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WorksheetsDomain 1 Vocabulary Review
Total questions: 50
Worksheet time: 25mins
Which statement best describes a B2B transaction?
An online ad promoting a new smartphone
A service agreement with a neighborhood club
A sale from a store to everyday shoppers
A purchase between two companies for supplies
What does B2C stand for in business?
Business-to-company wholesale deal
Bank-to-company cash transfer
Business-to-consumer sales model
Buyer-to-contractor service plan
Which item belongs on a balance sheet?
Assets, liabilities, and equity
Monthly marketing ideas
Projected website traffic
Employee training goals
What is a C Corporation designed to do for its shareholders?
Let profits pass through to owners directly
Reduce taxes by passing items through shares
Avoid all government rules for companies
Guarantee dividends every single quarter
Who makes major decisions and oversees overall operations?
Chief Security Officer (CSO)
Chief Data Officer (CDO)
Chief Executive Officer (CEO)
Chief Marketing Officer (CMO)
Which executive primarily oversees a company’s finances?
COO manages budgeting and audits
CEO handles daily accounting entries
CTO controls payroll and tax filings
CFO oversees money and financial plans
Which role focuses on day-to-day operations and administration?
CTO builds customer service scripts
CFO reviews investments and cash
COO manages processes and workflow
CEO designs brand and marketing
Collaboration means what in a business setting?
Working alone to speed up results
Competing with peers for prizes
Working with others toward one goal
Supervising people from a distance
Commission is best defined as which payment?
Fee paid for completing a task
Hourly wage for time worked
Salary paid every two weeks
Bonus for meeting yearly targets
Compensation refers to what for employees?
Annual reviews of job performance
Money or benefits given for work
Company policies about uniforms
Letters of recommendation at exit
A confidentiality agreement mainly promises what?
To share ideas with all partners
To publish results for advertising
To never reveal agreed information
To post updates to company blogs
Which document outlines obligations and employment terms?
Calendar of holiday events
Memo about office furniture
Newsletter sent to all employees
Contract between worker and company
Copyright helps individuals do what?
Protect their intellectual property
Increase production line speed
Hire new employees quickly
Avoid paying corporate taxes
Critical thinking involves which approach?
Ignoring evidence to save time
Choosing the first idea quickly
Copying a friend’s successful method
Considering several solutions carefully
Who is an employee?
An owner who invests personal funds
A person hired and paid by a company
A vendor selling goods to stores
A volunteer helping at events
What best describes an entrepreneur?
Someone who buys stocks weekly
Someone who starts and runs a business
Someone who manages a school club
Someone who files taxes for neighbors
Which scenario is B2C rather than B2B?
A software firm selling apps to teens
A bakery selling flour to restaurants
A factory buying parts from suppliers
A wholesaler shipping goods to retailers
Which term means believing you can improve abilities through effort and learning?
Forward-Thinking Mentality
Personal Agency
Ethical Practices
Growth Mindset
What best describes grit in entrepreneurs?
Sticking with tough goals
Following company rules
Sharing business profits
Paying by the hour
Which tool is a one-page summary of key business ideas?
LLC
Patent
Pitch Deck
Lean Canvas
What is the purpose of a pitch deck?
Legal invention protection
Company ownership record
Hourly pay calculation
Brief investor overview
MVP stands for Minimum Viable Product. What is its main use?
Tax reporting form
Final market launch
Employee training
Early idea testing
Which term refers to standards professionals should follow?
Innovation
Opportunity Recognition
Ethical Practices
Franchise
A founder is primarily the person who:
Starts the organization
Manages daily tasks
Invests for profit
Buys a franchise
Which compensation type pays for each unit produced?
Equity
Hourly Pay
Piece Work
Bonus Salary
Equity in jobs most closely means:
Tax-free paycheck
Per-piece payment
Hourly wage amount
Non-cash compensation
Which term means thinking ahead and planning for the future?
Innovation
Forward-Thinking Mentality
Problem-Solving
Opportunity Recognition
Intellectual property refers to:
Hourly pay rules
Creative works rights
Sales taxes owed
Partner agreements
A patent is best defined as:
Temporary invention protection
Permanent brand ownership
Tax-free business status
Shared partner liability
Which business type passes profits and losses through to owners’ personal taxes?
Nonprofit
Sole Trader
LLC
Franchise
Nonprofit organizations typically:
Have no owner and avoid federal taxes
Sell franchise rights for profit
Focus on founder income
Issue equity to employees
Partners in a business are:
Two or more co-owners
Paid per piece worked
External investors
Hourly supervisors
Opportunity recognition involves:
Writing legal contracts
Calculating hourly wages
Hiring franchise managers
Seeing new ideas to pursue
Personal agency most closely means:
Ability to act toward goals
Legal protection for art
Recognizing new ventures
Starting a franchise
Problem-solving is the process of:
Creating workable solutions
Selling company equity
Paying employees hourly
Filing for a patent
Innovation describes:
A new idea or method
A tax filing form
A salary bonus plan
A partner contract
Which statement best differentiates pitch deck and lean canvas?
Deck persuades investors; canvas summarizes plan
Deck files taxes; canvas pays wages
Deck protects inventions; canvas grants patents
Deck sets hourly rates; canvas measures piece work
Which term best describes the chance of losing time or money in a business?
Self-Reliance
Salary
Resiliency
Risk
What does risk tolerance refer to when starting a business?
Willingness to lose time and money
Ability to adapt to disappointment
Owning at least one share of stock
Paying for use of a brand name
Which business structure has a single owner and no liability protection?
Small Business
Partnership
S Corporation
Sole Proprietorship
An S Corporation allows which tax advantage?
Complete protection from all business risk
Public sale of unlimited company stock
Passing income and losses to shareholders
Fixed payments to full-time employees
Which term describes fees paid to use a brand name or image?
Trade Secret
Trademark
Salary
Royalty Fees
Which statement best defines resiliency?
Private ownership by a small group
Ability to adapt to change and loss
Owning shares in a corporation
Protecting a formula from competitors
Self-reliance in entrepreneurship means what?
Trusting one's own goals and progress
Being funded by stockholders only
Avoiding any business risk or loss
Relying on competitors for support
Which description fits a small business?
Privately owned with fewer employees
Government-owned with many locations
Public corporation with thousands of shares
Charity run by volunteers only
Who has an interest in a business but may not own stock?
Stakeholder
Stockholder
Shareholder
Royalty payer
Who owns at least one share in a corporation's stock?
Supplier
Employee
Stakeholder
Stockholder
Which method protects brand names and logos?
Trade Secret
Trademark
Royalty Fee
Salary Contract
Which protection keeps a process or formula from competitors?
Stakeholder
Trademark
Trade Secret
S Corporation
A new founder plans to sell snacks and worries about losing money. Which concept is this concern about?
Risk
Self-Reliance
Royalty Fees
Resiliency
