G-Metrix Entrepreneurship & Small Business v.2 - U.S Practice Exam 1 Questions with Complete Solutions

G-Metrix Entrepreneurship & Small Business v.2 - U.S Practice Exam 1 Questions with Complete Solutions What is Entrepreneurship? - Correct Answer Setting up a business with the aim to make a profit. clarify several businesses as either B2B or B2C - Correct Answer B2B: •Wholesale flooring distributor •Purchases requiring a tax exemption certificate B2C: •Motorcycle repair shop •Chain of local grocery stores 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? - Correct Answer S-Corporation For each statement about owners of equity in a business, select True or False. - Correct Answer True: • A partner owns equity. • founders own equity. False: • contractors own equity. • all stakeholders own equity. Complete the sentence about Company roles and responsibilities by selecting the correct option for each drop-down list. - Correct 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.