LK LearnKey Fill-in-the-Blanks Instructions: While watching Domain 1 Lesson 1, fill in the missing words according to the information presented by the instructor. [References are found in the brackets.] 1. The key objective of a small business owner is to generate Profits and unknown Risks to grow their businesses [Entrepreneurship and Small Business] 2. Entrepreneurs are willing to take on new opportunities and unknown products. [Classify Types of Businesses] rapidly. [Entrepreneurship and Small Business] 3. Tangible items that require pick-up or delivery are ex. basketballs products. [Classify Types of Businesses] 4. When a customer purchases an item from a business, it is a business-to-consumer transaction. [Classify Types of Businesses] 5. S corporation are for-profit corporations with limited liability. [Business Legal Structures] 6. C corporation are ideal for international businesses. [Business Legal Structures] 7. The CEO oversees daily operational and administrative functions. [Business Roles and Responsibilities] 8. A votes on the management of a company. [Business Roles and Responsibilities] 9. employees are paid a fixed amount each pay period. [Business Compensation Structures] 10. Businesses can compensate employees for work they produce when being paid by [Business Compensation Structures] in addition to a lower salary. [Business Compensation Structures] 11. 12. During the stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income. [Business Life Cycle Stages] 13. The owner may decide to sell their ownership in the company during the stage. [Business Life Cycle Stages] 14. The five elements of the design thinking process are: empathize, define, ideate, , and test. [The Design Thinking Process] 15. allows one to see and experience a customer’s perspective. [The Design Thinking Process] 16. The design team creates multiple inexpensive versions of a product, known as [The Design Thinking Process]
The Correct Answer and Explanation is:
Here are the answers to the fill-in-the-blanks and the corresponding explanations for each:
- Profits and unknown risks
Explanation: A small business owner aims to generate profits by managing the unknown risks involved in the business. Profit generation is the key goal, but managing risks that arise in entrepreneurial ventures is critical for growth and sustainability. - Entrepreneurs are willing to take on new opportunities and unknown products.
Explanation: Entrepreneurs thrive on exploring new opportunities, whether it’s launching new products or services. They are often drawn to unknown territories and products, which may come with higher risk but also higher rewards. - Tangible items that require pick-up or delivery are products.
Explanation: Tangible products are physical items that need to be handled, either delivered to customers or picked up from a location. These products are often subject to physical distribution logistics. - Business-to-consumer (B2C) transaction occurs when a customer purchases an item from a business.
Explanation: In a B2C transaction, businesses sell products directly to consumers. It’s one of the most common forms of business transaction and involves the exchange of goods or services for money. - S corporations are for-profit corporations with limited liability.
Explanation: An S corporation is a tax designation for a corporation that allows it to pass income, losses, and other tax items directly to shareholders, who then report them on their personal tax returns. The limited liability protection is an important feature for business owners. - C corporations are ideal for international businesses.
Explanation: C corporations are separate legal entities that provide limited liability for their owners and can raise capital more easily than other business forms. They’re suitable for large-scale, international businesses due to their ability to issue multiple types of stock. - The CEO oversees daily operational and administrative functions.
Explanation: The CEO (Chief Executive Officer) is responsible for managing the overall operations of a business, making top-level decisions, and leading the company’s administrative and operational functions. - A board of directors votes on the management of a company.
Explanation: A company’s board of directors is responsible for overseeing the direction of the business and making decisions about the management and governance of the company. - Salaried employees are paid a fixed amount each pay period.
Explanation: Salaried employees receive a fixed amount of pay regardless of hours worked, which is typical in managerial, professional, and executive roles. - Businesses can compensate employees for work they produce when being paid by commission in addition to a lower salary.
Explanation: Some businesses pay employees a base salary with commissions as an incentive to motivate performance, especially in sales-driven roles. - During the growth stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income.
Explanation: The growth stage of a business is when it starts scaling up, acquiring more customers, and achieving a more steady revenue stream as its operations become more stable. - The owner may decide to sell their ownership in the company during the maturity stage.
Explanation: In the maturity stage, the business may reach a plateau where growth slows down, and the owner might look to sell the business or pass it on to someone else to pursue new ventures. - The five elements of the design thinking process are: empathize, define, ideate, prototype, and test.
Explanation: Design thinking is a human-centered approach to innovation, where the goal is to understand users, define problems, brainstorm ideas, build prototypes, and test solutions. - Empathy allows one to see and experience a customer’s perspective.
Explanation: Empathy is a key component of design thinking, allowing the team to put themselves in the shoes of the customer and better understand their needs and challenges. - The design team creates multiple inexpensive versions of a product, known as prototypes.
Explanation: Prototypes are low-cost, early versions of a product created during the design process to test concepts and refine ideas before full-scale production.
These terms all reflect important concepts that entrepreneurs, businesses, and designers use to navigate the challenges of starting and growing companies, and to develop products that meet customer needs.
