Gmetrix Entrepreneurship & Small Business Practice Exam Bank Solution Manual Already Passed
(Rated A+)
What is Entrepreneurship? - Answers 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? - Answers
S-Corporation
Successful entrepreneurs have mindsets that typically possess which three characteristics? - Answers
Responsibility, Adaptivity, and Tenacity
Which is one of the greatest benefits of being an entrepreneur? - Answers Schedule Control
Which three characteristics help identify a business opportunity? - Answers 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. - Answers 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? - Answers Lean Canvas and a Pitch
Deck
Which three elements are required to have a trade secret? - Answers 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? - Answers Customers to whom a company wants to sell its products and
services.
Which two are offline marketing platforms? - Answers 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? - Answers 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. - Answers 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 - Answers $10
Which three are segments in a Marketing Plan? - Answers Demographic, Behavioral and Geographic
(Rated A+)
What is Entrepreneurship? - Answers 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? - Answers
S-Corporation
Successful entrepreneurs have mindsets that typically possess which three characteristics? - Answers
Responsibility, Adaptivity, and Tenacity
Which is one of the greatest benefits of being an entrepreneur? - Answers Schedule Control
Which three characteristics help identify a business opportunity? - Answers 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. - Answers 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? - Answers Lean Canvas and a Pitch
Deck
Which three elements are required to have a trade secret? - Answers 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? - Answers Customers to whom a company wants to sell its products and
services.
Which two are offline marketing platforms? - Answers 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? - Answers 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. - Answers 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 - Answers $10
Which three are segments in a Marketing Plan? - Answers Demographic, Behavioral and Geographic
