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Domain 1 Terms

Total questions: 54

Worksheet time: 27mins

Name
Class
Date
1.

A document that addresses the concept, customers, and capital for a business is called a ________.

a)

Business Plan

b)

Invoice

c)

Resume

d)

Sales Report

2.

A business-to-business commercial transaction between businesses is known as ________.

a)

B2B

b)

B2C

c)

C2C

d)

C2B

3.

A business-to-consumer transaction is referred to as ________.

a)

B2C

b)

C2C

c)

B2B

d)

G2C

4.

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 ________.

a)

C Corporation

b)

S Corporation

c)

Limited Liability Company (LLC)

d)

Partnership

5.

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 ________.

a)

CEO

b)

Manager

c)

Supervisor

d)

Accountant

6.

Holds a leadership role within a business and oversees a company's finances. This role is known as ________.

a)

CFO

b)

CEO

c)

COO

d)

CTO

7.

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 ________.

a)

COO

b)

CFO

c)

CTO

d)

CMO

8.

Using one's mind to solve a problem in the best way by considering various potential solutions to the problem is called ________.

a)

Critical Thinking

b)

Guesswork

c)

Memorization

d)

Procrastination

9.

Fill in the blank: The action of working with one or more people toward a common goal is called ________.

a)

Collaboration

b)

Competition

c)

Isolation

d)

Procrastination

10.

Fill in the blank: A fee paid to an employee for completing a task is called ________.

a)

Commission

b)

Salary

c)

Bonus

d)

Allowance

11.

Fill in the blank: A monetary amount given to employees in return for their work is called ________.

a)

Compensation

b)

Deduction

c)

Promotion

d)

Resignation

12.

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 ________.

a)

Confidentiality Agreement

b)

Employment Contract

c)

Purchase Order

d)

Service Level Agreement

13.

Fill in the blank: An agreement between an employee and a company outlining obligations and terms of employment is called a ________.

a)

Contract

b)

Invoice

c)

Resume

d)

Reference

14.

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 ________.

a)

Copyright

b)

Trademark

c)

Patent

d)

Trade Secret

15.

Fill in the blank: An individual hired by a company and compensated for their work is called an ________.

a)

Employee

b)

Employer

c)

Contractor

d)

Client

16.

Fill in the blank: An individual who aspires to start and run a successful business is called an ________.

a)

Entrepreneur

b)

Employee

c)

Investor

d)

Manager

17.

Fill in the blank: Non-cash compensations offered to employees in place of or in addition to a lower salary are called ________.

a)

Equity

b)

Bonuses

c)

Allowances

d)

Commissions

18.

Fill in the blank: Standards of professional conduct professionals should uphold are called ________.

a)

Ethical Practices

b)

Legal Documents

c)

Technical Skills

d)

Business Strategies

19.

Fill in the blank: A business that takes its name and characteristics from an existing business chain is called a ________.

a)

Franchise

b)

Corporation

c)

Sole Proprietorship

d)

Partnership

20.

Fill in the blank: Thinking about and planning for the future is called ________.

a)

Forward Thinking Mentality

b)

Present Focused Attitude

c)

Backward Reflection

d)

Immediate Gratification

21.

A person that developed or created a company or organization is called a _______.

a)

Founder

b)

Employee

c)

Customer

d)

Manager

22.

The characteristic of being able to tackle goals with courage and perseverance is called _______.

a)

Grit

b)

Luck

c)

Talent

d)

Procrastination

23.

Believing that one can accomplish anything with hard work is called having a _______.

a)

Growth Mindset

b)

Fixed Mindset

c)

Passive Attitude

d)

Negative Outlook

24.

A payment amount provided to employees for the number of hours they worked is called _______.

a)

Hourly Pay

b)

Salary

c)

Commission

d)

Bonus

25.

A creative work or invention to which an individual has been given rights is called _______.

a)

Intellectual Property

b)

Public Domain

c)

Copyright Infringement

d)

Patent Violation

26.

A characteristic in which an individual acts to turn ideas into action is called _______.

a)

Initiative

b)

Procrastination

c)

Indifference

d)

Passivity

27.

A new idea, product, or method is called _______.

a)

Innovation

b)

Tradition

c)

Imitation

d)

Obsolescence

28.

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 _______.

a)

Investor

b)

Employee

c)

Customer

d)

Supplier

29.

A one-page document discussing key information commonly seen in a business plan is called a _______.

a)

Lean Canvas

b)

Executive Summary

c)

Business Model Report

d)

Pitch Deck

30.

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 _______.

a)

LLC

b)

Corporation

c)

Sole Proprietorship

d)

Partnership

31.

A minimum viable product is an inexpensive preliminary product to test the product idea. This is called _______.

a)

MVP

b)

Prototype

c)

Final Product

d)

Business Model

32.

A type of business that has no owner and does not pay federal US taxes is called a _______.

a)

Nonprofit

b)

Corporation

c)

Sole Proprietorship

d)

Partnership

33.

What is the term for the way one approaches new ideas and ventures in their life?

a)

Opportunity Recognition

b)

Risk Aversion

c)

Resource Allocation

d)

Market Segmentation

34.

Who are the individuals that own the business?

a)

Owner

b)

Employee

c)

Customer

d)

Supplier

35.

What do you call two or more individuals that share a business's financial responsibility?

a)

Partners

b)

Shareholders

c)

Employees

d)

Managers

36.

What is a legal method used to protect an invention for a limited time?

a)

Patent

b)

Copyright

c)

Trademark

d)

Trade Secret

37.

What is one's ability to act to work toward achieving a goal called?

a)

Personal Agency

b)

External Motivation

c)

Social Influence

d)

Cognitive Dissonance

38.

What is a type of compensation provided for the amount of work produced?

a)

Piece Work

b)

Hourly Wage

c)

Salary

d)

Commission

39.

What is a presentation given to potential investors to provide a brief overview of the business plan to earn another meeting called?

a)

Pitch Deck

b)

Business Card

c)

Annual Report

d)

Sales Invoice

40.

What is the process of coming up with solutions to solve a problem called?

a)

Problem-Solving

b)

Brainstorming

c)

Memorization

d)

Observation

41.

What is a tangible item called in business terminology?

a)

Product

b)

Service

c)

Strategy

d)

Policy

42.

What is a preliminary product, commonly a product with minimum viability, from which to test and develop called?

a)

Prototype

b)

Blueprint

c)

Final Product

d)

Mockup

43.

What is one's ability to adapt to change, loss, and disappointment called?

a)

Resiliency

b)

Rigidity

c)

Complacency

d)

Fragility

44.

What are fees paid for the use of a brand name or image called?

a)

Royalty Fees

b)

License Taxes

c)

Service Charges

d)

Trademark Dues

45.

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?

a)

S Corporation

b)

C Corporation

c)

Sole Proprietorship

d)

Limited Liability Company (LLC)

46.

What is a fixed payment amount provided to a full-time employee called?

a)

Salary

b)

Wage

c)

Commission

d)

Bonus

47.

Fill in the blank: Trusting one's self, goals, and progress is called ________.

a)

Self-Reliance

b)

Self-Doubt

c)

Overconfidence

d)

Procrastination

48.

Fill in the blank: An intangible service or skill that is performed is called ________.

a)

Service

b)

Product

c)

Asset

d)

Commodity

49.

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 ________.

a)

Small Business

b)

Multinational Corporation

c)

Nonprofit Organization

d)

Government Agency

50.

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 ________.

a)

Sole Proprietorship

b)

Corporation

c)

Limited Liability Company (LLC)

d)

Partnership

51.

Fill in the blank: An individual with an interest in a business is called a ________.

a)

Stakeholder

b)

Employee

c)

Customer

d)

Supplier

52.

Fill in the blank: An individual that owns at least one share in a corporation's stock is called a ________.

a)

Stockholder

b)

Creditor

c)

Manager

d)

Employee

53.

Fill in the blank: A practice used to protect brand names, logos, and business names is called a ________.

a)

Trademark

b)

Copyright

c)

Patent

d)

Franchise

54.

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 ________.

a)

Trade Secret

b)

Copyright

c)

Patent

d)

Trademark