MGRADES EXAMS
Gmetrix Test UPDATED Exam Questions
and CORRECT Answers
Which business scenario fits the definition of a small business, according to the SBA? -
CORRECT ANSWER - A fast food restaurant that is independently owned and operated
Classify each of the following businesses as either physical or digital. - CORRECT
ANSWER - Physical:
- Bakery in your community
- Hair salon that makes appointments online
Digital:
- Online store that dropships camping gear
- Bookstore on Amazon that sells eBooks
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? - CORRECT ANSWER - C-
corporation
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. - CORRECT
ANSWER - COO: Oversees the day-to-day administrative functions of a business; second
in command.
CTO: Develops policies and structures to protect company data.
, MGRADES EXAMS
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CEO: The highest-ranking employee in the company; reports to the board of directors.
A computer training business needs to hire a consultant for a project to revamp the training
courseware. Once the courseware is revamped, the consultant's service are complete. Which
business compensation structure will pay the consultant and leaf to the smallest payroll tax
liability for the business? - CORRECT ANSWER - Contract
Match each aspect of a business Life Cycle to its corresponding description.
To answer, move each stage from the list on the left to its description on the right. - CORRECT
ANSWER - Pivot-Change part of a business model.
Persevere-Make attempts to scale a business.
Exit strategy-Turn a busuness over to a family memeber.
For each statement the Design Thinking process, select True or False. - CORRECT
ANSWER - True:
-In the Evolve process, the goal is to take the test results and work toward building an actial
project.
-Assumptions are challenged and ideas are created in the Ideate phase.
False:
-An MVP is the most valuable person on a project.
-The Enpathize phase tests solutions to user's problems.
Which of these are characteristics of a successful entrepreneur mindset? (Choose two) -
CORRECT ANSWER - 1: Can tolerate risk
Gmetrix Test UPDATED Exam Questions
and CORRECT Answers
Which business scenario fits the definition of a small business, according to the SBA? -
CORRECT ANSWER - A fast food restaurant that is independently owned and operated
Classify each of the following businesses as either physical or digital. - CORRECT
ANSWER - Physical:
- Bakery in your community
- Hair salon that makes appointments online
Digital:
- Online store that dropships camping gear
- Bookstore on Amazon that sells eBooks
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? - CORRECT ANSWER - C-
corporation
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. - CORRECT
ANSWER - COO: Oversees the day-to-day administrative functions of a business; second
in command.
CTO: Develops policies and structures to protect company data.
, MGRADES EXAMS
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CEO: The highest-ranking employee in the company; reports to the board of directors.
A computer training business needs to hire a consultant for a project to revamp the training
courseware. Once the courseware is revamped, the consultant's service are complete. Which
business compensation structure will pay the consultant and leaf to the smallest payroll tax
liability for the business? - CORRECT ANSWER - Contract
Match each aspect of a business Life Cycle to its corresponding description.
To answer, move each stage from the list on the left to its description on the right. - CORRECT
ANSWER - Pivot-Change part of a business model.
Persevere-Make attempts to scale a business.
Exit strategy-Turn a busuness over to a family memeber.
For each statement the Design Thinking process, select True or False. - CORRECT
ANSWER - True:
-In the Evolve process, the goal is to take the test results and work toward building an actial
project.
-Assumptions are challenged and ideas are created in the Ideate phase.
False:
-An MVP is the most valuable person on a project.
-The Enpathize phase tests solutions to user's problems.
Which of these are characteristics of a successful entrepreneur mindset? (Choose two) -
CORRECT ANSWER - 1: Can tolerate risk
