Gmetrix Entrepreneurship & Small Business Practice Exam 1 with Complete Solutions

Gmetrix Entrepreneurship & Small Business Practice Exam 1 with Complete Solutions What is Entrepreneurship? Setting up a business with the aim to make a profit. You need to create a legal structure for your small business. You would like some of the benefits 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 not want to be protected from business liabilities. Which legal structure should you set up for your business? S-Corporation Successful entrepreneurs have mindsets that typically possess which three characteristics? Responsibility, Adaptivity, and Tenacity Which is one of the greatest benefits of being an entrepreneur? Schedule Control Which three characteristics help identify a business opportunity? Service, Branding, and Quality The owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in the gardens they create. The landscaper wants to determine the viability of his business opportunity. Ask the customers in the are if they are interested in adding a water feature to their gardens. Which two documents summarize the business plan of a company? Lean Canvas and a Pitch Deck Which three elements are required to have a trade secret? Information has economic value not generally known, others cannot legitimately obtain the information, and subject to reasonable efforts to maintain it's secrecy. What is a target market? Customers to whom a company wants to sell its products and services. Which two are offline marketing platforms? TV ads and Flyers and Pamphlets Your company manufactures 72 hr. emergency kits and sells them for a low profit margin. You want to expand your customer base to increase your sales volume, but you have a limited budget. What marketing method would be the best choice? Social Media A DJ wants to analyze reactions to the new music selections played at his dance last weekend. He advertises his weekly dances using social media and email. Surveys A hair salon acquired 100 new customers last year. Costs in the marketing and sales areas were the following: Marketing Costs = $1,000 Sales Costs = $10,000 Salaries = $96,000 $10 Which three are segments in a Marketing Plan? Demographic, Behavioral and Geographic Which Sales Channel has been opened to manufacturers because of digital tools? Direct-To- Consumer Which two ways can Customer Service and Support affect sales? More sales through customer evangelists and increased sales through responsiveness and personalization Which three statements help define a Market/Fit Hypothesis? When users love your product so much they tell other people to use it, product/market fit exists when you have the right solution to a problem worth solving and a fit exists when people need your product rather than just seeing a potential benefit of using it. You are a technical trainer. You teach online courses to help workers more efficiently use Microsoft Office applications. What is an effective way to measure your teaching performance during an online course? Conduct onscreen pop-up quizzes. You have an idea for a new product. Market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before creating a product prototype? Identify Materials Which are two characteristics of direct distribution that differ from fulfillment centers? The manufacturer controls all aspects of distribution and direct distribution is also known as a zero level channel. A law was passed increasing the minimum wage by 30%. The owner of a small landscaping business must now pay all of her laborers 30% higher wages. What is the minimum amount the owner must now charge customers for labor to balance her increased operational expenses? 30% You operate a small insurance office with a partner. Which