ESB V.2 DOMAIN 1 ENTREPRENEURSHIP & SMALL BUSINESS CONCEPTS| EXAM QUESTIONS
WITH CORRECT ANSWERS |LATEST UPDATE 100% SOLVED| GRADED A+
Intellectual Property A creative work or invention to which an individual has been given
rights.
Investor A person or entity willing to provide monetary funds to a business with the hopes
of earning a return on their money.
Lean Canvas A one-page document discussing key information commonly seen in a business
plan.
LLC A limited liability company (LLC) is a business with pass-through taxation where owners
pay taxes on the company's profit and losses through their personal taxes.
MVP A minimum viable product (MVP) is an inexpensive preliminary product to test the
product idea.
Nonprofit A type of business that has no owner and does not pay federal US taxes.
Opportunity Recognition The way one approaches new ideas and ventures in their life.
Owner The individuals that own the business.
, Partners Two or more individuals that share a business's financial responsibility.
Patent A legal method used to protect an invention for a limited time.
Personal Agency One's ability to act to work toward achieving a goal.
Piece Work A type of compensation provided for the amount of work produced.
Pitch Deck A presentation given to potential investors to provide a brief overview of the
business plan to earn another meeting.
Problem-Solving The process of coming up with solutions to solve a problem.
Product A tangible item.
Resiliency One's ability to adapt to change, loss, and disappointment.
Risk The possibility of something negative happening. In the context of a small business, the
possibility of a loss of time and money.
WITH CORRECT ANSWERS |LATEST UPDATE 100% SOLVED| GRADED A+
Intellectual Property A creative work or invention to which an individual has been given
rights.
Investor A person or entity willing to provide monetary funds to a business with the hopes
of earning a return on their money.
Lean Canvas A one-page document discussing key information commonly seen in a business
plan.
LLC A limited liability company (LLC) is a business with pass-through taxation where owners
pay taxes on the company's profit and losses through their personal taxes.
MVP A minimum viable product (MVP) is an inexpensive preliminary product to test the
product idea.
Nonprofit A type of business that has no owner and does not pay federal US taxes.
Opportunity Recognition The way one approaches new ideas and ventures in their life.
Owner The individuals that own the business.
, Partners Two or more individuals that share a business's financial responsibility.
Patent A legal method used to protect an invention for a limited time.
Personal Agency One's ability to act to work toward achieving a goal.
Piece Work A type of compensation provided for the amount of work produced.
Pitch Deck A presentation given to potential investors to provide a brief overview of the
business plan to earn another meeting.
Problem-Solving The process of coming up with solutions to solve a problem.
Product A tangible item.
Resiliency One's ability to adapt to change, loss, and disappointment.
Risk The possibility of something negative happening. In the context of a small business, the
possibility of a loss of time and money.
