ENTREPRENEURSHIP AND SMALL BUSINESS CERTIFICATION
EXAM QUESTIONS 2025\26 |PASS!!
Terms in this set (74)
Stage 1: Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Elements of the Design
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Thinking Process
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Small businesses are not always interested in taking on new
Difference between small
business opportunities.
businesses and entrepreneurs?
Entrepreneurs set up a business with the aim to make a profit.
, 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.
Compensation Types
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.
, 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
Types of Sales Channel
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.
These costs include shipping, sales taxes, and customs fees, as
well as the costs of site preparation, installation, and testing.
Acquisition Costs
When acquiring property, acquisition costs can include
surveying, closing fees, and paying off liens.
a wealthy private investor who provides capital for a
Angel Investor
business start-up for a stake in the business in return.
EXAM QUESTIONS 2025\26 |PASS!!
Terms in this set (74)
Stage 1: Emphasize- Research Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Elements of the Design
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Thinking Process
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Small businesses are not always interested in taking on new
Difference between small
business opportunities.
businesses and entrepreneurs?
Entrepreneurs set up a business with the aim to make a profit.
, 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.
Compensation Types
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.
, 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
Types of Sales Channel
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.
These costs include shipping, sales taxes, and customs fees, as
well as the costs of site preparation, installation, and testing.
Acquisition Costs
When acquiring property, acquisition costs can include
surveying, closing fees, and paying off liens.
a wealthy private investor who provides capital for a
Angel Investor
business start-up for a stake in the business in return.
