GMETRIX ENTREPRENEURSHIP AND SMALL
BUSINESS EXAM ACTUAL PAPER 2026
SOLUTIONS GRADED A+
◉ You need to create a legal structure for your small business. You
would like some of the benefits enjoyed by large corporations, but
do not want to be taxed twice. You have four partners who will be
shareholders. None of you plan to sell your ownership shares to the
public, but do not want to be protected from business liabilities.
Which legal structure should you set up for your business? Answer:
S-Corporation
◉ Successful entrepreneurs have mindsets that typically possess
which three characteristics? Answer: Responsibility, Adaptivity, and
Tenacity
◉ Which is one of the greatest benefits of being an entrepreneur?
Answer: Schedule Control
◉ Which three characteristics help identify a business opportunity?
Answer: Service, Branding, and Quality
◉ The owner of a landscaping business has noticed that none of his
competitors are including ponds or other water features in the
, gardens they create. The landscaper wants to determine the viability
of his business opportunity. Answer: Ask the customers in the are if
they are interested in adding a water feature to their gardens.
◉ Which two documents summarize the business plan of a
company? Answer: Lean Canvas and a Pitch Deck
◉ Which three elements are required to have a trade secret?
Answer: Information has economic value not generally known,
others cannot legitimately obtain the information, and subject to
reasonable efforts to maintain it's secrecy.
◉ What is a target market? Answer: Customers to whom a company
wants to sell its products and services.
◉ Which two are offline marketing platforms? Answer: TV ads and
Flyers and Pamphlets
◉ Your company manufactures 72 hr. emergency kits and sells them
for a low profit margin. You want to expand your customer base to
increase your sales volume, but you have a limited budget. What
marketing method would be the best choice? Answer: Social Media
BUSINESS EXAM ACTUAL PAPER 2026
SOLUTIONS GRADED A+
◉ You need to create a legal structure for your small business. You
would like some of the benefits enjoyed by large corporations, but
do not want to be taxed twice. You have four partners who will be
shareholders. None of you plan to sell your ownership shares to the
public, but do not want to be protected from business liabilities.
Which legal structure should you set up for your business? Answer:
S-Corporation
◉ Successful entrepreneurs have mindsets that typically possess
which three characteristics? Answer: Responsibility, Adaptivity, and
Tenacity
◉ Which is one of the greatest benefits of being an entrepreneur?
Answer: Schedule Control
◉ Which three characteristics help identify a business opportunity?
Answer: Service, Branding, and Quality
◉ The owner of a landscaping business has noticed that none of his
competitors are including ponds or other water features in the
, gardens they create. The landscaper wants to determine the viability
of his business opportunity. Answer: Ask the customers in the are if
they are interested in adding a water feature to their gardens.
◉ Which two documents summarize the business plan of a
company? Answer: Lean Canvas and a Pitch Deck
◉ Which three elements are required to have a trade secret?
Answer: Information has economic value not generally known,
others cannot legitimately obtain the information, and subject to
reasonable efforts to maintain it's secrecy.
◉ What is a target market? Answer: Customers to whom a company
wants to sell its products and services.
◉ Which two are offline marketing platforms? Answer: TV ads and
Flyers and Pamphlets
◉ Your company manufactures 72 hr. emergency kits and sells them
for a low profit margin. You want to expand your customer base to
increase your sales volume, but you have a limited budget. What
marketing method would be the best choice? Answer: Social Media
