tangible item called in business terminology?
Product
Service
Strategy
Policy
What is a preliminary product, commonly a product with minimum viability, from which to test and develop called?
Prototype
Blueprint
Final Product
Mockup
What is one's ability to adapt to change, loss, and disappointment called?
Resiliency
Rigidity
Complacency
Fragility
What are fees paid for the use of a brand name or image called?
Royalty Fees
License Taxes
Service Charges
Trademark Dues
What is a type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders called?
S Corporation
C Corporation
Sole Proprietorship
Limited Liability Company (LLC)
What is a fixed payment amount provided to a full-time employee called?
Salary
Wage
Commission
Bonus
Fill in the blank: Trusting one's self, goals, and progress is called ________.
Self-Reliance
Self-Doubt
Overconfidence
Procrastination
Fill in the blank: An intangible service or skill that is performed is called ________.
Service
Product
Asset
Commodity
Fill in the blank: A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people, commonly having fewer employees and revenue than larger-sized businesses, is called ________.
Small Business
Multinational Corporation
Nonprofit Organization
Government Agency
Fill in the blank: A type of business structure with a single owner, where the business is not shielded from any amount of liability, is called ________.
Sole Proprietorship
Corporation
Limited Liability Company (LLC)
Partnership
Fill in the blank: An individual with an interest in a business is called a ________.
Stakeholder
Employee
Customer
Supplier
Fill in the blank: An individual that owns at least one share in a corporation's stock is called a ________.
Stockholder
Creditor
Manager
Employee
Fill in the blank: A practice used to protect brand names, logos, and business names is called a ________.
Trademark
Copyright
Patent
Franchise
Fill in the blank: A practice used by businesses to protect a practice, process, or formula from being shared with other competitors is called a ________.
Trade Secret
Copyright
Patent
Trademark
