MGRADES EXAMS
Gmetrix Practice Test 1 UPDATED Exam
Questions and CORRECT Answers
What is Entrepreneurship? - CORRECT ANSWER - Setting up a business with the aim to
make a profit
You've been asked to classify several businesses as either B2B or B2C - CORRECT
ANSWER - B2B: Purchases requiring a tax exemption certificate, Wholesale flooring
distributor
B2C: Motorcycle repair shop, chain of local grocery stores
You need to create a legal structure for your 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 want to
be protected from business liabilities.
What legal structure should you set up for your business? - CORRECT ANSWER - S-
Corporation
For each statement about owners of equity in a business, select True or False - CORRECT
ANSWER - True: Founders own equity
False: Partner own equity
An example of ________ compensation is paying field laborers for the amount of fruit they pick.
A ________ employee receives a set amount of pay each month without overtime compensation
for extra hours worked.
Employees most affected by minimum wage laws are compensated ________.
An employee who is paid a percentage of a sale is paid by ________. - CORRECT
ANSWER - Piece Work, Salary, Hourly, Commission
, MGRADES EXAMS
Stage 1.
Stage 2.
Stage 3.
Stage 4.
Stage 5. - CORRECT ANSWER - 1. Existence
2. Survival of the Fittest
3. Success
4. Take-off
5. Maturity
1. Research your users' needs
2. State your User's Needs and Problems
3. Challenge Assumptions and Create Ideas
4. Create Solutions
5. Try your Solutions - CORRECT ANSWER - 1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
CORRECT ANSWER - Responsible, Adaptable, and Tenacious
Which is one of the greatest benefits of being an entrepreneur? - CORRECT ANSWER -
Schedule control
Which three characteristics help identify a business opportunity? (Choose three) - CORRECT
ANSWER - Service, Price Quality
Gmetrix Practice Test 1 UPDATED Exam
Questions and CORRECT Answers
What is Entrepreneurship? - CORRECT ANSWER - Setting up a business with the aim to
make a profit
You've been asked to classify several businesses as either B2B or B2C - CORRECT
ANSWER - B2B: Purchases requiring a tax exemption certificate, Wholesale flooring
distributor
B2C: Motorcycle repair shop, chain of local grocery stores
You need to create a legal structure for your 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 want to
be protected from business liabilities.
What legal structure should you set up for your business? - CORRECT ANSWER - S-
Corporation
For each statement about owners of equity in a business, select True or False - CORRECT
ANSWER - True: Founders own equity
False: Partner own equity
An example of ________ compensation is paying field laborers for the amount of fruit they pick.
A ________ employee receives a set amount of pay each month without overtime compensation
for extra hours worked.
Employees most affected by minimum wage laws are compensated ________.
An employee who is paid a percentage of a sale is paid by ________. - CORRECT
ANSWER - Piece Work, Salary, Hourly, Commission
, MGRADES EXAMS
Stage 1.
Stage 2.
Stage 3.
Stage 4.
Stage 5. - CORRECT ANSWER - 1. Existence
2. Survival of the Fittest
3. Success
4. Take-off
5. Maturity
1. Research your users' needs
2. State your User's Needs and Problems
3. Challenge Assumptions and Create Ideas
4. Create Solutions
5. Try your Solutions - CORRECT ANSWER - 1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
CORRECT ANSWER - Responsible, Adaptable, and Tenacious
Which is one of the greatest benefits of being an entrepreneur? - CORRECT ANSWER -
Schedule control
Which three characteristics help identify a business opportunity? (Choose three) - CORRECT
ANSWER - Service, Price Quality
