ESB - Domain 1 Lesson 1 Questions and
Answers Graded A+
The 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. - Answer-Stockholder
__________ employees are paid a fixed amount each pay period. - Answer-Salary
Businesses can compensate employees for work they produce when being paid by
__________. - Answer-Piece work
__________ in addition to a lower salary. - 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. - Answer-Survival
The owner may decide to sell their ownership in the company during the ___________
stage. - Answer-Take-off
The five elements of the design thinking process are: empathize, define, ideate,
__________, and test. - Answer-Prototype
__________ allows one to see and experience a customer's perspective. - Answer-
Empathy
Answers Graded A+
The 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. - Answer-Stockholder
__________ employees are paid a fixed amount each pay period. - Answer-Salary
Businesses can compensate employees for work they produce when being paid by
__________. - Answer-Piece work
__________ in addition to a lower salary. - 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. - Answer-Survival
The owner may decide to sell their ownership in the company during the ___________
stage. - Answer-Take-off
The five elements of the design thinking process are: empathize, define, ideate,
__________, and test. - Answer-Prototype
__________ allows one to see and experience a customer's perspective. - Answer-
Empathy
