Gmetrix Entrepreneurship & Small Business Practice Exam 1 (answered)
What is Entrepreneurship?
- (Correct Ans): 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?
- (Correct Ans): S-Corporation
Successful entrepreneurs have mindsets that typically possess which three characteristics?
- (Correct Ans): Responsibility, Adaptivity, and Tenacity
Which is one of the greatest benefits of being an entrepreneur?
- (Correct Ans): Schedule Control
Which three characteristics help identify a business opportunity?
- (Correct Ans): Service, Branding, and Quality
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 his business opportunity.
- (Correct Ans): Ask the customers in the are if they are interested in adding a water
feature to their gardens.
Which two documents summarize the business plan of a company?
- (Correct Ans): Lean Canvas and a Pitch Deck
Which three elements are required to have a trade secret?
- (Correct Ans): Information has economic value not generally known, others cannot
legitimately obtain the information, and subject to reasonable efforts to maintain it's secrecy.
What is a target market?
- (Correct Ans): Customers to whom a company wants to sell its products and services.
Which two are offline marketing platforms?
- (Correct Ans): TV ads and Flyers and Pamphlets
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