GB 370 GENTRY EXAM 1 QUESTIONS
& ANSWERS(RATED A+)
What general are does the practice of accounting cover? - ANSWERAll of the above
What is the first step in the Entrpenreneurship process? - ANSWERIdentify the idea
The ability to learn faster from customers is the essential competitive advantage that
startups must possess? - ANSWERTRUE
Respondents to surveys are most likely to make accurate predictions about the next
three to six months. - ANSWERFALSE
In Porter's analysis there are higher profits with high exit barriers if... - ANSWERNone of
the above
___ involves groups of individuals that share a common interest or passion. -
ANSWERTeam
The cost of market research is the only reason people do not usually engage in it... -
ANSWERFALSE
In which of the following types of business do the wonders pay double tax? -
ANSWERCorporation
You and your friend have a new business idea that you think has potential. What
section do you put staff member responsibility in? - ANSWEROperations and
Management plan
Segments, channels, and relationships are canvas definitions for customers... -
ANSWERTRUE
Which of the following is not one of the market strategies used to meet business plan
goals? - ANSWEREmployee Relations
Analyzing the external environment is critical for identifying... - ANSWEROpportunities
and Threats
Which of the following is NOT associated with Nichecraft? - ANSWEREnsure you have
as many products that can reach as many people as possible
Targeting teenagers is a specific enough target to market for your niche. -
ANSWERFALSE
, What does B2B stand for? - ANSWERBusiness to Business
Which of the following sentences is false? - ANSWERAn organization should only serve
one customer segment.
Which structure of business would you choose if you wanted a simple business with
easiest tax requirements? - ANSWERSole Proprietorship
Which of the following is not a step to take when pursuing opportunity without regards to
resources currently controlled? - ANSWERHire employees
__ is perhaps the most important decision when starting a business because of its
relations to taxes, personal liability, and ability to.. - ANSWERLegal Structure
Which is the legal structure with the easiest start-up process? - ANSWERSole
Proprietorship
In the market strategies section of a business plan once you've defined the market and
established the sales goals, what are the three strategie that used to be outlines to
reach these goals? - ANSWERPrice, Distribution, sales
What is the fastest growing segment of small-business eneterprise? -
ANSWERServices
What type of economy required interactions between employees and customers? -
ANSWERService based
Which is not a step in practicing "Nichecraft"? - ANSWERNone of the above
Which of the following is NOT one of the nine business model Building Blocks explained
in the Business Model Canvas reading? - ANSWERTransportation
Which form of business structure has the drawback of double taxation? -
ANSWERCorporation
Meeting with your lawyer regularly is a suggested way to control your legal cost. -
ANSWERFALSE
One of the negative of a sole proprietorship is the tax aspect. - ANSWERFALSE
What is the rule of continuity for general partnership? - ANSWERGeneral partnership is
its own legal entity and can survive the death of a partner
The two kinds of partnerships are an unlimited partnership and a general partnership. -
ANSWERFALSE
& ANSWERS(RATED A+)
What general are does the practice of accounting cover? - ANSWERAll of the above
What is the first step in the Entrpenreneurship process? - ANSWERIdentify the idea
The ability to learn faster from customers is the essential competitive advantage that
startups must possess? - ANSWERTRUE
Respondents to surveys are most likely to make accurate predictions about the next
three to six months. - ANSWERFALSE
In Porter's analysis there are higher profits with high exit barriers if... - ANSWERNone of
the above
___ involves groups of individuals that share a common interest or passion. -
ANSWERTeam
The cost of market research is the only reason people do not usually engage in it... -
ANSWERFALSE
In which of the following types of business do the wonders pay double tax? -
ANSWERCorporation
You and your friend have a new business idea that you think has potential. What
section do you put staff member responsibility in? - ANSWEROperations and
Management plan
Segments, channels, and relationships are canvas definitions for customers... -
ANSWERTRUE
Which of the following is not one of the market strategies used to meet business plan
goals? - ANSWEREmployee Relations
Analyzing the external environment is critical for identifying... - ANSWEROpportunities
and Threats
Which of the following is NOT associated with Nichecraft? - ANSWEREnsure you have
as many products that can reach as many people as possible
Targeting teenagers is a specific enough target to market for your niche. -
ANSWERFALSE
, What does B2B stand for? - ANSWERBusiness to Business
Which of the following sentences is false? - ANSWERAn organization should only serve
one customer segment.
Which structure of business would you choose if you wanted a simple business with
easiest tax requirements? - ANSWERSole Proprietorship
Which of the following is not a step to take when pursuing opportunity without regards to
resources currently controlled? - ANSWERHire employees
__ is perhaps the most important decision when starting a business because of its
relations to taxes, personal liability, and ability to.. - ANSWERLegal Structure
Which is the legal structure with the easiest start-up process? - ANSWERSole
Proprietorship
In the market strategies section of a business plan once you've defined the market and
established the sales goals, what are the three strategie that used to be outlines to
reach these goals? - ANSWERPrice, Distribution, sales
What is the fastest growing segment of small-business eneterprise? -
ANSWERServices
What type of economy required interactions between employees and customers? -
ANSWERService based
Which is not a step in practicing "Nichecraft"? - ANSWERNone of the above
Which of the following is NOT one of the nine business model Building Blocks explained
in the Business Model Canvas reading? - ANSWERTransportation
Which form of business structure has the drawback of double taxation? -
ANSWERCorporation
Meeting with your lawyer regularly is a suggested way to control your legal cost. -
ANSWERFALSE
One of the negative of a sole proprietorship is the tax aspect. - ANSWERFALSE
What is the rule of continuity for general partnership? - ANSWERGeneral partnership is
its own legal entity and can survive the death of a partner
The two kinds of partnerships are an unlimited partnership and a general partnership. -
ANSWERFALSE
