Entrepreneurship - ANSWER Setting up business with the aim to make profit.
B2B (business-to-business) - ANSWER Sells products and services directly to other busi-
nesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - ANSWER Sells products and services directly to customer
for personal use.
Small buisness - ANSWER A small business is when a business has less than 35.5 million
dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - ANSWER is a legal structure with 100 shareholders(U.S.
citizens only) MAX, who are not responsible for Liabilities. And they are only taxed once, and
there is a separate tax return for the business.
C Corporation (Companies) - ANSWER is a legal structure used for when the company
plans to sell stock to the public. It has unlimited shareholders (not responsible for liabilities)
that are taxed twice (corporates level and income received). A separate tax return is re-
quired for business.
Sole Proprietorship - ANSWER A business owned by one person that legally needs a DBA
or business license. The owner is responsible for liabilities, no separate tax needed (taxed
once).
Limitied-Liability Company (LLC) - ANSWER This is best for businesses concerned about
liability protection. It has unlimited owners who aren't responsible for liabilities, and can
choose how they want to be taxed. LLCs cannot go public.
1
, Equity (business) - ANSWER The amount an owner(s) would receive if their ownership in-
terests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - ANSWER Using money from investors to finance a project in exchange
for shares in the company. Can be used to raise working capitals.
equity financing - ANSWER money raised from within the firm, from operations or
through the sale of ownership in the firm (stock or venture capital). Advantage: there's no
obligation to repay the money acquired.
Piece work - ANSWER work paid for according to the amount produced.
Salary - ANSWER A fixed regular payment, typically paid on a monthly or biweekly basis
but often expressed as an annual sum.
Hourly - ANSWER wage based on the amount of time worked (Minimum wage).
Commission - ANSWER An amount paid to an employee based on a percentage of the
employee's sales.
Business cycle - ANSWER 1. Existence
2. Survival
3. Success
4. Take- Off
5. Maturity
Elements of the design thinking process - ANSWER 1. Empathize: Research users needs
2. Define: State your users needs and problems
2
B2B (business-to-business) - ANSWER Sells products and services directly to other busi-
nesses. Normally requires a sales tax exemption certificate from the buyer.
B2C (business-to-consumer) - ANSWER Sells products and services directly to customer
for personal use.
Small buisness - ANSWER A small business is when a business has less than 35.5 million
dollars in revenue, and fewer than 1,500 employees.
S corporation(Small businesses) - ANSWER is a legal structure with 100 shareholders(U.S.
citizens only) MAX, who are not responsible for Liabilities. And they are only taxed once, and
there is a separate tax return for the business.
C Corporation (Companies) - ANSWER is a legal structure used for when the company
plans to sell stock to the public. It has unlimited shareholders (not responsible for liabilities)
that are taxed twice (corporates level and income received). A separate tax return is re-
quired for business.
Sole Proprietorship - ANSWER A business owned by one person that legally needs a DBA
or business license. The owner is responsible for liabilities, no separate tax needed (taxed
once).
Limitied-Liability Company (LLC) - ANSWER This is best for businesses concerned about
liability protection. It has unlimited owners who aren't responsible for liabilities, and can
choose how they want to be taxed. LLCs cannot go public.
1
, Equity (business) - ANSWER The amount an owner(s) would receive if their ownership in-
terests in a business (stock) were sold. (The money the owner has left over)
Equity Funding - ANSWER Using money from investors to finance a project in exchange
for shares in the company. Can be used to raise working capitals.
equity financing - ANSWER money raised from within the firm, from operations or
through the sale of ownership in the firm (stock or venture capital). Advantage: there's no
obligation to repay the money acquired.
Piece work - ANSWER work paid for according to the amount produced.
Salary - ANSWER A fixed regular payment, typically paid on a monthly or biweekly basis
but often expressed as an annual sum.
Hourly - ANSWER wage based on the amount of time worked (Minimum wage).
Commission - ANSWER An amount paid to an employee based on a percentage of the
employee's sales.
Business cycle - ANSWER 1. Existence
2. Survival
3. Success
4. Take- Off
5. Maturity
Elements of the design thinking process - ANSWER 1. Empathize: Research users needs
2. Define: State your users needs and problems
2
