Entrepreneurship and Small Business
Certification Exam 2025/2026 Exam
Questions and Answers | A+ Score
Assured
Elements of the Design Thinking Process - 🧠ANSWER ✔✔Stage 1:
Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - 🧠ANSWER
✔✔Small businesses are not always interested in taking on new business
opportunities.
,Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - 🧠ANSWER ✔✔1. Piece work- compensation on a
per-unit basis. EX: an employer can choose to pay mechanics a fixed rate
for each vehicle they repair instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without
overtime compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are
compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in
addition to a lower salary.
Types of Sales Channel - 🧠ANSWER ✔✔1. Business-to-Business (B2B): a
transaction or business conducted between one business and another,
, such as a wholesaler and retailer. Transactions tend to happen in the
supply chain, where one company will purchase raw materials from another
to be used in the manufacturing process.
2. Business-to-Consumer (B2C): process of businesses selling
products/services directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers
through the Internet.
Online B2C became a threat to traditional retailers, who profited from
adding a markup to the price.
3. Retail: sell items or services to customers. They typically sell items in-
store or may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer at a
discounted price and selling to a retailer for a higher price, for them to
repackage and in turn resell in smaller quantities at an even higher price to
consumers.
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
Certification Exam 2025/2026 Exam
Questions and Answers | A+ Score
Assured
Elements of the Design Thinking Process - 🧠ANSWER ✔✔Stage 1:
Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - 🧠ANSWER
✔✔Small businesses are not always interested in taking on new business
opportunities.
,Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - 🧠ANSWER ✔✔1. Piece work- compensation on a
per-unit basis. EX: an employer can choose to pay mechanics a fixed rate
for each vehicle they repair instead of paying an hourly rate.
2. Salary- employee receives a set amount of pay each month without
overtime compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are
compensated hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in
addition to a lower salary.
Types of Sales Channel - 🧠ANSWER ✔✔1. Business-to-Business (B2B): a
transaction or business conducted between one business and another,
, such as a wholesaler and retailer. Transactions tend to happen in the
supply chain, where one company will purchase raw materials from another
to be used in the manufacturing process.
2. Business-to-Consumer (B2C): process of businesses selling
products/services directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers
through the Internet.
Online B2C became a threat to traditional retailers, who profited from
adding a markup to the price.
3. Retail: sell items or services to customers. They typically sell items in-
store or may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer at a
discounted price and selling to a retailer for a higher price, for them to
repackage and in turn resell in smaller quantities at an even higher price to
consumers.
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
