GMETRIX Entrepreneurial Certification Exam Study
Guide 2023;Entrepreneurship Certification Exam All
questions and answers from GMETRIX Entrepreneur &
Small Business Exams 1 and 2
What is entrepreneurship?
Setting up a business with the aim to make a profit.
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?
S- Corporation
Place the stages of the business life cycle in the correct order.
1. Existence
2. Survival of the Fittest
3. Success
4. Take-Off
5. Maturity
Match each Element of the Design Thinking Process to its corresponding
description.
Research your users' needs: Empathize
State your users' needs and problems: Define
Challenge assumptions and create ideas: Ideate
Create Solutions: Prototype
Try your solutions: Test
In general, which TWO characteristics define a "small" business?
Less than $35.5 million revenue
Fewer than 1,500 employees
You need to create a legal structure for your small business. You have plans for it
to grow and hope in the future to sell shares to the public. Your startup partners
are citizens of Mexico and Japan. You do not want to be personally responsible
for business liabilities.
, Which legal structure should you set up for your business?
C-Corporation
Match each business management role to its corresponding description.
CEO: The highest-ranking employee in the company; reports to the board of directors.
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CIO: Develops policies and structures to protect company data.
COO: Oversees the day-to-day administrative functions of a business; second in
command.
You own a lawn care business. You have employees who work long hours
laboring in good weather, often exceeding 40 hours per week. They also work
short hours when the weather is bad, sometimes they can't work at all. You do all
of the sales for your business.
Which TWO types of compensation would be appropriate for these landscape
employees?
Hourly
Salary
Match each Stage of the Business Life Cycle to its corresponding description.
Maturity: The business is separate from the owner with responsibilities delegated to
staff. A business in this stage usually commands a considerable share of the market
and may even be a household name.
Success: Company is stable and profitable.
Takeoff: Expansion strategies are implemented, and investment is balanced with
potential.
Survival of the Fittest: Focus shifts to revenue, expenses, and growth. Cashflow is the
major issue.
Existence: The business introduces itself to the market and attempts to catch the
attention of potential customers.
What is a Target Market?
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.
Strengths: Large gallery of stock photos.
Weaknesses: Working alone, no skilled help.
Guide 2023;Entrepreneurship Certification Exam All
questions and answers from GMETRIX Entrepreneur &
Small Business Exams 1 and 2
What is entrepreneurship?
Setting up a business with the aim to make a profit.
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?
S- Corporation
Place the stages of the business life cycle in the correct order.
1. Existence
2. Survival of the Fittest
3. Success
4. Take-Off
5. Maturity
Match each Element of the Design Thinking Process to its corresponding
description.
Research your users' needs: Empathize
State your users' needs and problems: Define
Challenge assumptions and create ideas: Ideate
Create Solutions: Prototype
Try your solutions: Test
In general, which TWO characteristics define a "small" business?
Less than $35.5 million revenue
Fewer than 1,500 employees
You need to create a legal structure for your small business. You have plans for it
to grow and hope in the future to sell shares to the public. Your startup partners
are citizens of Mexico and Japan. You do not want to be personally responsible
for business liabilities.
, Which legal structure should you set up for your business?
C-Corporation
Match each business management role to its corresponding description.
CEO: The highest-ranking employee in the company; reports to the board of directors.
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CIO: Develops policies and structures to protect company data.
COO: Oversees the day-to-day administrative functions of a business; second in
command.
You own a lawn care business. You have employees who work long hours
laboring in good weather, often exceeding 40 hours per week. They also work
short hours when the weather is bad, sometimes they can't work at all. You do all
of the sales for your business.
Which TWO types of compensation would be appropriate for these landscape
employees?
Hourly
Salary
Match each Stage of the Business Life Cycle to its corresponding description.
Maturity: The business is separate from the owner with responsibilities delegated to
staff. A business in this stage usually commands a considerable share of the market
and may even be a household name.
Success: Company is stable and profitable.
Takeoff: Expansion strategies are implemented, and investment is balanced with
potential.
Survival of the Fittest: Focus shifts to revenue, expenses, and growth. Cashflow is the
major issue.
Existence: The business introduces itself to the market and attempts to catch the
attention of potential customers.
What is a Target Market?
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.
Strengths: Large gallery of stock photos.
Weaknesses: Working alone, no skilled help.
