Gmetrix ESB Practice Exam 1
Questions and Answers 100% Pass
What is Entrepreneurship? - ✔✔Setting up a business with the aim to make a profit
B2B or B2C - ✔✔Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to be
taxed twice. You have four partners that would be shareholders. None of you plan to
sell your ownership to the public, but do want to be protected by business liabilities. -
✔✔S-Corporation
True/False - ✔✔True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - ✔✔Piece Work- amount of fruit they pick
Salary- set amount of pay each month, without overtime compensation for extra hours
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, Hourly- most affected by minimum wage laws
Commission- paid by percentage
Business Life Cycle - ✔✔1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process - ✔✔Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... -
✔✔responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - ✔✔schedule control
Three characteristics to help identify a business opportunity? - ✔✔quality, service, price
Owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. - ✔✔Ask the customers in the
area if they are interested in adding water features. in their gardens
Summarize business plan for a company - ✔✔Lean canvas and pitch deck
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
Questions and Answers 100% Pass
What is Entrepreneurship? - ✔✔Setting up a business with the aim to make a profit
B2B or B2C - ✔✔Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to be
taxed twice. You have four partners that would be shareholders. None of you plan to
sell your ownership to the public, but do want to be protected by business liabilities. -
✔✔S-Corporation
True/False - ✔✔True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - ✔✔Piece Work- amount of fruit they pick
Salary- set amount of pay each month, without overtime compensation for extra hours
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, Hourly- most affected by minimum wage laws
Commission- paid by percentage
Business Life Cycle - ✔✔1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process - ✔✔Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... -
✔✔responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - ✔✔schedule control
Three characteristics to help identify a business opportunity? - ✔✔quality, service, price
Owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. - ✔✔Ask the customers in the
area if they are interested in adding water features. in their gardens
Summarize business plan for a company - ✔✔Lean canvas and pitch deck
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
