GMETRIX Entrepreneurial UPDATED Exam Questions and CORRECT Answers
4 views 0 purchase
Course
GMETRIX Entrepreneurial
Institution
GMETRIX Entrepreneurial
GMETRIX Entrepreneurial UPDATED
Exam Questions and CORRECT Answers
What is entrepreneurship? - Correct Answer- 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...
GMETRIX Entrepreneurial UPDATED
Exam Questions and CORRECT Answers
What is entrepreneurship? - Correct Answer- 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 Answer- S- Corporation
Place the stages of the business life cycle in the correct order. - Correct Answer- 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. -
Correct Answer- 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? - Correct Answer- 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? - Correct Answer- C-Corporation
Match each business management role to its corresponding description. - Correct Answer-
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? -
Correct Answer- Hourly
Salary
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
