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GMetrix Marketing final test Questions and
Answers (Expert Solutions)
Q: What is Entrepreneurship?
• Marketing and selling products.
• Acquiring leadership and managerial skills.
• Setting up a business with the aim to make a profit.
• Quickly advancing in positions within a corporation
ANS 🗹🗹: • Setting up a business with the aim to make a profit.
Q:
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 want to be protected from business liabilities.
Which legal structure should you set up for your business?
• S-Corporation
• Limited Liability Company
• Sole Proprietorship
• C- Corporation
ANS 🗹🗹: • S-Corporation
Q:
Place the stages of the business life cycle in the correct order.
Move all of the stages to the answer area and place them in the correct order.
Note: You will receive partial credit for each correct answer.
ANS 🗹🗹: Stage 1 Existence
Stage 2 Survival of the Fittest
Stage 3 Success
Stage 4 Take-off
Stage 5 Manurity
Q:
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Match each Element of the Design Thinking Process to its corresponding description.
To answer, move each element from the list on the left to its description on the right .
Note: You will receive partial credit for each correct answer .
ANS 🗹🗹: Research your users' needs - Empathize
State Your Users' Needs and Problems - Define
Challenge Assumptions and Create Ideas - Ideate
Create Solutions - Prototype
Try Your Solutions - Test
Q:
In general, which two characteristics define a "small" business ? (Choose two )
• Between 500 and 2,500 employees
• No more than $200,000 in sales
• Less than $35.5 million revenue
• Non-profit
• Fewer than 1, 500 employees
ANS 🗹🗹: • Less than $35.5 million revenue
• Fewer than 1, 500 employees
Q:
You need to create a legal structure for your small business . You have plans for it to grow
and hope in the future to sell shares to the public . Your startup partners are citizens of
Mexico and Japan . You do not want to be personally responsible for business liabilities.
Which legal structure should you set up for your business?
• S- Corporation
• C- Corporation
• Sole Proprietorship
• Limited Liability Company
ANS 🗹🗹: • C- Corporation
Q:
Match each business management role to its corresponding description.
To answer, move each role from the list on the left to its description on the right.
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ANS 🗹🗹: • (CEO) The highest -ranking employee in the companyreports to the
board of directors.
• (CFO ) Creates budgets , analyzes financial data , and forecasts company profits .
• (CIO) Develops policies and structures to protect company data .
• (COO) Oversees the day -to-day administrative functions of a business ; second in
command .
Q:
You own a lawn care business. You have employees who work long hours laboring in
good weather , often exceeding 40 hours per week. They also work short hours when the
weather is bad , sometimes they can't work at all . You do all of the sales for your business
.
Which two types of compensation would be appropriate for these landscape employees?
• Salary
• Commission
• Piece work
• Equity
• Hourly
ANS 🗹🗹: • Salary
• Hourly
Q:
Match each Stage of the Business Life Cycle to its corresponding description .
To answer , move each stage from the list on the left to its description on the right.
ANS 🗹🗹: • Maturity - The business is separate from the owner with responsibilities
delegated to staff . A business in this stage usually commands a considerable share
of the market and may even be a household name.
Q:
What is the difference between small businesses and entrepreneurs?
• Small business owners are more willing to take on unknown risks
• Entrepreneurs are focused on generating profits
• Entrepreneurs are not always interested in taking on new business opportunities
• Small business owners are not always interested in taking on new business opportunities
ANS 🗹🗹: • Small business owners are not always interested in taking on new
business opportunities
Q:
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What are the three disadvantages of selling physical products?
• Physical products tend to have a lower value
• Having more competitors than digital products(x
• Shipping and packaging costs
• Needing storage space
• Needing employees to track the supply
ANS 🗹🗹: • Shipping and packaging costs
• Needing storage space
• Needing employees to track the supply
Q:
Tim purchased a movie from a popular streaming service. He received immediate access
to the movie. What type of e-commerce product did Tim purchase?
• Digital
• Wholesale
• Market
• Physical
ANS 🗹🗹: • Digital
Q:
Appliance World is a top-rated appliance manufacturer. Super Steel supplies metal to
Appliance World to build their appliances.
What type of transaction is this?
• Physical
• Business-to-consumer(B2C)
• Digital
• Business-to-business(B2B)
ANS 🗹🗹: • Business-to-business(B2B)
Q:
Which corporation uses a double layer of taxation?
• Sole proprietorship
• S corporation
• C corporation
• Limited Liability Company
ANS 🗹🗹: • C corporation
Q:
GMetrix Marketing final test Questions and
Answers (Expert Solutions)
Q: What is Entrepreneurship?
• Marketing and selling products.
• Acquiring leadership and managerial skills.
• Setting up a business with the aim to make a profit.
• Quickly advancing in positions within a corporation
ANS 🗹🗹: • Setting up a business with the aim to make a profit.
Q:
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 want to be protected from business liabilities.
Which legal structure should you set up for your business?
• S-Corporation
• Limited Liability Company
• Sole Proprietorship
• C- Corporation
ANS 🗹🗹: • S-Corporation
Q:
Place the stages of the business life cycle in the correct order.
Move all of the stages to the answer area and place them in the correct order.
Note: You will receive partial credit for each correct answer.
ANS 🗹🗹: Stage 1 Existence
Stage 2 Survival of the Fittest
Stage 3 Success
Stage 4 Take-off
Stage 5 Manurity
Q:
, Page | 2
Match each Element of the Design Thinking Process to its corresponding description.
To answer, move each element from the list on the left to its description on the right .
Note: You will receive partial credit for each correct answer .
ANS 🗹🗹: Research your users' needs - Empathize
State Your Users' Needs and Problems - Define
Challenge Assumptions and Create Ideas - Ideate
Create Solutions - Prototype
Try Your Solutions - Test
Q:
In general, which two characteristics define a "small" business ? (Choose two )
• Between 500 and 2,500 employees
• No more than $200,000 in sales
• Less than $35.5 million revenue
• Non-profit
• Fewer than 1, 500 employees
ANS 🗹🗹: • Less than $35.5 million revenue
• Fewer than 1, 500 employees
Q:
You need to create a legal structure for your small business . You have plans for it to grow
and hope in the future to sell shares to the public . Your startup partners are citizens of
Mexico and Japan . You do not want to be personally responsible for business liabilities.
Which legal structure should you set up for your business?
• S- Corporation
• C- Corporation
• Sole Proprietorship
• Limited Liability Company
ANS 🗹🗹: • C- Corporation
Q:
Match each business management role to its corresponding description.
To answer, move each role from the list on the left to its description on the right.
, Page | 3
ANS 🗹🗹: • (CEO) The highest -ranking employee in the companyreports to the
board of directors.
• (CFO ) Creates budgets , analyzes financial data , and forecasts company profits .
• (CIO) Develops policies and structures to protect company data .
• (COO) Oversees the day -to-day administrative functions of a business ; second in
command .
Q:
You own a lawn care business. You have employees who work long hours laboring in
good weather , often exceeding 40 hours per week. They also work short hours when the
weather is bad , sometimes they can't work at all . You do all of the sales for your business
.
Which two types of compensation would be appropriate for these landscape employees?
• Salary
• Commission
• Piece work
• Equity
• Hourly
ANS 🗹🗹: • Salary
• Hourly
Q:
Match each Stage of the Business Life Cycle to its corresponding description .
To answer , move each stage from the list on the left to its description on the right.
ANS 🗹🗹: • Maturity - The business is separate from the owner with responsibilities
delegated to staff . A business in this stage usually commands a considerable share
of the market and may even be a household name.
Q:
What is the difference between small businesses and entrepreneurs?
• Small business owners are more willing to take on unknown risks
• Entrepreneurs are focused on generating profits
• Entrepreneurs are not always interested in taking on new business opportunities
• Small business owners are not always interested in taking on new business opportunities
ANS 🗹🗹: • Small business owners are not always interested in taking on new
business opportunities
Q:
, Page | 4
What are the three disadvantages of selling physical products?
• Physical products tend to have a lower value
• Having more competitors than digital products(x
• Shipping and packaging costs
• Needing storage space
• Needing employees to track the supply
ANS 🗹🗹: • Shipping and packaging costs
• Needing storage space
• Needing employees to track the supply
Q:
Tim purchased a movie from a popular streaming service. He received immediate access
to the movie. What type of e-commerce product did Tim purchase?
• Digital
• Wholesale
• Market
• Physical
ANS 🗹🗹: • Digital
Q:
Appliance World is a top-rated appliance manufacturer. Super Steel supplies metal to
Appliance World to build their appliances.
What type of transaction is this?
• Physical
• Business-to-consumer(B2C)
• Digital
• Business-to-business(B2B)
ANS 🗹🗹: • Business-to-business(B2B)
Q:
Which corporation uses a double layer of taxation?
• Sole proprietorship
• S corporation
• C corporation
• Limited Liability Company
ANS 🗹🗹: • C corporation
Q:
