you would like some benefits enjoyed by large corp
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Gmetrix Esb Practice Exam 1 Questions
And Answers With Verified Solutions
Already Passed (GRADED A+)
What is Entrepreneurship? - ANSWER✔✔ Setting up a business with the aim to
make a profit
B2B or B2C - ANSWER✔✔ Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to
be taxed twice. You have four partners that would be shareholders. None of you
plan to sell your ownership to the public, but do want to be protected by business
liabilities. - ANSWER✔✔ S-Corporation
True/False - ANSWER✔✔ True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - ANSWER✔✔ Piece Work- amount of fruit
they pick
Salary- set amount of pay each month, without overtime compensation for extra
hours
Hourly- most affected by minimum wage laws
, Commission- paid by percentage
Business Life Cycle - ANSWER✔✔ 1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process - ANSWER✔✔ Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... -
ANSWER✔✔ responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - ANSWER✔✔ schedule
control
Three characteristics to help identify a business opportunity? - ANSWER✔✔
quality, service, price
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