ESB- D1, Lesson 1

The key objective of a small business owner is to generate ________________. [Entrepreneurship and Small Business]

• profit

• loss

• conflict

• waste

Entrepreneurs are willing to take on new opportunities and unknown _________________ to grow their businesses rapidly. [Entrepreneurship and Small Business]

• risks

• profits

• customers

• products

Tangible items that require pick-up or delivery are ____________________ products. [Classify Types of Businesses]

• goods

• services

• ideas

• experiences

When a __________________ purchases an item from a business, it is a business-to-consumer transaction.

• consumer

• supplier

• manufacturer

• retailer

__________________________ are for-profit corporations with limited liability.

• Limited liability companies (LLCs)

• Sole proprietorships

• General partnerships

• Nonprofit organizations

__________________________ are ideal for international businesses.

• Corporations

• Sole proprietorships

• Partnerships

• Cooperatives

The __________________________ oversees daily operational and administrative functions.

• COO

• intern

• customer

• supplier

A __________________________ votes on the management of a company. [Business Roles and Responsibilities]

• shareholder

• employee

• customer

• supplier

__________________________ employees are paid a fixed amount each pay period. [Business Compensation Structures]

• Salaried

• Hourly

• Commission-based

• Freelance

Businesses can compensate employees for work they produce when being paid by ____________________. [Business Compensation Structures]

• commission

• salary

• bonus

• stipend