G-Metrix Entrepreneurship & Small Business Practice Exam 1 - Q & A

G-Metrix Entrepreneurship & Small Business Practice Exam 1 - Q & A What is Entrepreneurship? Setting up a business with the aim to make a profit. Clarify several businesses as either B2B or B2C 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? S-Corporation For each statement about owners of equity in a business, select True or False. 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. An example of PIECE WORK compensation is paying field laborers for the amount of fruit they pick. A SALARY employees 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. Stage 1: existence Stage 2: survival of the fittest Stage 3: success Stage 4: takeoff Stage 5: maturity Match each element of the design thinking process to its corresponding description. To answer, move each element from the list on the left to its description on the right. 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 Successful entrepreneurs have mindsets that typically possess which three characteristics? Tenacious adaptable and responsible Which is one of the greatest benefits of being an entrepreneur? Schedule control Which three characteristics help identify a business opportunity? Either: •Price •Quality •Selection •location •Service 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 this business opportunity. What should this entrepreneur do first before offering to design and build water features as part of his landscaping business? The first thing the business owner should do is determine if there is a demand for water features. The best way to do that is ask the customers. Which two documents summarize the business plan of a company? Lean canvas and pitch deck For each statement about the components of business plans and pitch decks select true or false True: • Business plans are text-based documents