What are the 3 elements required to have a trade secret?
1.Subject to reasonable efforts to maintain its secrecy
2. Others cannot legitimately obtain the information
3. A unique logo or brand names
4.Information has economic value not generally known
5. Original work must be in a tangible form...
ESB Certification Exam Study Guide
questions with correct answers
Domain 1 Lesson 1 - Answer
The key objective of a small business owner is to generate ____ - Answer profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to grow
their businesses rapidly - Answer risks
Tangible items that require pick-up or delivery are ____ products - Answer
physical
When a ____ purchases an item from a business, it is a business-to-consumer
transaction - Answer customer
____ are for-profit corporations with limited liability - Answer S corporations
____ are ideal for international businesses - Answer C corporations
The ____ oversees daily operational and administrative functions - Answer Chief
Operating Officer
A ____ votes on the management of a company - Answer stockholder
____ employees are paid a fixed amount each pay period - Answer Salary
,Businesses can compensate employees for work they produce when being paid by
____ - Answer piece work
Businesses can offer ____ in addition to a lower salary - Answer equity
During the ____ stage of the business life cycle, a company is regularly taking on
new customers and starting to generate a consistent income - Answer survival
The owner may decide to sell their ownership in the company during the ____
stage - Answer exit plan
The five elements of the design thinking process are ____ - Answer empathize,
define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective - Answer Empathy
The design team creates multiple inexpensive versions of a product, known as
____ - Answer Minimum Viable Products
Name benefits of a franchise - Answer less risk involved, tested operational
processes, or recognized brands
No ownership, no US federal taxes - Answer Non-profit
Best for international business even with being double-taxed - Answer C
corporation
Easy to create but comes with unlimited liability - Answer Sole proprietorship
, Lower tax rate that prevents the company from being double-taxed - Answer S
corporation
Ideal for a single owner seeking low risk - Answer LLC (limited liability company)
Shared financial backing - Answer Partnership
Creates the company - Answer Founder
Oversees company finances - Answer CFO
Owns stock in the company - Answer Stockholder
Reports to the board of directors - Answer CEO
Oversees daily operational and administrative functions Stakeholder Has a vested
interest in the success of the company - Answer COO
Has a vested interest in the success of the company - Answer Stakeholder
Non-cash compensation - Answer Equity
Set rate of pay for hours worked - Answer Hourly
Usually found in sales roles - Answer Commission
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