GMetrix Entrepreneurship & Small Business Practice Exam 1
Study Guide.
1. What is Entrepreneurship? Setting up a business with the aim to
make a profit.
2. You need to create a legal structure S-Corporation
for your small business. You would
like some of the benefits enjoyed by
large corpora- tions, but do not want
to be taxed twice. You have four
partners who will be sharehold- ers.
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? Responsibility, Adaptivity, and Tenacity
3. Successful entrepreneurs have
mindsets that typically possess which
three charac- teristics?
4. Which is one of the greatest benefits of be- Schedule Control
ing an entrepreneur?
5. Which three characteristics help opportunity.
identify a business opportunity?
6. 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 busi- ness
1/
7
, GMetrix Entrepreneurship & Small Business Practice Exam 1
Study Guide.
Service, Branding, and Quality Ask the customers in the are if they
are interested in adding a water feature
to their gardens.
7. Which two documents summarize the busi- Lean Canvas and a Pitch Deck
ness plan of a company?
2/
7
Study Guide.
1. What is Entrepreneurship? Setting up a business with the aim to
make a profit.
2. You need to create a legal structure S-Corporation
for your small business. You would
like some of the benefits enjoyed by
large corpora- tions, but do not want
to be taxed twice. You have four
partners who will be sharehold- ers.
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? Responsibility, Adaptivity, and Tenacity
3. Successful entrepreneurs have
mindsets that typically possess which
three charac- teristics?
4. Which is one of the greatest benefits of be- Schedule Control
ing an entrepreneur?
5. Which three characteristics help opportunity.
identify a business opportunity?
6. 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 busi- ness
1/
7
, GMetrix Entrepreneurship & Small Business Practice Exam 1
Study Guide.
Service, Branding, and Quality Ask the customers in the are if they
are interested in adding a water feature
to their gardens.
7. Which two documents summarize the busi- Lean Canvas and a Pitch Deck
ness plan of a company?
2/
7
