ESB Domain 1 Flashcard

Front

What is a disadvantage of S corporations?

Back

There are very strict qualification requirements for becoming a S corporation.

Front

Factors that aid in determining whether or not a business opportunity is viable include market size, ________, manage of cash flow, management skillsets, and passion.

Back

relationships

Front

Knowing a process has been tested and works well is valuable to companies as they assume it would work just as successfully for their company. As a result, companies may want to use ________materials.

Back

trade secret

Front

What must happen before one can use someone else's patent? Options: They must obtain ownership of the patent. They must get written approval from the owner of the patent. They must apply for permission to use the patent through legal channels. They must sign a confidentiality agreement or non-disclosure agreement (NDA)

Back

They must obtain ownership of the patent.

Front

Franchises will generally have higher _______, but they offer ongoing support and training.

Back

Start-up costs

Front

A business where the owner licenses their operation, products or services, branding, and knowledge for a royalty fee.

Back

Franchise

Front

What type of e-commerce product did Rose order when she received a package of macaroons from an out of state bakery a week later?

Back

Physical

Front

Which is a characteristic of a business opportunity?

Back

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

Front

An LLC is ideal for a ______ owner seeking low risk

Back

single

Front

What is the difference between small business and entrepreneurs?

Back

Small business owners are not always interested in taking on new business opportunities.