You need to create a legal structure for your small 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. Which legal structure should you set up for your business?

Complete each statement about business compensation structure by selecting the correct option from each drop-down list. 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 ________.

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

Successful entrepreneurs have mindsets that typically possess which three characteristics? (Choose three)

Which is one of the greatest benefits of being an entrepreneur?

Which three characteristics help identify a business opportunity? (Choose three)

What should this entrepreneur do FIRST before offering to design and build water features as part of his landscaping business?

Which two documents summarize the business plan of a company? (Choose two)

Which three elements are required to have a Trade Secret? (Choose three)

A cooking company wants to identify a target market for a new, AI-enabled toaster oven. Which types of behaviors are analyzed when defining a target market? (Choose two)

In the context of interpreting market research, classify the following data as either Primary or Secondary.

A marketing survey you posted on Facebook = Primary Data. True or False?

Information collected from your company focus group = Primary Data. True or False?

Demographic data you obtained from the government = Secondary Data. True or False?

Facts you collected from professional journal articles = Secondary Data. True or False?

Direct Competition is a company that offers the same thing you offer.

Indirect Competition is a business whose services are different from yours but satisfy the same need.

All companies that well goods and services are indirect competitors.

A business is not affected by knowing the strengths and weaknesses of competitors.

Which two marketing platforms are offline marketing platforms? (Choose two)

Your company manufactures 72 hr. emergency kits and sells them for a low profit margin. You want to expand your customer base to increase your sales volume, but you have a limited budget. What marketing method would be the best choice?

A DJ wants to analyze market reactions to the new music selections played at his dance last weekend. He advertises his weekly dances using social media and email. Which would be the most effective way to gather reactions from those who attended the dance?

What was the customer acquisition cost?

Which element of a marketing plan provides a synopsis of details to be outlined later in the plan?

For each statement about the Sales Process, select True or False. Prospecting is typically the last step in the Sales Process.

For each statement about the Sales Process, select True or False. Prospecting involves finding potential customers, determining if they have a need for your product, and whether they can afford it.

Handling Objections means listening to the potential customer's concerns and addressing them.

For each statement about the Sales Process, select True or False. Follow Up is getting the decision from the customer to move forward.

For each statement about the Sales Process, select True or False. A presentation is when you demonstrate how your product meets the needs of the potential customer.

For each statement about the Sales Process, select True or False. Approach is making first contact with the customer.

For each statement about the Sales Process, select True or False. Researching the market and tailoring your sales presentation to the customer is a presentation.

Which Sales Channel has been opened to manufacturers because of digital tools?

Which two ways can Customer Service and Support affect sales? (Choose two)

A toy company wants to create a product/market fit hypothesis for a new toy. Which element of the hypothesis involves writing a statement explaining what the new toy does and how it is different from the competition?

You have an idea for a new product. Market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before creating a product prototype?

You create a new type of electric shaver that is lightweight, portable, and holds a longer charge. You want to use value engineering to improve the shaver. Which action is an example of value engineering?

For each statement about Product Quality Control Testing, select True or False.

Which are two characteristics of direct distribution that differ from fulfillment centers? (Choose two)

At 150 client visits per month, how much does the salon have to mark up each visit, percentage-wise, for to break even at the end of the month.

According to the information in the Balance Sheet, what is your equity in the business?

You recently started a small affiliate marketing service. Last month, you spent $$1,000 on a Pay-Per-Click (PPC) online advertising campaign that resulted in$$ 1,200 in sales. What was last month's Return on Investment (ROI) for your affiliate marketing service?

Which two costs should be included when calculating start-up costs for a business? (Choose two)

A startup business is looking for ways to get funded. Which type of funding funds a business through private investments during a set period of time?

Which business scenario fits the definition of a small business, according to the SBA?

You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities. Which legal structure should you set up for your business?

A computer training business needs to hire a consultant for a project to revamp the training courseware. Once the courseware is revamped, the consultant's services are complete. Which business compensation structure will pay the consultant and lead to the smallest payroll tax liability for the business?

You are weighing possible risk in becoming an entrepreneur. Which situation is a risk of being an entrepreneur?

What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?

Which three components are characteristic of a Pitch Deck? (Choose three)

You downloaded several of your favorite songs and used them in an ad to promote your product on social media sites. The ad was rejected because of the songs you chose. You are told that you violated Fair Use copyright. Which three are factors used to evaluate Fair Use copyright? (Choose three)

In the context of interpreting market research, which of the following is an example of Primary Data?

Which three marketing platforms are online marketing platforms? (Choose three)

You have opened a for-profit adult, brick-and-mortar technical school and you want to advertise it to potential students throughout your state. Which marketing method would be most appropriate?

What is the sales growth percentage?

What was the Customer Retention Cost?

A company releasing new software is constructing its marketing mix. Which of these elements comprise the marketing mix? (Choose four)

Place the Elements of a Sales Process in the correct order.

Which is the primary characteristic of all physical and digital sales channels?

Which two types of Sales Channels sell primarily to other businesses? (Choose two)

Which tool is most useful in helping Customer Service support sales strategies?

A bakery has developed a new artisan bread. The staff are giving away taste samples to customers as they enter the store. What are two criteria the bakery can use to determine the quality of their new product? (Choose two)

You run a small lawncare service and are deciding whether to build your own website or have a website design company build the site. What type of analysis is needed to make the best decision possible? (Choose three)

A new product tester at a company reads that all testing must be done in adherence with OSHA regulations? Which two aspects of business operations fall under OSHA? (Choose two)

Which are two characteristics of fulfillment centers that differ from direct distribution? (Choose two)

What is the minimum price he must charge for each of the 200 haircuts so he can cover this increased salary?

Which expense is a variable cost?

Which two are benefits of using Angel investors to help start a business? (Choose two)