General Vocab
The potential for financial loss or other negative outcomes in a business venture is known as:
Risk
What is the name for someone who creates and owns their own business?
Entrepreneur
This is the name for an organization that provides products or services, usually to make money.
Business
What is the term for the principles that guide behavior in the world of business.
A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity, is called a(n):
Sole Proprietorship
This is what entrepreneurs get in exchange for starting a business; this could be money, personal satisfaction, independence, or positive impact on the economy/community.
Reward
In entrepreneurship, a __________________ is an issue or difficulty that a potential customer or market segment faces, which a business aims to address with its products or services.
Problem
What is the term for a company that operates not to provide profit for its shareholders but exists to have some positive impact
Non-Profit
What is the term that refers to a company's commitment to managing its impact on society and the environment in a positive way.
Social Responsibility
When a corporation pays taxes on its earned income, and the shareholders pay taxes on the dividends they receive based on the number of stocks they hold in the corporation, this is referred to as:
Double Taxation
The ability to understand and share the feelings of others, particularly in a business context, is known as:
Empathy
What is the name of the methodology used by designers to solve complex problems and find desirable solutions for clients.
Human Centered Design Thinking
This is a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
SWOT Analysis
This is a brief statement that defines a company's purpose and primary objectives:
Mission Statement
When the corporation does not pay taxes on its earned income and instead the owners pay taxes on their individual shares of the business, this is referred to as:
Pass-through Taxation
__________________ involves creating new products, services, or processes that add value to a business or market.
Innovation
What are the 5 steps in Human Centered Design Thinking?
1. Empathize
2. Interpret
3. Ideate
4. MVP Prototype
5. Test/Evolve
What is the name for economic development that does not harm society or the environment. It ensures that human and natural resources are maintained for future generations.
Sustainable Economic Development
This is the name or status that refers to for-profit companies that are certified to meet rigorous standards of social and environmental performance, accountability, and transparency.
Which business structure allows the avoidance of double taxation but limits the number of shareholders to 100 or less?
S-Corp
_______________ is an innovation, service, or feature intended to make a company or product more attractive to consumers.
Value Proposition
What is the name for artistic and industrial creations of the mind?
Intellectual Property
What refers to the status of creative works for which copyright or patent has expired; meaning that now anyone has access to purchasing/using the rights to a product, brand, or name?
Public Domain
Explain B2B and B2C; what is the difference?
B2B refers to Business to Business, these are transactions that occur between businesses.
B2C refers to Business to Consumer, this occurs when a business makes a direct transaction with the end user.
Which business structure offers personal asset protection and flexible tax options for small businesses?
Limited Liability Company (LLC)