ESB
Setting up a business with the aim to make a profit
Entrepreneurship
is compensation that is paying field laborers for the amount of fruit they pick
This person manages the technological requirements of a company and stays on trends.
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?
Take-Off
This legal structure has no ownership and pays no US federal taxes (tax exempt).
Non-Profit
This business cycle stage has a reliable number of customers to stay open.
Survival
employee receives set amount of pay each month without overtime compensation for extra hours worked.
Salary
This person oversees the day-to-day operations of administrative functions of a business, second in command.
COO
If we are turning a business over to a family member we are doing which of the following:
Exit
This legal structure is shared financial backing.
Partnership
This business cycle stage is when a business owner generates a consistent income, and the business is economically healthy.
Success
Employees most affected by minimum wage laws are compensated by ______ pay.
Hourly
This person creates the budgets, analyzes financial data, and forecasts company profits.
CFO
Sharon owns a law firm. She has recently begun earning more money, and the firm’s finances are doing well. In which business life cycle stage is Sharon?
Success
This legal structure is easy to create but comes with unlimited liability.
Sole Proprietorship
This business cycle stage is when the business owner needs to decide if they want their company to become a big business and if so, how they will create rapid growth and finance it.
Take-Off
An employee who is paid a percentage of sales is paid by _____
Commission
This person is the highest-ranking employee in the company; Reports to the board of directors.
CEO
A business owner creates a business and then gets it up and running. Which business cycle stage is this?
Existence
Profits are taxed when earned, and then the shareholder's dividends are taxed after they are distributed. This legal structure is best for international businesses.
C-Corp
A business where the owner licenses their operations, products, or services, branding, and knowledge for a royalty fee.
Franchise
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 its 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? SELECT 2
Piece Work/Commission
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?
Stockholder or Shareholder
Dylan owns a small grocery store. The store has not been receiving a lot of business during the last few months and has been making a low profit. Dylan has a meeting scheduled to discuss these issues with other employees of the grocery store. In which business life cycle stage is Dylan?
Pivot/Persist
avoids/prevents double taxation/strict qualifications
S-Corp