Exam (elaborations)
ESB V.2 DOMAIN 1 ENTREPRENEURSHIP & SMALL BUSINESS CONCEPTS TEST
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ESB V.2 DOMAIN 1 ENTREPRENEURSHIP & SMALL BUSINESS CONCEPTS TEST...
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ESB V.2 DOMAIN 1 ENTREPRENEURSHIP& SMALL BUSINESS CONCEPTS TEST
B2B: ANSWER A business-to-business (B2B) commercial transaction between
companies
B2C: ANSWER A B2C transaction
Brand recognition - ANSWER The degree of familiarity one has with a brand
Business Opportunity: ANSWER An entrepreneur analyzes and evaluates a
situation to determine whether launching a sustainable, lucrative business is
viable.
Business Plan - ANSWER A document that addresses the concept, clients, and
capital of a firm.
C Corporation - Answer A C corporation is a business form in which the
owners, or shareholders, are taxed separately from the company. C corporations
are likewise liable to corporate income tax. Business profits are taxed at both
the corporate and personal levels, resulting in double taxation.
CEO - Answer The Chief Executive Officer (CEO) plays a key function in a
company. The CEO manages a company's operations and resources and takes
significant decisions for it.
CFO - Answer The Chief Financial Officer (CFO) plays a key function in a
company. The CFO manages a company's finances.
Collaboration - Answer The act of collaborating with one or more persons to
achieve a common goal.
Commission - ANSWER A charge paid to an employee to complete a task.
, Compensation: ANSWER A monetary reward provided to employees in
exchange for their labor.
Confidentiality Agreement - Answer A formal agreement declaring that an
entity will not disclose information agreed upon by all parties in a transaction.
Contract - Answer An agreement between an employee and a firm that
specifies the obligations and terms of employment.
COO'S ANSWER The Chief Operating Officer (COO) is a leader in a
company. The COO is in charge of managing a company's administrative and
operational functions on a daily basis.
Copyright - ANSWER A type of protection that individuals can use to protect
their intellectual property. Copyright applies to print, music, cinema, and other
types of creative rights.
Critical Thinking - Answer Using one's thinking to solve an issue in the best
possible way, taking into account numerous alternative solutions.
Customer - Answer An individual or business that buys goods and services
from another business.
Employee - Answer A person recruited by a firm and compensated for their
services.
Entrepreneur - Answer Someone who wants to develop and run a profitable
business. Willing to investigate fresh prospects and unknown risks.
Equity: ANSWER Non-cash compensations provided to employees instead of
or in addition to a lower salary.
Ethical Practices - ANSWER Professionals should adhere to certain standards
of conduct.
Forward-thinking Mentality - ANSWER Thinking and planning for the future.
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