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Entrepreneurship & Small Business V.2 Study Guide with complete solutions
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Entrepreneurship & Small Business V.2Study Guide
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 want to be protected
from business liabilities. Which legal structure should you set up for your business? - correct answer
✔✔S-Corporation
Business Life Cycle: - correct answer ✔✔Stage 1: Existence
Stage 2: Survival of the fittest
Stage 3: Success
Stage 4: Take-Off
Stage 5: Maturity
Design Thinking Process: - correct answer ✔✔Step 1: Empathize
Step 2: Define
Step 3: Ideate
Step 4: Prototype
Step 5: 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. What legal structure should you set up for your
business? - correct answer ✔✔C-Corporation
CEO - correct answer ✔✔The highest-ranking employee in the company; reports to the board of
directors.
CFO - correct answer ✔✔Creates budgets, analyzes financial data, and forecasts company profits.
CIO - correct answer ✔✔Develops policies and structures to protect company data.
COO - correct answer ✔✔Oversees the day-to-day administrative functions of a business; second in
comand.
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
Maturity - correct answer ✔✔The business is separate from the owner with responsibilities delegated to
staff. A business in this stage usually commands a considerable share of the market and may even be a
household name.
Success - correct answer ✔✔Company is stable and profitable.
Success
Takeoff - correct answer ✔✔Expansion strategies are implemented, and investment is balanced with
potential.
Takeoff
Survival of the Fittest - correct answer ✔✔Focus shifts to revenue, expenses, and growth. Cashflow is the
major issue.
Survival of the Fittest
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