G-Metrix Entrepreneurship & Small Business v.2 - U.S Practice
Exam 1 Questions and Answers with Verified Solutions | Latest
Update
QUESTION
What is Entrepreneurship?
Answer:
Setting up a business with the aim to make a profit.
QUESTION
clarify several businesses as either B2B or B2C
Answer:
B2B:
•Wholesale flooring distributor
•Purchases requiring a tax exemption certificate B2C:
•Motorcycle repair shop
•Chain of local grocery stores
QUESTION
You create a legal structure for your small business. Do you would like some of the benefits of
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. Which legal structure should you set up for your business?
Answer:
S-Corporation
QUESTION
For each statement about owners of equity in a business, select True or False.
Answer:
True:
• A partner owns equity.
• founders own equity. False:
• contractors own equity.
• all stakeholders own equity.
, QUESTION
Complete the sentence about Company roles and responsibilities by selecting the correct option
for each drop-down list.
Answer:
An example of PIECE WORK compensation is paying field laborers for the amount of fruit they
pick. A SALARY employees a receives amount of pay each month without overtime
compensation 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
COMMISSION.
QUESTION
Place the stages of the business life cycle in the correct order. Move all of the stages to the answer
area and place them in the correct order.
Answer:
Stage 1: existence Stage 2: survival of the fittest Stage 3: success Stage 4: takeoff Stage 5:
maturity
QUESTION
Match each element of the design thinking process to its corresponding description. To answer,
move each element from the list on the left to it's description on the right.
Answer:
Research your users' needs: Empathize State your users' needs and problems: Define Challenge
assumptions and create ideas: Ideate Create solutions: Prototype Try your solutions: Test
QUESTION
Successful entrepreneurs have mindsets that typically possess which three characteristics?
Answer:
Tenacious adaptable and responsible
QUESTION
Which is one of the greatest benefits of being an entrepreneur?
Answer:
Schedule control
Exam 1 Questions and Answers with Verified Solutions | Latest
Update
QUESTION
What is Entrepreneurship?
Answer:
Setting up a business with the aim to make a profit.
QUESTION
clarify several businesses as either B2B or B2C
Answer:
B2B:
•Wholesale flooring distributor
•Purchases requiring a tax exemption certificate B2C:
•Motorcycle repair shop
•Chain of local grocery stores
QUESTION
You create a legal structure for your small business. Do you would like some of the benefits of
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. Which legal structure should you set up for your business?
Answer:
S-Corporation
QUESTION
For each statement about owners of equity in a business, select True or False.
Answer:
True:
• A partner owns equity.
• founders own equity. False:
• contractors own equity.
• all stakeholders own equity.
, QUESTION
Complete the sentence about Company roles and responsibilities by selecting the correct option
for each drop-down list.
Answer:
An example of PIECE WORK compensation is paying field laborers for the amount of fruit they
pick. A SALARY employees a receives amount of pay each month without overtime
compensation 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
COMMISSION.
QUESTION
Place the stages of the business life cycle in the correct order. Move all of the stages to the answer
area and place them in the correct order.
Answer:
Stage 1: existence Stage 2: survival of the fittest Stage 3: success Stage 4: takeoff Stage 5:
maturity
QUESTION
Match each element of the design thinking process to its corresponding description. To answer,
move each element from the list on the left to it's description on the right.
Answer:
Research your users' needs: Empathize State your users' needs and problems: Define Challenge
assumptions and create ideas: Ideate Create solutions: Prototype Try your solutions: Test
QUESTION
Successful entrepreneurs have mindsets that typically possess which three characteristics?
Answer:
Tenacious adaptable and responsible
QUESTION
Which is one of the greatest benefits of being an entrepreneur?
Answer:
Schedule control
