GMETRIX ENTREPRENEURSHIP AND SMALL
BUSINESS EXAM SCRIPT 2026 COMPLETE
ANSWERS VERIFIED
◉ clarify several businesses as either B2B or B2C Answer: B2B:
•Wholesale flooring distributor
•Purchases requiring a tax exemption certificate
B2C:
•Motorcycle repair shop
•Chain of local grocery stores
◉ You create a legal structure for your small business. Do you would
like some of the benefits of 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 want to be protected from business liabilities. Which
legal structure should you set up for your business? Answer: S-
Corporation
◉ For each statement about owners of equity in a business, select
True or False. Answer: True:
• A partner owns equity.
• founders own equity.
, False:
• contractors own equity.
• all stakeholders own equity.
◉ Complete the sentence about Company roles and responsibilities
by selecting the correct option for each drop-down list. Answer: An
example of PIECE WORK compensation is paying field laborers for
the amount of fruit they pick.
A SALARY employees a receives amount of pay each month without
overtime compensation for extra hours worked.
Employees most affected by minimum wage laws are compensated
HOURLY.
An employee who is paid a percentage of a sale is paid by
COMMISSION.
◉ Place the stages of the business life cycle in the correct order.
Move all of the stages to the answer area and place them in the
correct order. Answer: Stage 1: existence
Stage 2: survival of the fittest
Stage 3: success
Stage 4: takeoff
Stage 5: maturity
BUSINESS EXAM SCRIPT 2026 COMPLETE
ANSWERS VERIFIED
◉ clarify several businesses as either B2B or B2C Answer: B2B:
•Wholesale flooring distributor
•Purchases requiring a tax exemption certificate
B2C:
•Motorcycle repair shop
•Chain of local grocery stores
◉ You create a legal structure for your small business. Do you would
like some of the benefits of 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 want to be protected from business liabilities. Which
legal structure should you set up for your business? Answer: S-
Corporation
◉ For each statement about owners of equity in a business, select
True or False. Answer: True:
• A partner owns equity.
• founders own equity.
, False:
• contractors own equity.
• all stakeholders own equity.
◉ Complete the sentence about Company roles and responsibilities
by selecting the correct option for each drop-down list. Answer: An
example of PIECE WORK compensation is paying field laborers for
the amount of fruit they pick.
A SALARY employees a receives amount of pay each month without
overtime compensation for extra hours worked.
Employees most affected by minimum wage laws are compensated
HOURLY.
An employee who is paid a percentage of a sale is paid by
COMMISSION.
◉ Place the stages of the business life cycle in the correct order.
Move all of the stages to the answer area and place them in the
correct order. Answer: Stage 1: existence
Stage 2: survival of the fittest
Stage 3: success
Stage 4: takeoff
Stage 5: maturity
