ESB v.2 Domain 1 Entrepreneurship &
Small Business Concepts Exam
Questions and Answers 100% Pass
B2B - ✔✔A business-to-business (B2B) commercial transaction between businesses
B2C - ✔✔A business-to-consumer (B2C) transaction
Brand recognition - ✔✔The level of familiarity one has with a brand
Business Opportunity - ✔✔A situation an entrepreneur analyzes and evaluates to see if
starting a sustainable, profitable business is feasible
Business Plan - ✔✔A document that addresses the concept, customers, and capital for a
business
C Corporation - ✔✔A C corporation is a legal structure for a corporation in which the
owners, or shareholders, are taxed separately from the entity. C corporations are also
subject to corporate income taxation. The taxing of profits from the business is at both
corporate and personal levels, creating a double taxation situation.
CEO - ✔✔The Chief Executive Officer (CEO) holds a leadership role within a business.
The CEO oversees a business's operations and resources and makes the major decisions
for the company.
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, CFO - ✔✔The Chief Financial Officer (CFO) holds a leadership role within a business.
The CFO oversees a company's finances.
Collaboration - ✔✔The action of working with one or more people toward a common
goal.
Commission - ✔✔A fee paid to an employee for completing a task.
Compensation - ✔✔A monetary amount given to employees in return for their work.
Confidentiality Agreement - ✔✔A signed agreement stating that an entity will not
disclose information agreed upon by all parties in an arrangement.
Contract - ✔✔An agreement between an employee and a company outlining obligations
and terms of employment.
COO - ✔✔The Chief Operating Officer (COO) holds a leadership role within a business.
The COO is responsible for overseeing the day-to-day administrative and operational
functions of a business.
Copyright - ✔✔A form of protection individuals can implement to protect their
intellectual property. Copyright is designated for print, music, film, and various other
forms of creative licenses.
Critical Thinking - ✔✔Using one's mind to solve a problem in the best way by
considering various potential solutions to the problem.
Customer - ✔✔An individual or business that purchases goods and services from a
business.
Employee - ✔✔An individual hired by a company and compensated for their work.
Entrepreneur - ✔✔An individual who aspires to start and run a successful business.
Willing to explore new opportunities and unknown risks.
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
Small Business Concepts Exam
Questions and Answers 100% Pass
B2B - ✔✔A business-to-business (B2B) commercial transaction between businesses
B2C - ✔✔A business-to-consumer (B2C) transaction
Brand recognition - ✔✔The level of familiarity one has with a brand
Business Opportunity - ✔✔A situation an entrepreneur analyzes and evaluates to see if
starting a sustainable, profitable business is feasible
Business Plan - ✔✔A document that addresses the concept, customers, and capital for a
business
C Corporation - ✔✔A C corporation is a legal structure for a corporation in which the
owners, or shareholders, are taxed separately from the entity. C corporations are also
subject to corporate income taxation. The taxing of profits from the business is at both
corporate and personal levels, creating a double taxation situation.
CEO - ✔✔The Chief Executive Officer (CEO) holds a leadership role within a business.
The CEO oversees a business's operations and resources and makes the major decisions
for the company.
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, CFO - ✔✔The Chief Financial Officer (CFO) holds a leadership role within a business.
The CFO oversees a company's finances.
Collaboration - ✔✔The action of working with one or more people toward a common
goal.
Commission - ✔✔A fee paid to an employee for completing a task.
Compensation - ✔✔A monetary amount given to employees in return for their work.
Confidentiality Agreement - ✔✔A signed agreement stating that an entity will not
disclose information agreed upon by all parties in an arrangement.
Contract - ✔✔An agreement between an employee and a company outlining obligations
and terms of employment.
COO - ✔✔The Chief Operating Officer (COO) holds a leadership role within a business.
The COO is responsible for overseeing the day-to-day administrative and operational
functions of a business.
Copyright - ✔✔A form of protection individuals can implement to protect their
intellectual property. Copyright is designated for print, music, film, and various other
forms of creative licenses.
Critical Thinking - ✔✔Using one's mind to solve a problem in the best way by
considering various potential solutions to the problem.
Customer - ✔✔An individual or business that purchases goods and services from a
business.
Employee - ✔✔An individual hired by a company and compensated for their work.
Entrepreneur - ✔✔An individual who aspires to start and run a successful business.
Willing to explore new opportunities and unknown risks.
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
