ESB

Question 1

The cost incurred by a business.

Answer 1

Acquisition Costs

Question 2

An investor who provides funding to a business for a stake in the business in return.

Answer 2

Angel Investor

Question 3

A tangible item a business owns.

Answer 3

Asset

Question 4

commercial transaction between businesses.

Answer 4

A business-to-business (B2B)

Question 5

A business-to-consumer transaction.

Answer 5

B2C

Question 6

A document that compares assets to liabilities plus owner’s equity.

Answer 6

Balance Sheet

Question 7

A business owner uses their own money to fund their business.

Answer 7

Bootstrapping

Question 8

The level of familiarity one has with a brand.

Answer 8

Brand Recognition

Question 9

The point where a business’s revenue matches its expenses over a given period.

Answer 9

Break-Even Point

Question 10

The amount of money a business plans on spending during a given period.

Answer 10

Budget

Question 11

A calculation used to measure a business’s monthly cash flow.

Answer 11

Burn Rate

Question 12

A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.

Answer 12

Business Opportunity

Question 13

A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.

Answer 13

C Corporation

Question 14

A document that addresses the concept, customers, and capital of a business.

Answer 14

Business Plan

Question 15

holds a leadership role within a business. oversees a business’s operations and resources and makes the major decisions for the company.

Answer 15

The Chief Executive Officer (CEO)

Question 16

holds a leadership role within a business. oversees a company’s finances.

Answer 16

The Chief Financial Officer (CFO)

Question 17

The action of working with one or more people toward a common goal.

Answer 17

Collaboration

Question 18

A fee is paid to an employee for completing a task.

Answer 18

Commission

Question 19

A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement.

Answer 19

Confidentiality Agreement

Question 19

A monetary amount is given to employees in return for their work.

Answer 19

Compensation

Question 20

An agreement between an employee and a company outlining obligations and terms of employment.

Answer 20

Contract

Question 21

holds a leadership role within a business. is responsible for overseeing the day-to-day administrative and operational functions of a business.

Answer 21

The Chief Operating Officer (COO)

Question 22

A form of protection individuals can implement to protect their intellectual property. designated for print, music, film, and various other forms of creative licenses.

Answer 22

Copyright

Question 23

Using one’s mind to solve a problem in the best way by considering various potential solutions to the problem.

Answer 23

Critical Thinking

Question 24

The method of sharing a start-up business online to pre-sell products.

Answer 24

Crowdfunding

Question 25

An individual or business that purchases goods and services from a business.

Answer 25

Customer

Question 26

The total cost of acquiring a new customer.

Answer 26

Customer Acquisition Cost

Question 27

Activities or strategies employed by a business to retain existing customers.

Answer 27

Customer Retention

Question 28

A local agency with information on participating local businesses.

Answer 28

Chamber of Commerce

Question 29

Statistical data that refers to particular groups within a population.

Answer 29

Demographics

Question 30

A method used to get a product from the manufacturer to the end-users.

Answer 30

Distribution Channel

Question 31

An individual hired by a company and compensated for their work.

Answer 31

Employee

Question 32

An individual who aspires to start and run a successful business.

Answer 32

Entrepreneur

Question 33

Non-cash compensations are offered to employees in place of or in addition to a lower salary.

Answer 33

Equity

Question 34

Standards of professional conduct professionals should uphold.

Answer 34

Ethical Practices

Question 35

The costs of a business have remained the same no matter the volume of production.

Answer 35

Fixed Costs

Question 36

Thinking about and planning for the future.

Answer 36

Forward-Thinking Mentality

Question 37

The person who developed or created a company or organization.

Answer 37

Founder

Question 38

A business that takes its name and characteristics from an existing business chain.

Answer 38

Franchise

Question 39

The characteristic of being able to tackle goals with courage and perseverance.

Answer 39

Grit

Question 40

Believing that one can accomplish anything with hard work.

Answer 40

Growth Mindset

Question 41

A payment amount is provided to employees for the number of hours they worked.

Answer 41

Hourly Pay

Question 42

A financial statement that details a business's revenue and expenses for a given period.

Answer 42

Income Statement

Question 43

A characteristic in which an individual acts to turn ideas into action.

Answer 43

Initiative

Question 44

A new idea, product, or method.

Answer 44

Innovation

Question 45

A creative work or invention to which an individual has been given rights.

Answer 45

Intellectual Property

Question 46

Goods a business owns with the purpose of selling.

Answer 46

Inventory

Question 47

A person or entity is willing to provide monetary funds to a business with the hopes of earning a return on their money.

Answer 47

Investor

Question 48

A one-page document discussing key information commonly seen in a business plan

Answer 48

Lean Canvas

Question 49

The amount of money owed to an entity.

Answer 49

Liability

Question 50

is a business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes.

Answer 50

A limited liability company (LLC)

Question 51

A form of communication between businesses and customers that relays a message promoting services and/or goods.

Answer 51

Marketing

Question 52

A written plan that outlines a company's marketing strategies.

Answer 52

Marketing Plan

Question 53

is an inexpensive preliminary product to test the product idea.

Answer 53

A minimum viable product (MVP)

Question 54

A type of business that has no owner and does not pay federal US taxes.

Answer 54

Nonprofit

Question 55

The expenses incurred for running day-to-day tasks in a business.

Answer 55

Operating Costs

Question 56

The way one approaches new ideas and ventures in their life.

Answer 56

Opportunity Recognition

Question 57

The individuals that own the business.

Answer 57

Owner

Question 58

Two or more individuals that share a business's financial responsibility.

Answer 58

Partners

Question 59

A legal method used to protect an invention for a limited time.

Answer 59

Patent

Question 60

One's ability to act to work toward achieving a goal.

Answer 60

Personal Agency

Question 61

A type of compensation provided for the amount of work produced.

Answer 61

Piece Work

Question 62

A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.

Answer 62

Pitch Deck

Question 63

The amount of money charged for goods or services.

Answer 63

Price

Question 64

First-hand research like surveys, interviews, and statistical data.

Answer 64

Primary Data

Question 65

The process of coming up with solutions to solve a problem.

Answer 65

Problem-Solving

Question 66

The stage where a business's sales are high and continue to grow because their product or service is something customers want and continue to purchase.

Answer 66

Product/Market Fit

Question 67

A tangible item.

Answer 67

Product

Question 68

The amount of financial gain from a business.

Answer 68

Profit

Question 69

One's ability to adapt to change, loss, and disappointment.

Answer 69

Resiliency

Question 69

A preliminary product, commonly a product with minimum viability, from which to test and develop.

Answer 69

Prototype

Question 70

The number of sales and other income in a business for a given period.

Answer 70

Revenue

Question 71

The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money.

Answer 71

Risk

Question 72

The level of willingness to lose time and money when starting a business.

Answer 72

Risk Tolerance

Question 73

is a calculation used to determine how much an investment is making.

Answer 73

Return on investment (ROI)

Question 74

Fees paid for the use of a brand name or image.

Answer 74

Royalty Fees

Question 75

A calculation is used to make projections about a company's future performance.

Answer 75

Run Rate

Question 76

How a business sells its products and services to the end customer.

Answer 76

Sales Channel

Question 76

A fixed payment amount provided to a full-time employee.

Answer 76

Salary

Question 76

A persuasive speech prepared to entice a potential customer to purchase a service or good.

Answer 76

Sales Pitch

Question 77

A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.

Answer 77

S Corporation

Question 78

Data that may contain personal bias like company newsletters and academic journals.

Answer 78

Secondary Data

Question 79

Trusting one's self, goals, and progress.

Answer 79

Self-Reliance

Question 80

The price a company charges for its product or service. determined by adding the cost price and the profit margin the company wants to earn.

Answer 80

Selling Price

Question 81

An intangible service or skill that is performed.

Answer 81

Service

Question 82

A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenue than larger-sized businesses.

Answer 82

Small Business

Question 83

is an independent government agency specializing in providing small businesses with assistance to get their business up and running.

Answer 83

The Small Business Administration (SBA)

Question 84

A type of business structure with a single owner. The business is not shielded from any amount of liability.

Answer 84

Sole Proprietorship

Question 85

An individual with an interest in a business.

Answer 85

Stakeholder

Question 86

An individual that owns at least one share in a corporation's stock.

Answer 86

Stockholder

Question 87

A planning tool used to document a company's strengths, weaknesses, opportunities, and threats.

Answer 87

SWOT Analysis

Question 88

The group of customers a company chooses to market its products and services.

Answer 88

Target Market

Question 89

A practice used by businesses to protect a practice, process, or formula from being shared with other competitors.

Answer 89

Trade Secret

Question 90

A practice used to protect brand names, logos, and business names

Answer 90

Trademark

Question 91

A promise of value that a company makes about their product or service that makes it attractive to customers.

Answer 91

Value Proposition

Question 92

Fluctuating costs that a business has depending on production.

Answer 92

Variable Costs