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Domain 1: Entrepreneurial and Small Business Concepts
Terms in this set (22)
Appliance World is a top-rated appliance manufacturer. Super Steel supplies metal to Appliance World to build their appliances. What type of transaction is this?
- Business to business (B2B)
Tim purchased a movie from a popular streaming service. He received immediate access to the movie. What type of e-commerce product did Tim purchase?
What is the main drawback of a sole proprietorship?
- They have unlimited personal liability
Companies run the risk of employees sharing trade secrets. Which two documents do many companies have their employees sign to help mitigate the risk?
- Confidentiality Agreement
- Nondisclosure Agreement (NDA)
What are the benefits of entrepreneurship?
- Setting one's own hours
- Getting to work with like-minded people
Jane is an investor in a full-detail carwash that opened several years ago. She has been very pleased with the company's management after helping select a new CEO two months ago. Which best describes the role Jane plays in the full-detail carwash?
A lean canvas should only be a ______ page long, discussing key information, without all the details one would see in a business plan.
What are three disadvantages of selling physical products?
- Needing storage space
- Needing employees to track the supply
- Shipping and packaging costs
Tommy was hired to help boost a startup company sales and marketing strategies. The startup company does not have enough cash to continue paying Tommy his full salary. Tommy is passionate about the company's vision and has agreed to receive some of his pay and company stocks. Which two forms of compensation is Tommy receiving for his work?
An executive summary should briefly explain everything in a business plan in ______ pages
One should know if there is ______ for a product before taking on a business opportunity
Which corporation uses a double layer of taxation?
A common financial risk that entrepreneurs encounter is ______.
When an employee is hired, they sign a contract that outlines the employees and the employer's _____ and terms of employment.
Jeff works for green grass mowing company. He is paid a fixed amount for each lawn he completes during the day. In addition to mowing lawns green grass mowing company offers his customers a fertilization treatment for an additional cost. For every fertilization treatment Jeff secures, he receives an additional $7 in pay. Which two forms of compensation does Jeff receive for his work?
- Piece work
One value of using _____ material is that they are usually well-recognized, which may help to boost sales.
Mike is the owner of a doggy daycare and grooming business. The business is economically healthy, and he is looking for ways to finance future growth. In which business life cycle stage is Mike?
- Mike is in the take-off stage, as the business is economically sound and he is preparing for future growth.
What is the difference between small businesses and entrepreneurs?
Small business owners are not always interested in taking on new business opportunities
- Small business owners are not always interested in taking on new business opportunities
Elizabeth sells makeup and has a team of distributors that she has recruited to sell makeup with her. She earns a percentage from all the sales that the distributors make. What type of business opportunity is Elizabeth a part of?
- Network marketing
Anytime someone wants to use a ____ on their products, they must attain a license to use them.
- brand name
What might the design team need to do during the design thinking process?
- Revisit previous stages
Rhonda owns a food truck where she is known for her hot sauce. Which intellectual property law protects Rhonda's recipe from being stolen or replicated by other competitors?
- Trade secret
Other sets by this creator
Domain 1 Part 2
Entrepreneurship & Small Business V2 Exam Domain 4
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