Entrepreneurship and Small Business Certification Exam with all
Correct & 100% Verified Answers |Already Graded A+
1. Elements of
Stage 1: Emphasize- Research Your Users' Needs
the Design
Stage 2: Define- State Your Users' Needs and
Thinking
Problems Stage 3: Ideate- Challenge Assumptions
Process
and Create Ideas Stage 4: Prototype- Start to Create
Solutions
Stage 5: Test- Try Your Solutions Out
2. Difference be-
Small businesses are not always interested in taking on new business
opportuni-
tween small busi- ties.
nesses and entre- Entrepreneurs set up a business with the aim to make a profit.
preneurs?
3. Compensatio 1. Piece work- compensation on a per-unit basis. EX: an employer
n Types
can choose to pay mechanics a fixed rate for each vehicle they repair
instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without
overtime compensation for extra hours worked.
3. Hourly- Employees most attected by minimum wage laws are
compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations ottered to employees in place
of or in addition to a lower salary.
4. Types of
Sales 1. Business-to-Business (B2B): a transaction or business conducted
Channel between one business and another, such as a wholesaler and retailer.
Transactions tend to happen in the supply chain, where one company
will purchase raw materials from another to be used in the
manufacturing process.
1/
28
, Entrepreneurship and Small Business Certification Exam with all
Correct & 100% Verified Answers |Already Graded A+
2. Business-to-
Consumer (B2C):
process of businesses
selling
products/services
directly to consumers,
with no middle
person.
2/
28
, Entrepreneurship and Small Business Certification Exam with all
Correct & 100% Verified Answers |Already Graded A+
Typically refers to online retailers who sell products/services to consumers
through the Internet.
Online B2C became a threat to traditional retailers, who profited from adding a
markup to the price.
3. Retail: sell items or services to customers. They typically sell items
in-store or may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer
at a discounted price and selling to a retailer for a higher price, for them
to repackage and in turn resell in smaller quantities at an even higher
price to consumers.
5. Acquisition Costs These costs include shipping, sales taxes, and customs fees, as well
as the costs of site preparation, installation, and testing. When acquiring
property, acquisition costs can include surveying, closing fees, and
paying ott liens.
6. Angel Investor a wealthy private investor who provides capital for a business start-up for a
stake in the business in return.
7. Asset A tangible item a business owns. They can generate revenue or be
converted
into cash. They can be physical items, such as machinery, or intangible, such as
intellectual property.
8. Balance Sheet A financial statement used for evaluating the performance of a
business. It com-pares ASSETS to LIABILITIES plus owner's EQUITY on a
specific date.
EX:
Equipment- Long term assets
Bank loans- Current
liabilities Inventory-
3/
28
Correct & 100% Verified Answers |Already Graded A+
1. Elements of
Stage 1: Emphasize- Research Your Users' Needs
the Design
Stage 2: Define- State Your Users' Needs and
Thinking
Problems Stage 3: Ideate- Challenge Assumptions
Process
and Create Ideas Stage 4: Prototype- Start to Create
Solutions
Stage 5: Test- Try Your Solutions Out
2. Difference be-
Small businesses are not always interested in taking on new business
opportuni-
tween small busi- ties.
nesses and entre- Entrepreneurs set up a business with the aim to make a profit.
preneurs?
3. Compensatio 1. Piece work- compensation on a per-unit basis. EX: an employer
n Types
can choose to pay mechanics a fixed rate for each vehicle they repair
instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without
overtime compensation for extra hours worked.
3. Hourly- Employees most attected by minimum wage laws are
compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations ottered to employees in place
of or in addition to a lower salary.
4. Types of
Sales 1. Business-to-Business (B2B): a transaction or business conducted
Channel between one business and another, such as a wholesaler and retailer.
Transactions tend to happen in the supply chain, where one company
will purchase raw materials from another to be used in the
manufacturing process.
1/
28
, Entrepreneurship and Small Business Certification Exam with all
Correct & 100% Verified Answers |Already Graded A+
2. Business-to-
Consumer (B2C):
process of businesses
selling
products/services
directly to consumers,
with no middle
person.
2/
28
, Entrepreneurship and Small Business Certification Exam with all
Correct & 100% Verified Answers |Already Graded A+
Typically refers to online retailers who sell products/services to consumers
through the Internet.
Online B2C became a threat to traditional retailers, who profited from adding a
markup to the price.
3. Retail: sell items or services to customers. They typically sell items
in-store or may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer
at a discounted price and selling to a retailer for a higher price, for them
to repackage and in turn resell in smaller quantities at an even higher
price to consumers.
5. Acquisition Costs These costs include shipping, sales taxes, and customs fees, as well
as the costs of site preparation, installation, and testing. When acquiring
property, acquisition costs can include surveying, closing fees, and
paying ott liens.
6. Angel Investor a wealthy private investor who provides capital for a business start-up for a
stake in the business in return.
7. Asset A tangible item a business owns. They can generate revenue or be
converted
into cash. They can be physical items, such as machinery, or intangible, such as
intellectual property.
8. Balance Sheet A financial statement used for evaluating the performance of a
business. It com-pares ASSETS to LIABILITIES plus owner's EQUITY on a
specific date.
EX:
Equipment- Long term assets
Bank loans- Current
liabilities Inventory-
3/
28
