Gmetrix ESB Practice Exam 1 Practice Questions with Complete Solutions (Latest 2025) What is Entrepreneurship? - Correct Answers ✅Setting up a business with the aim to make a profit B2B or B2C - Correct Answers ✅Wholesale flooring distributer- B2B Purchases requiring a tax exemption certificate- B2B Chain of local grocery stores- B2C Motorcycle repair shop- B2C You would like some benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners that would be shareholders. None of you plan to sell your ownership to the public, but do want to be protected by business liabilities. - Correct Answers ✅S-Corporation
True/False - Correct Answers ✅True: A partner owns equity;
A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities - Correct Answers ✅Piece Work- amount of fruit they pick Salary- set amount of pay each month, without overtime compensation for extra hours 1 / 2
Gmetrix ESB Practice Exam 1 Practice Questions with Complete Solutions (Latest 2025) Hourly- most affected by minimum wage laws Commission- paid by percentage Business Life Cycle - Correct Answers ✅1. existence
- survival of the fittest
- success
- take-off
- maturity
- / 2
Element of the Design Thinking Process - Correct Answers ✅Empathize- research needs Define- state the problem Ideate- challenge assumptions and create ideas Prototype- create solutions Test- try your solutions Successful entrepreneur have mindsets that possess three characteristics... - Correct Answers ✅responsible, tenacious, adaptable