OCPS Principles of Entrepreneurship/Level 2

What is the term for a business transaction that occurs between two businesses?

• B2C

• B2B

• C Corporation

• Sole Proprietorship

Which document is used to compare a business's assets to its liabilities plus owner's equity?

• Income Statement

• Balance Sheet

• Business Plan

• Lean Canvas

What is the term for the point where a business's revenue matches its expenses over a given period?

• Profit

• Break-Even Point

• Revenue

• Run Rate

Which of the following is a calculation used to determine how much an investment is making?

• ROI

• Burn Rate

• Run Rate

• Customer Acquisition Cost

What is the term for a preliminary product used to test and develop a new idea?

• Prototype

• MVP

• Innovation

• Product/Market Fit

Which type of business structure allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation?

• S Corporation

• C Corporation

• LLC

• Sole Proprietorship

What is the term for the expenses incurred for running day-to-day tasks in a business?

• Operating Costs

• Fixed Costs

• Variable Costs

• Acquisition Costs

Which of the following is a method used to protect brand names, logos, and business names?

• Copyright

• Trademark

• Patent

• Trade Secret

What is the term for a group of customers a company chooses to market its products and services to?

• Target Market

• Stakeholder

• Customer

• Investor

Which of the following is a planning tool used to document a company's strengths, weaknesses, opportunities, and threats?

• SWOT Analysis

• Marketing Plan

• Business Plan

• Lean Canvas