GMETRIX ENTREPRENEURSHIP AND SMALL
BUSINESS EXAM REVIEW FILE 2026 TESTED
QUESTIONS
◉ What is a Target Market? Answer: Customers to whom a company
wants to sell its products and services.
◉ A photographer wants to do a SWOT Analysis with the
characteristics identified.
Setup a SWOT Analysis with the characteristics provided about this
business by matching the company characteristic with the
appropriate SWOT element. Answer: Strengths: Large gallery of
stock photos.
Weaknesses: Working alone, no skilled help.
Opportunities: Increase in weddings expected as COVID restrictions
ease.
Threats (T): COVID pandemic restrictions disallow large family
gatherings.
,◉ Match each Pricing Strategy to its corresponding description.
Answer: Economy Pricing: Prices that targeting customers looking to
save as much money as possible.
Bundle Pricing: Pair several products together and selling them for
less money than each would be individually.
Market Penetration: Setting prices low until after a reliable customer
base is established, then raising prices.
Price Skimming: Setting high prices when a product is introduced
and then gradually lowering the price.
Premium Pricing: High quality products marketed to high-income
individuals.
◉ Which of the following is an example of Primary Data? Answer:
Information collected from a poll of your company Facebook
followers.
◉ A law was passed increasing the minimum wage by 30%. The
owner of a small landscaping business must now pay all of her
laborers 30% higher wages.
, What is the minimum amount the owner must now charge
customers for labor to balance her increased operational expenses?
Note: Disregard associated increases in taxes, such as FICA. Answer:
30%
◉ You are examining the year-end balance sheet for your business.
According to the information in the Balance Sheet, what is your
equity in the business?
BALANCE SHEET FOR YEAR ENDING DEC. 31:
ASSETS:
Cash: $10,000
Inventory: $2,000
Equipment: $5,000
TOTAL ASSETS: $17,000
LIABILITIES:
Credit card balance: $2,500
Long-Term debt: $0
Unearned revenues: $3,500
BUSINESS EXAM REVIEW FILE 2026 TESTED
QUESTIONS
◉ What is a Target Market? Answer: Customers to whom a company
wants to sell its products and services.
◉ A photographer wants to do a SWOT Analysis with the
characteristics identified.
Setup a SWOT Analysis with the characteristics provided about this
business by matching the company characteristic with the
appropriate SWOT element. Answer: Strengths: Large gallery of
stock photos.
Weaknesses: Working alone, no skilled help.
Opportunities: Increase in weddings expected as COVID restrictions
ease.
Threats (T): COVID pandemic restrictions disallow large family
gatherings.
,◉ Match each Pricing Strategy to its corresponding description.
Answer: Economy Pricing: Prices that targeting customers looking to
save as much money as possible.
Bundle Pricing: Pair several products together and selling them for
less money than each would be individually.
Market Penetration: Setting prices low until after a reliable customer
base is established, then raising prices.
Price Skimming: Setting high prices when a product is introduced
and then gradually lowering the price.
Premium Pricing: High quality products marketed to high-income
individuals.
◉ Which of the following is an example of Primary Data? Answer:
Information collected from a poll of your company Facebook
followers.
◉ A law was passed increasing the minimum wage by 30%. The
owner of a small landscaping business must now pay all of her
laborers 30% higher wages.
, What is the minimum amount the owner must now charge
customers for labor to balance her increased operational expenses?
Note: Disregard associated increases in taxes, such as FICA. Answer:
30%
◉ You are examining the year-end balance sheet for your business.
According to the information in the Balance Sheet, what is your
equity in the business?
BALANCE SHEET FOR YEAR ENDING DEC. 31:
ASSETS:
Cash: $10,000
Inventory: $2,000
Equipment: $5,000
TOTAL ASSETS: $17,000
LIABILITIES:
Credit card balance: $2,500
Long-Term debt: $0
Unearned revenues: $3,500
