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GMETRIX Entrepreneurship Exam (All Possible Questions with Accurate Answers)
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GMETRIX Entrepreneurship Exam (All Possible Questions with Accurate Answers)
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GMETRIX Entrepreneurship Exam (AllPossible Questions with Accurate
Answers)
Chris is a recent technical collage grad with certifications in ATV and OHV engine repairs. He
has raised $80,000 in order to start his own business experience, however he has more than five
years experience repairing ATVs for family and friends in addition to the two years experience
form school. After surveying 100 potential customers, Chris has learned the following
information: 10% do their own repairs, 40% want repairs done by an ATV/OHV dealership, 50%
want to use an automotive or other mechanic, and additionally 70% of the customers surveyed
indicated they wanted modern computer diagnostics regardless of who did the repairs. The
survey a;so revealed how much the customers currently spend on repairs: $100 or less when
completing their own repairs, $100-$300 when completed by an automotive mechanic, and $200-
$500 dollars when completed by a dealership. Given this information, which would be the best
opportunity for Chris to pursue? correct answers Open a new shop and invest $50,000 in modern
diagnostic equipment
Larry has a paper craft hobby and wants to make some money off of it. He wants to sell custom
greeting cards and other items from his home. After surveying 100 potential customers, Larry
discovers the following ordering preferences: 25% would prefer to place orders using social media,
15% would prefer to order using the phone, 45% would prefer ordering from a dedicated business
website, and 20% would prefer purchasing from an auction website. He also learned what
customers are willing to spend on his custom designs: 20% would spend $50 or less, 40%
,would spend $50-$100, 30% would spend $100-$150, and 10% would spend $150 or more.
Given this information, which opportunity offers the highest probability for success?
correct answers Open an online business
Bruce is an experienced mechanic that grew up in a family of entrepreneurs. He has decided to
open an auto shop that specializes in alignments, repairs and auto dealerships. Which
customer group will Bruce's company support? correct answers Businesses
Frank runs a sandwich delivery company and is looking for new customers. A number of
potential customers have moved into a new housing complex within his delivery limit. Which
segmentation method is Frank currently employing? correct answers Geographic
Charlie owns Doggy Day Care and needs to identify a value proposition that will help pet owners
feel secure about using his services. Which two items will provide Charlie's customers with a
sense of security and assure their pet's safety? correct answers Live webcam access via the
Internet & References from other pet owners
Autumn runs a child daycare and wishes to expand her facility to better meet the needs of
her customers' schedules. Which is the best value proposition for her customers? correct
answers Extended hours for drop-off and pickup
All good business plans should address which of the following Cs? choose three answers.
correct answers Capital & Customers & Concept
, In writing a business plan, which part makes the most sense to put in the description
section? correct answers Target markets
Jane own a food truck and wants to purchase two more food trucks to expand and reach more
clients. Of the business plan types, which three are the best suited for investors? correct
answers Oral presentation & Executive summary & Investors business plan
Identify the major downside to a sole proprietorship correct answers Unlimited personal liability
What advantage does a general partnership carry over a sole proprietorship? correct
answers Financial backing is spread equally on multiple partners
Gunther, Fritz and Tobias are partners in a car audio business and are seeking to start a business
in a new market. Customer demand and their combined experience shows that the new site will
generate enough revenue to cover monthly expenses after three months. With a lease of $4,000
per month, a one-time licensing fee of $1,000, material supply expenses of $15,000 per month, a
10% contingency, how much money in startup capital do they need? correct answers $63,800
Alberto is an expert colonist and wants to be sole proprietor of a salon and hair academy. He
estimates his expanses to be $5,000 a month with a mothly income of $10,000. Since the bank's
maximum debt ratio is 40%, how much would Alberto need to shave off his monthly expenses,
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