Define Entrepreneurship - ANSWER Setting up a business with the aim to make a profit.
Categorize B2B (business to business) vs B2C (business to consumer) - ANSWER B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"
B2C:
"Chain of local grocery stores" and "motorcycle repair shop"
You need to create a legal structure for your small business. You would like some of the ben-
efits enjoyed by large corporations, but do not want to be taxed twice. You have four part-
ners 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.
Which legal structure should you set up for your business? - ANSWER S-Corporation
Identify the foundational concepts of entrepreneurship and small business ownership.
For each statement about owners of equity in a business, select true of false. - ANSWER
True:
"A partner owns equity" and "founders own equity."
False:
"All stakeholder owns equity" and "contractors own equity."
Identify the foundational concepts of entrepreneurship and small business ownership.
1
, Complete the sentence about company roles and responsibilities by selection the correct op-
tion from each drop-down list. - ANSWER An example of "Piece Work" compensation is
paying field laborers for the amount of fruit they pick.
A "Salary" employee receives a set amount of pay each month without overtime compensa-
tion for extra hours worked.
Employees most affected by minimum wage laws are compensated "Hourly."
An employee who is paid a percentage of a sale is paid by a "Commission."
Place that stages of the business life cycle in the correct order. - ANSWER Stage 1: Exist-
ence
Stages 2: Survival of the Fittest
Stage 3: Success
Stage 4: Take-off
Stage 5: Maturity
Identify the foundational concepts of entrepreneurship and small business ownership.
Match each Element of the Design Thinking Process to its corresponding description. - AN-
SWER Research your users' needs: "Empathize"
State Your Users' Needs and Problems: "Define"
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Categorize B2B (business to business) vs B2C (business to consumer) - ANSWER B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"
B2C:
"Chain of local grocery stores" and "motorcycle repair shop"
You need to create a legal structure for your small business. You would like some of the ben-
efits enjoyed by large corporations, but do not want to be taxed twice. You have four part-
ners 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.
Which legal structure should you set up for your business? - ANSWER S-Corporation
Identify the foundational concepts of entrepreneurship and small business ownership.
For each statement about owners of equity in a business, select true of false. - ANSWER
True:
"A partner owns equity" and "founders own equity."
False:
"All stakeholder owns equity" and "contractors own equity."
Identify the foundational concepts of entrepreneurship and small business ownership.
1
, Complete the sentence about company roles and responsibilities by selection the correct op-
tion from each drop-down list. - ANSWER An example of "Piece Work" compensation is
paying field laborers for the amount of fruit they pick.
A "Salary" employee receives a set amount of pay each month without overtime compensa-
tion for extra hours worked.
Employees most affected by minimum wage laws are compensated "Hourly."
An employee who is paid a percentage of a sale is paid by a "Commission."
Place that stages of the business life cycle in the correct order. - ANSWER Stage 1: Exist-
ence
Stages 2: Survival of the Fittest
Stage 3: Success
Stage 4: Take-off
Stage 5: Maturity
Identify the foundational concepts of entrepreneurship and small business ownership.
Match each Element of the Design Thinking Process to its corresponding description. - AN-
SWER Research your users' needs: "Empathize"
State Your Users' Needs and Problems: "Define"
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