entrepreneurial and small business quiz retake

A written document that details how a business will be structured, managed, run, and grown.

Business Plan

Profits are taxed when earned, and then the shareholders' dividends are taxed after they are distributed. This legal structure is best for international businesses

C Corporation

Makes major decisions for the company, oversees operations and resources, comes up with the company's vision, strategies, and mission, and reports to the board of directors

Chief Executive Officer (CEO)

Manages and plans the cash flow, creates budgets, and forecasts whether the company will meet the set budget requirements

Chief Financial Officer (CFO)

Oversees the business's day-to-day operational and administrative functions

Chief Operating Officer (COO)

Working with others towards a common goal

Collaboration

Bringing new and unconventional ideas to the table and finding creative and new solutions to the way things are done

Creativity and innovation

Solving problems in the best way by considering a variety of potential solutions to the problem

Critical thinking

Stage 2

Define

Stage 1

Empathize

Responsible for completing specific assigned tasks while adhering to the company's safety and ethical guidelines and policies

Employee

Decision-making based on morals and doing the right thing

Ethical Practices

First Stage

Existence

Seventh Stage

Exit Plan

Thinking about and planning for the future

Forward-thinking mentality

The individual that developed or created the company or organization

Founder

Tackling goals with courage and perseverance, even when it is challenging

Grit

Believing that one can accomplish anything if one works hard

Growth mindset

Stage 3

Ideate

Turning one's ideas into action or bringing in new ideas to generate more or better business

Initiative

Covers problems and solutions, value propositions, marketing channels, key metrics, costs, and revenue without all of the business plan details.

Lean Canvas

Allows the owner to pay taxes on their profits or losses through their own taxes using a personal tax rate. This legal structure is ideal for a single owner seeking low risk

Limited Liability Company (LLC)

Has no ownership and pays no US federal taxes

Non-Profit

The way one approaches new ideas and ventures

Opportunity Recognition

One or more people share the business's financial responsibility, including record keeping, paying taxes, distributing profits, marketing, and the company's day-to-day functions

Partnership

Shared financial backing

Partnership

Working toward achieving a goal without someone directing and ensuring it is being done

Personal Agency

Rose ordered a package of macaroons from an out-of-state bakery. She received the cookies the following week. What type of e-commerce product did rose order?

Physical

A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections.

Pitch Deck

Sixth Stage

Pivot or Persist

Coming up with solutions to solve a problem

Problem-solving

Stage 4

Prototype

Adapting to change, loss, and disappointment

Resiliency

Fifth Stage

Resource Maturity

The amount of loss one is willing to take when making investment decisions

Risk tolerance

A for-profit corporation with a lower tax rate that prevents the company from being double taxed

S Corporation

Trusting one's self, one's goals, and one's progress

Self reliance

Preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment could harm a business, the community, or the environment.

Social responsibilities

Easy to create, but comes with unlimited liability

Sole Proprietorship

The individuals or groups that have an interest in the success of a company

Stakeholder

Votes on the management of the company and whether to remove the CEO should the occasion arise

Stockholder

Third Stage

Success

Second Stage

Survival

Fourth Stage

Take-off

Stage 5

Test

Which is a characteristic of a business opportunity?

The seller is required to help the buyer find an ideal location for the business

What is a disadvantage of S corporations?

There are very strict qualification requirements for becoming an S corporation

What must happen before one can use someone elses patent?

They must obtain ownership of the patent

Factors that aid in determining whether or not a business opportunity is viable includes market size, __________, manage of cash flow, management skill sets, and passion.

relationships