Entrepreneurship and Small Business Certification Exam| 2025-2026
LATEST UPDATED| 74 ACTUAL EXAM COMPLETE QUESTIONS AND
ANSWERS | 100% RATED CORRECT | 100% VERFIED | ALREADY
GRADED A+|GET A+
Elements of the Design Thinking Process - (answer)Stage 1: Emphasize- Research
Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - (answer)Small
businesses are not always interested in taking on new business opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - (answer)1. Piece work- compensation on a per-unit basis.
EX: an employer can choose to pay mechanics a fixed rate for each vehicle they
repair instead of paying an hourly rate.
,2. Salary- employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are compensated
hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition
to a lower salary.
Types of Sales Channel - (answer)1. Business-to-Business (B2B): a transaction or
business conducted between one business and another, such as a wholesaler and
retailer. Transactions tend to happen in the supply chain, where one company will
purchase raw materials from another to be used in the manufacturing process.
, 2. Business-to-Consumer (B2C): process of businesses selling products/services
directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers through
the Internet.
Online B2C became a threat to traditional retailers, who profited from adding a
markup to the price.
3. Retail: sell items or services to customers. They typically sell items in-store or
may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer at a discounted
price and selling to a retailer for a higher price, for them to repackage and in turn
resell in smaller quantities at an even higher price to consumers.
Acquisition Costs - (answer)These costs include shipping, sales taxes, and customs
fees, as well as the costs of site preparation, installation, and testing. When
acquiring property, acquisition costs can include surveying, closing fees, and
paying off liens.
LATEST UPDATED| 74 ACTUAL EXAM COMPLETE QUESTIONS AND
ANSWERS | 100% RATED CORRECT | 100% VERFIED | ALREADY
GRADED A+|GET A+
Elements of the Design Thinking Process - (answer)Stage 1: Emphasize- Research
Your Users' Needs
Stage 2: Define- State Your Users' Needs and Problems
Stage 3: Ideate- Challenge Assumptions and Create Ideas
Stage 4: Prototype- Start to Create Solutions
Stage 5: Test- Try Your Solutions Out
Difference between small businesses and entrepreneurs? - (answer)Small
businesses are not always interested in taking on new business opportunities.
Entrepreneurs set up a business with the aim to make a profit.
Compensation Types - (answer)1. Piece work- compensation on a per-unit basis.
EX: an employer can choose to pay mechanics a fixed rate for each vehicle they
repair instead of paying an hourly rate.
,2. Salary- employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
3. Hourly- Employees most affected by minimum wage laws are compensated
hourly.
4. Commission- An employee who is paid a percentage of a sale.
5. Equity- Non-cash compensations offered to employees in place of or in addition
to a lower salary.
Types of Sales Channel - (answer)1. Business-to-Business (B2B): a transaction or
business conducted between one business and another, such as a wholesaler and
retailer. Transactions tend to happen in the supply chain, where one company will
purchase raw materials from another to be used in the manufacturing process.
, 2. Business-to-Consumer (B2C): process of businesses selling products/services
directly to consumers, with no middle person.
Typically refers to online retailers who sell products/services to consumers through
the Internet.
Online B2C became a threat to traditional retailers, who profited from adding a
markup to the price.
3. Retail: sell items or services to customers. They typically sell items in-store or
may be sold online.
4. Wholesale: the act of buying goods in bulk from a manufacturer at a discounted
price and selling to a retailer for a higher price, for them to repackage and in turn
resell in smaller quantities at an even higher price to consumers.
Acquisition Costs - (answer)These costs include shipping, sales taxes, and customs
fees, as well as the costs of site preparation, installation, and testing. When
acquiring property, acquisition costs can include surveying, closing fees, and
paying off liens.
