Which statement defines entrepreneurship?

• 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

You need to create a legal structure for your small business. You would like some benefits enjoyed by a large corporation, but you 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?

• Sole Proprietorship

• C-Corporation

• Limited Liability Company

• S-Corporation

Which one of the business compensation structures are is an example of a employee that would be most affected by minimum wage laws?

• Piece Work

• Salary

• Hourly

• Commission

You've been asked to classify businesses. Which TWO are B2B?

• Wholesale flooring distributer

• Chain of local grocery stores

• Motorcyle Repair Shop

• Purchases requiring a tax exemption certificate

You've been asked to classify businesses. Which TWO are B2C?

• Wholesale flooring distributer

• Chain of local grocery stores

• Motorcyle Repair Shop

• Purchases requiring a tax exemption certificate

For each role and responsibility for a business, categorize the role or responsibility as belonging to a FOUNDER

• Starts a company around an idea

• The main driver for a vision of a startup

• Can include both customers and employees

• Part of company activities, including decision-making

For each role and responsibility for a business, categorize the role or responsibility as belonging to a STAKEHOLDER

• Starts a company around an idea

• The main driver for a vision of a startup

• Can include both customers and employees

• Part of company activities, including decision-making

An example of _____________ compensation is paying filed laborers for the amount of fruit they pick

• Piece Work

• Salary

• Hourly

• Commission

An employee who is paid a percentage of a sale is paid by ________.

• Piece Work

• Salary

• Hourly

• Commission

Which is the LAST stage in the five stages of the business life cycle.

• Existence

• Survival of the Fittest

• Success

• Take-Off

• Maturity