Gmetrix 1-1

What is an Entrepreneur?

• Marketing and selling products.

• Setting up a business with the aim to make a profit.

• Acquiring leadership and managerial skills.

• Quickly advancing in positions within a corporation.

What businesses are classified as B2B

• Purchases requiring a tax exemption certificate.

• Wholesale flooring distributor.

• Chain of local grocery stores.

• Motorcycle repair shop.

Contractors own Equity.

• True

• False

A partner owns equity.

• True

• False

All stakeholders own equity.

• True

• False

All Founders own equity.

• True

• False

Place the stages of the business life cycle in the correct order.

• Survival of the Fittest

  Success

  Take-off

  Existence

  Maturity

• Existence

  Survival of the Fittest

  Success

  Take-off

  Maturity

• Take-off

  Survival of the Fittest

  Success

  Existence

  Maturity

• Survival of the Fittest

  Existence

  Success

  Take-off

  Maturity

Successful Entrepreneurs have mindsets that typically possess which three characteristics?

• Nervous

• Responsible

• Adaptable

• Argumentative

• Tenacious

You need to create a legal structure for your small business. You do not plan to sell any of the ownership shares to the public, but do want to be protected from business liabilities. You have four partners who will be shareholders. You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice.

• Sole Proprietorship

• C-Corp

• S-Corp

• LLC

You need to create a legal structure for your business. You want to choose how your will be taxed. You do not want members to be personally responsible for business liabilities. You may have unlimited owners. You do not plan to ever sell shares to the public. Choose the best legal structure for your new business.

• S-Corp

• LLC

• C-Corp

• Partnership