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G-Metrix Entrepreneurship & Small Business v.2 - U.S Practice Exam 1 (1)
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G-Metrix Entrepreneurship & Small Business v.2 - U.S Practice Exam 1 (1)
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G-Metrix Entrepreneurship & Small Business v.2 -U.S Practice Exam 1
What is Entrepreneurship? - ANS-Setting up a business with the aim to make a profit.
clarify several businesses as either B2B or B2C - ANS-B2B:
•Wholesale flooring distributor
•Purchases requiring a tax exemption certificate
B2C:
•Motorcycle repair shop
•Chain of local grocery stores
You create a legal structure for your small business. Do you would like some of the benefits of
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do want
to be protected from business liabilities. Which legal structure should you set up for your
business? - ANS-S-Corporation
For each statement about owners of equity in a business, select True or False. - ANS-True:
• A partner owns equity.
• founders own equity.
False:
• contractors own equity.
• all stakeholders own equity.
Complete the sentence about Company roles and responsibilities by selecting the correct option
for each drop-down list. - ANS-An example of PIECE WORK compensation is paying field
laborers for the amount of fruit they pick.
A SALARY employees a receives amount of pay each month without overtime compensation for
extra hours worked.
Employees most affected by minimum wage laws are compensated HOURLY.
An employee who is paid a percentage of a sale is paid by COMMISSION.
Place the stages of the business life cycle in the correct order. Move all of the stages to the
answer area and place them in the correct order. - ANS-Stage 1: existence
Stage 2: survival of the fittest
Stage 3: success
Stage 4: takeoff
Stage 5: maturity
, Match each element of the design thinking process to its corresponding description. To answer,
move each element from the list on the left to it's description on the right. - ANS-Research your
users' needs: Empathize
State your users' needs and problems: Define
Challenge assumptions and create ideas: Ideate
Create solutions: Prototype
Try your solutions: Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
ANS-Tenacious adaptable and responsible
Which is one of the greatest benefits of being an entrepreneur? - ANS-Schedule control
Which three characteristics help identify a business opportunity? - ANS-Either:
•Price
•Quality
•Selection
•location
•Service
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to determine
the viability of this business opportunity. What should this entrepreneur do first before offering to
design and build water features as part of his landscaping business? - ANS-The first thing the
business owner should do is determine if there is a demand for water features. The best way to
do that is ask the customers.
Which two documents summarize the business plan of a company - ANS-Lean canvas and
pitch deck
For each statement about the components of business plans and pitch decks select true or false
- ANS-True:
• Business plans are text-based documents
• A pitch deck is a visual slide presentation
• The goal of a business plan is to get investors buy-in
• The goal of a pitch deck is to get investors' attention
False:
• Business plans are highly visual
• A typical pitch deck has between 20-100 slides
Which three elements are required to have a trade secret? - ANS-• information that has
economic value because it is not generally known
• has value to others who cannot legitimately obtain the information
• and is subject to reasonable efforts to maintain at secrecy
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