Domain 1 Lesson 1 - correct answer
The key objective of a small business owner is to generate ____ - correct answer profits
Entrepreneurs are
... [Show More] willing to take on new opportunities and unknown ____ to grow their businesses rapidly - correct answer risks
Tangible items that require pick-up or delivery are ____ products - correct answer physical
When a ____ purchases an item from a business, it is a business-to-consumer transaction - correct answer customer
____ are for-profit corporations with limited liability - correct answer S corporations
____ are ideal for international businesses - correct answer C corporations
The ____ oversees daily operational and administrative functions - correct answer Chief Operating Officer
A ____ votes on the management of a company - correct answer stockholder
____ employees are paid a fixed amount each pay period - correct answer Salary
Businesses can compensate employees for work they produce when being paid by ____ - correct answer piece work
Businesses can offer ____ in addition to a lower salary - correct 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 - correct answer survival
The owner may decide to sell their ownership in the company during the ____ stage - correct answer exit plan
The five elements of the design thinking process are ____ - correct answer empathize, define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective - correct answer Empathy
The design team creates multiple inexpensive versions of a product, known as ____ - correct answer Minimum Viable Products
Name benefits of a franchise - correct answer less risk involved, tested operational processes, or recognized brands
No ownership, no US federal taxes - correct answer Non-profit
Best for international business even with being double-taxed - correct answer C corporation
Easy to create but comes with unlimited liability - correct answer Sole proprietorship [Show Less]