Gmetrix Entrepreneurship & Small Business Practice Exam 1 With Quality Solutions
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Course
Gmetrix Entrepreneurship
Institution
Gmetrix Entrepreneurship
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 ...
Gmetrix Entrepreneurship & Small
Business Practice Exam 1 With
Quality Solutions
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
Successful entrepreneurs have mindsets that typically possess which three characteristics? - Correct
Answer Responsibility, Adaptivity, and Tenacity
Which is one of the greatest benefits of being an entrepreneur? - Correct Answer Schedule Control
Which three characteristics help identify a business opportunity? - Correct Answer 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 Answer 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 Answer Lean Canvas and a
Pitch Deck
Which three elements are required to have a trade secret? - Correct Answer Information has economic
value not generally known, others cannot legitimately obtain the information, and subject to reasonable
efforts to maintain it's secrecy.
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