GMETRIX ESB PRACTICE EXAM 1 2025
QUESTIONS AND ANSWERS
What is Entrepreneurship? - ANS Setting up a business with the aim to make a profit
B2B or B2C - ANS Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to be taxed twice.
You have four partners that would be shareholders. None of you plan to sell your ownership to
the public, but do want to be protected by business liabilities. - ANS S-Corporation
True/False - ANS True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - ANS Piece Work- amount of fruit they pick
Salary- set amount of pay each month, without overtime compensation for extra hours
Hourly- most affected by minimum wage laws
1
Page
@COPYRIGHT FYNDLAY 2025/2026
, Commission- paid by percentage
Business Life Cycle - ANS 1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process - ANS Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... -
ANS responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - ANS schedule control
Three characteristics to help identify a business opportunity? - ANS quality, service, price
Owner of a landscaping business has noticed that none of his competitors are including ponds
or other water features in the gardens they create. - ANS Ask the customers in the area if
they are interested in adding water features. in their gardens
Summarize business plan for a company - ANS Lean canvas and pitch deck
2
Page
@COPYRIGHT FYNDLAY 2025/2026
QUESTIONS AND ANSWERS
What is Entrepreneurship? - ANS Setting up a business with the aim to make a profit
B2B or B2C - ANS Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to be taxed twice.
You have four partners that would be shareholders. None of you plan to sell your ownership to
the public, but do want to be protected by business liabilities. - ANS S-Corporation
True/False - ANS True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - ANS Piece Work- amount of fruit they pick
Salary- set amount of pay each month, without overtime compensation for extra hours
Hourly- most affected by minimum wage laws
1
Page
@COPYRIGHT FYNDLAY 2025/2026
, Commission- paid by percentage
Business Life Cycle - ANS 1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process - ANS Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... -
ANS responsible, tenacious, adaptable
One of the greatest benefits of being an entrepreneur? - ANS schedule control
Three characteristics to help identify a business opportunity? - ANS quality, service, price
Owner of a landscaping business has noticed that none of his competitors are including ponds
or other water features in the gardens they create. - ANS Ask the customers in the area if
they are interested in adding water features. in their gardens
Summarize business plan for a company - ANS Lean canvas and pitch deck
2
Page
@COPYRIGHT FYNDLAY 2025/2026
