Gmetrix ESB Practice Exam 1
What is Entrepreneurship? - correct answer ✔Setting up a business with the
aim to make a profit
B2B or B2C - correct 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. - correct answer ✔S-Corporation
True/False - correct answer ✔True: A partner owns equity; A founder owns
equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - correct 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 - correct answer ✔1. existence
2. survival of the fittest
3. success
4. take-off
, 5. maturity
Element of the Design Thinking Process - correct 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... -
correct answer ✔responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - correct answer
✔schedule control
Three characteristics to help identify a business opportunity? - correct answer
✔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. - correct
answer ✔Ask the customers in the area if they are interested in adding water
features. in their gardens
Summarize business plan for a company - correct answer ✔Lean canvas
and pitch deck
True/False: Business Plan/Pitch Deck - correct answer ✔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 - correct answer ✔1) Subject to reasonable measures
2) Other cannot legitimately
3) Information has economic value
You need. a photograph to use in a commercial presentation. - correct
answer ✔CC- Creative Commmons
BY- credit must be given to the creator
What is Entrepreneurship? - correct answer ✔Setting up a business with the
aim to make a profit
B2B or B2C - correct 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. - correct answer ✔S-Corporation
True/False - correct answer ✔True: A partner owns equity; A founder owns
equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - correct 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 - correct answer ✔1. existence
2. survival of the fittest
3. success
4. take-off
, 5. maturity
Element of the Design Thinking Process - correct 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... -
correct answer ✔responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - correct answer
✔schedule control
Three characteristics to help identify a business opportunity? - correct answer
✔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. - correct
answer ✔Ask the customers in the area if they are interested in adding water
features. in their gardens
Summarize business plan for a company - correct answer ✔Lean canvas
and pitch deck
True/False: Business Plan/Pitch Deck - correct answer ✔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 - correct answer ✔1) Subject to reasonable measures
2) Other cannot legitimately
3) Information has economic value
You need. a photograph to use in a commercial presentation. - correct
answer ✔CC- Creative Commmons
BY- credit must be given to the creator
