Exam (elaborations)
SMALL BUSINESS AND ENTREPRENEURS EXAM 1 2024/2025
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SMALL BUSINESS AND ENTREPRENEURS EXAM 1 2024/2025
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SMALL BUSINESS AND ENTREPRENEURS EXAM 1What is Entrepreneurship? - Answers- Setting up a business with the aim to make a
profit
You've been asked to classify several businesses as either B2B or B2C - Answers-
B2B: Purchases requiring a tax exemption certificate, Wholesale flooring distributor
B2C: Motorcycle repair shop, chain of local grocery stores
You need to create a legal structure for your 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.
What legal structure should you set up for your business? - Answers- S-Corporation
For each statement about owners of equity in a business, select True or False -
Answers- True: Founders own equity
False: Partner own equity
An example of ________ compensation is paying field laborers for the amount of fruit
they pick.
A ________ employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
Employees most affected by minimum wage laws are compensated ________.
An employee who is paid a percentage of a sale is paid by ________. - Answers- Piece
Work, Salary, Hourly, Commission
Stage 1.
Stage 2.
Stage 3.
Stage 4.
Stage 5. - Answers- 1. Existence
2. Survival of the Fittest
3. Success
4. Take-off
5. Maturity
1. Research your users' needs
2. State your User's Needs and Problems
3. Challenge Assumptions and Create Ideas
4. Create Solutions
5. Try your Solutions - Answers- 1. Empathize
, 2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three
characteristics? - Answers- Responsible, Adaptable, and Tenacious
Which is one of the greatest benefits of being an entrepreneur? - Answers- Schedule
control
Which three characteristics help identify a business opportunity? (Choose three) -
Answers- Service, Price 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 this business opportunity.
What should this entrepreneurs d first before offering to design and build water features
as part of his landscaping business? - Answers- Ask the customers in the area if they
are interested in adding a water feature to their gardens.
Which two documents summarize a business plan of a company? (Choose two) -
Answers- Lean Canvas and Pitch Deck
For each statement about the components of Business Plans and Pitch Decks, select
True or False - Answers- True: The goal of a business plan is to get investors' to buy-in,
a pitch deck is a visual slide presentation, Business plans are text-based documents
False: Business Plans are highly visual, a typical pitch deck has between 20-100 slides
Which three elements are required to have a trade secret? (Choose three) - Answers-
Subject to reasonable efforts to maintain its secrecy, others cannot legitimately obtain
the information, information has economic value not generally known
1. Identifies it is a Creative Commons license
2. Credit must be given to the creator
3. Adaptations must be shared under the same terms
4. Only noncommercial uses of the work are permitted
5. No derivatives or adaptations of the work are permitted - Answers- 1. CC
2. BY
3. SA
4. NC
5. ND
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