ENTREPRENEURSHIP AND SMALL BUSINESS CERTIFICATION EXAM
2025 NEWEST WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS (100% GUARANTEED PASS!!!)
Compensation Types - CORRECT ANSWER-1. Piece work- compensation on a
per-unit basis. EX: an employer 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 affected by minimum wage laws are compensated
hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition
to a lower salary.
Types of Sales Channel - CORRECT ANSWER-1. Business-to-Business (B2B): a
transaction or business conducted 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.
2. Business-to-Consumer (B2C): process of businesses selling products/services
directly to consumers, with no middle person.
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.
Elements of the Design Thinking Process - CORRECT ANSWER-Stage 1:
Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
, Difference between small businesses and entrepreneurs? - CORRECT ANSWER-
Small businesses are not always interested in taking on new business
opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Acquisition Costs - CORRECT ANSWER-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 off liens.
Angel Investor - CORRECT ANSWER-a wealthy private investor who provides
capital for a business start-up for a stake in the business in return.
Asset - CORRECT ANSWER-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.
Balance Sheet - CORRECT ANSWER-A financial statement used for evaluating
the performance of a business. It compares ASSETS to LIABILITIES plus owner's
EQUITY on a specific date.
EX:
Equipment- Long term assets
Bank loans- Current liabilities
Inventory- Current assets
2025 NEWEST WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS (100% GUARANTEED PASS!!!)
Compensation Types - CORRECT ANSWER-1. Piece work- compensation on a
per-unit basis. EX: an employer 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 affected by minimum wage laws are compensated
hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition
to a lower salary.
Types of Sales Channel - CORRECT ANSWER-1. Business-to-Business (B2B): a
transaction or business conducted 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.
2. Business-to-Consumer (B2C): process of businesses selling products/services
directly to consumers, with no middle person.
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.
Elements of the Design Thinking Process - CORRECT ANSWER-Stage 1:
Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
, Difference between small businesses and entrepreneurs? - CORRECT ANSWER-
Small businesses are not always interested in taking on new business
opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Acquisition Costs - CORRECT ANSWER-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 off liens.
Angel Investor - CORRECT ANSWER-a wealthy private investor who provides
capital for a business start-up for a stake in the business in return.
Asset - CORRECT ANSWER-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.
Balance Sheet - CORRECT ANSWER-A financial statement used for evaluating
the performance of a business. It compares ASSETS to LIABILITIES plus owner's
EQUITY on a specific date.
EX:
Equipment- Long term assets
Bank loans- Current liabilities
Inventory- Current assets
