Gmetrix ESB Practice Exam 1 with complete verified solutions

What is Entrepreneurship? Setting up a business with the aim to make a profit B2B or B2C 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. S-Corporation True/False True: A partner owns equity; A founder owns equity False: All stakeholders own equity; Contractors own equity Company roles and responsibilities 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 1. existence 2. survival of the fittest 3. success 4. take-off 5. maturity Element of the Design Thinking Process 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... responsible, tenacious, adaptable One of the greatest benefits of being an entrepreneur? schedule control Three characteristics to help identify a business opportunity? quality, service, price Owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in the gardens they create. Ask the customers in the area if they are interested in adding water features. in their gardens Summarize business plan for a company Lean canvas and pitch deck True/False: Business Plan/Pitch Deck True: Business Plan buy in; Business plan text-based; Pitch Deck visual; Pitch Deck attention False: Pitch Deck 20-100 slides; Business Plan visual Trade Secret 1) Subject to reasonable measures 2) Other cannot legitimately 3) Information has economic value You need. a photograph to use in a commercial presentation. CC- Creative Commmons BY- credit must be given to the creator SA- adaptations must be shared NC- only noncommercial uses ND- no derivatives What is Target Market? Customers to whom a company wants to sell its products and services. Primary or Secondary? Primary: facebook; collected by company focus group Secondary: Demographics collected by gov.; facts from professional journal articles Direct Competition and Indirect Competition True: when your target audience; direct competition is; indirect. competition is False: all companies SWOT Strengths- large gallery of Weakness- working alone Opportunity- Increase weddings as covid ease Threat- covid pandemic Offline marketing platforms TV ads and flyers/pamphlet Your company manufactures 72 hr. emergency kits and sells them for a low profit margin. Social Media A DJ wants to analyze market reactions the new music selections played at his dance last weekend. surveys A hair salon acquired 100 new customers last year. $10 Three segments of in a Marketing Plan Demographic, Behavioral, Geographic Sales Process True/False True: determine if the potential customer; handling objections involves listening; prospecting is usually False: presentation is best done; closing the deal is the last Which Sales Channel has been opened to manufacturers because of digital tools? direct-to-consumer