ESB
What does ESB stand for?
Entrepreneurship and Small Business
What is the payment for the set rate of pay for hours an employee has worked called?
Hourly
This person oversees the day to day operations of administrative functions of the business.
COO (Chief Operating Officer)
Jessica is composing a song and wants to protect it from being copied. Which intellectual property law would best protect Jessica's song?
Copyright
Which legal structures has no ownership and no US Federal taxes?
Non-Profit
What is setting up a business with the aim to make a profit?
Entrepreneurship
What is the compensation that pays an artist for the amount of paintings they paint?
Piece Work
This person creates the budgets, analyzes financial data, and forecasts company profits.
CFO (Chief Financial Officer)
What intellectual property law best protects a company's logo?
Trademark
Which legal structure is best for international business even with begin double-taxed?
C-Corporation
What is the key objective of a small business owner?
To generate profits
DAILY DOUBLE
What is the compensation type that an employee receives for the set amount of pay no matter how many hours they work?
Salary
This person reports to the board of directors and is the highest ranking employee in the company.
CEO (Chief Executive Officer)
What is a one page document covering problems solutions and key details of a business plan?
Lean Canvas
Which legal structure is easy to create but comes with unlimited liability?
Sole-Proprietorship
Entrepreneurs are willing to take on new opportunities and unknown ___________ to grow their businesses rapidly.
risks
For every home Jeff sells, he receives an % of the sale cost. What payment type is he making?
Commission
This person created the company.
What is the correct order of the 5 stages of the Design Thinking Process?
Empathize, Define, Ideate, Prototype, Test
(Every day is pretty terrific
Which legal structure has a lower tax rate that prevents the company from being double-taxed?
S Corporation
What business opportunity involves higher start up costs but is less risky?
Franchising
What payment type is a non cash compensation?
Equity
This person has a vested interest in the success of the company.
Stakeholder
DAILY DOUBLE
What is the correct order of the seven Business Life Cycle Stages?
Existence, Survival, Success, Take-Off, Resource Maturity, Pivot or Persist, Exit
(Every student should take regular PE.)
Which legal structure is ideal for a single owner seeking low risk?
LLC (Limited Liability Corporation)