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GMetrix Exam 1 Study Guide With Complete Solutions

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GMetrix Exam 1 Study Guide With Complete Solutions...

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  • September 24, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GMetrix
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Easton
GMetrix Exam 1 Study Guide With Complete Solutions


Entrepreneurship

Starting a business with the purpose of making money

B2C

Business to Consumer

B2B

A business sells good or services to another business. The buying business is the end
user of the good

S-Corporation

Taxes only once-Only owners pay on the distributed profits. There is a 'Separate tax
return' for the business

*Must be below 100 shareholders

*One class of Stock

*Restrictions on the type of who can be shareholders

C Corporation

*Double taxation

*Best if you want to go public and sell stock someday

*Unlimited owners AKA shareholders

*Shareholders not personally liable

Tax Exempt

When a business buys from another business, they provide this certificate so that they
don't have to pay tax on that purchase.

Sole Proprietorship

*Easy to set up

*One Owner

*Personally liable for business liabilities. No liability protection.

, *Taxed Once- You pay taxes on profits in your personal tax return

LLC

*Popular choice for business concerned with personal liabilities

*Unlimited owners AKA members. No shareholders. Can't go public.

*Members not responsible for liabilities

*You can choose how you would like to be taxed

Who can own equity?

founders, partners, and shareholders

Who does NOT own equity in a business?

Contractors and stakeholders

Piecework

a compensation system in which employees are paid a set rate for each item they
produce

Salary

*A regular fixed payment, usually on a monthly or biweekly basis but commonly
expressed as an annual amount, paid by an employer to an employee.

*Do not receive overtime pay when working in excess of the standard number of hours

Hourly

*Receive pay according to the hours worked

*Minimum pay will be calculated based on the minimum wage law in a state, though an
employee can receive more if the company chooses to do so

Commission

Commission A amount paid to an employee based on a % of the employees sales
Business Life Cycle 1. Existence 2. Survival of the Fittest (AKA Survival) 3. Success 4.
Take-off 5. Maturity Design Thinking Process Empathize: Research your users needs
Define: State your users needs and problems Ideate: Challenge assumptions and create
ideas Prototype: Create Solutions Test: Try your problems Characteristics of
Entrepreneurs Responsible Adaptable Tenacious tenacious persistent Benefits of an
entrepreneur Controlling your schedule How can you find a business opportunity?
*Price *Quality *Selection *Location *Service

First thing you should do when trying to decide if something is a viable business

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