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ESB - Domain 1 Lesson 1 Questions and Answers 2024
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ESB - Domain 1 Lesson 1
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ESB - Domain 1 Lesson 1The key objective of a small business owner is to generate __________. - answer
Profits
Entrepreneurs are willing to take on new opportunities and unknown ___________ to
grow their businesses rapidly. - answer Risks
Tangible items that require pick-up or delivery are __________ products. - answer
Physical
When a __________ purchases an item from a business, it is a business-to-consumer
transaction. - answer Consumer
__________ are for-profit corporations with limited liability. – answer S corporations
__________ are ideal for international businesses. – answer C corporations
The __________ oversees daily operational and administrative functions. – answer
COO
A __________ votes on the management of a company. - answerStockholder
__________ employees are paid a fixed amount each pay period. - answerSalary
Businesses can compensate employees for work they produce when being paid by
__________. - answerPiece work
__________ in addition to a lower salary. - answerEquity
During the __________ stage of the business life cycle, a company is regularly taking
on new customers and starting to generate a consistent income. - answerSurvival
The owner may decide to sell their ownership in the company during the ___________
stage. - answerTake-off
The five elements of the design thinking process are: empathize, define, ideate,
__________, and test. - answerPrototype
__________ allows one to see and experience a customer's perspective. -
answerEmpathy
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