Entrepreneurship and Small Business Certification Bundled Exams with complete solution

In general, which two characteristics define a "small" business? (Choose two) - Fewer then 1,500 employees AND Less than $35.5 million revenue Classify each of the following businesses as either Physical or Digital. - Physical: - Bakery in your community - Hair salon that makes appointments ...

What is entrepreneurship? - Setting up a business with the aim to make a profit. For each business, select B2B or B2C. - B2B Purchases requiring a tax exemption certificate. Wholesale flooring distributor. B2C Motorcycle repair shop. Chain of local grocery stores. Which legal structure should...

C Corporation - Double taxed, shareholders and corporation, great for international businesses S Corporation - Lower tax, pay on personal income only, like the C corporation but for smaller businesess. LLC - great for individuals with low risks nonprofit organization - owned by no one, no tax pa...

Domain 1 Lesson 1 The key objective of a small business owner is to generate ____ - profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - risks Tangible items that require pick-up or delivery are ____ products - physical When a ____ p...

In general, which characteristics define a "small" business? - - fewer than 1,500 employees - less than $35.5 million revenue classify each of the following as either physical or digital - PHYSICAL: - bakery in your community - hair salon that makes appointments online DIGITAL: - online stor...

Quality - _______ is measured by how well the product or service successfully serves its users' purpose. E-commerce sales and door-to-door sales - What are two examples of direct distribution channels? Middlemen - Indirect distribution channels use _______ to sell their products to the end cus...

Acquisition Cost - the cost of obtaining data that you don't have Contingency costs - amount of money included to cover potential events that are not specifically accounted for in a cost estimate Variable Cost - a cost that rises or falls depending on how much is produced fixed costs - costs th...

Flexibility - Ability to adapt, willingness to change Courage - Takes risks in spite of possible losses Empathy - Sensitive to thoughts and feelings of others What are three characteristics of entrepreneurs? - Creativity, Determination, Enthusiasm After a self-assessment, a potential entrepreneu...

Break Even Formula - To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit - Variable costs per unit) or in sales dollars using the formula: Break-Even point (sales dollars) = Fixed Costs ÷ Contribution Margin. Driving Sales -...

What is Entrepreneurship? A) Marketing and selling products. B) Setting up a business with the aim to make a profit. C) Acquiring leadership and managerial skills. D) Quickly advancing in positions within a corporation. - Answer B) Setting up a business with the aim to make a profit. You need ...

Service - A head chef conducts a survey of other restaurants in the area. The chef notices that most customer complaints primarily come from takeout order being delayed. The chef believes that having a short-order cook dedicated to primarily come from takeout orders being delayed. The chef believ...