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