GMETRIX Entrepreneurial Certification Exam Study Guide (A+ Guaranteed)

What is entrepreneurship? correct answers Setting up a business with the aim to make a profit. You need to create a legal structure for your small business. You would like some of the benefits 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 not want to be protected from business liabilities. Which legal structure should you set up for your business? correct answers S- Corporation Place the stages of the business life cycle in the correct order. correct answers 1. Existence 2. Survival of the Fittest 3. Success 4. Take-Off 5. Maturity Match each Element of the Design Thinking Process to its corresponding description. correct answers 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 In general, which TWO characteristics define a "small" business? correct answers Less than $35.5 million revenue Fewer than 1,500 employees You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities. Which legal structure should you set up for your business? correct answers C-Corporation