GMETRIX UNIVERSAL EXAM 1 Solved Papers - Questions with Complete Solutions A law is passed increasing the minimum wage from $10 to $15 per hour. A gourmet pizza restaurant is popular for obta the pizza restaurant is forced to raise the average price of her pizzas by 30%. Customers are complaining about the price.Which two factors are most responsible for the price increase? - Correct Answers ✅- Increased raw material costs
- Increased labor costs
What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business? - Correct Answers ✅Developing your own rules The owner of an online retail business dropships merchandise from her wholesale suppliers directly to her retail customers .Which expense of her business is a variable? - Correct Answers ✅Cost of shipping Match the business legal structure to it's unique characteristic.
1. SOLE PROP
- General or Limited Partnership
- C Corporation
- S Corporation
- Non-Profit Corporation 1 / 2
GMETRIX UNIVERSAL EXAM 1 Solved Papers - Questions with Complete Solutions
- Limited Liability Corporation - Correct Answers ✅1. Easy
- Terminates upon death of partner
- Double-taxed, but best for international businesses
- Similar to a C corporation but taxed at a lower rate
- Owned by no one; pays no U.S federal tax
- Best for a single member seeking low risk
- Accepts goals that are not reached overnight
- is able to adapt and willing to change
- Takes risks in spite of possible loses
- Is sensitive to the thoughts and feelings of others. -
- Flexibility
- Courage
- Empathy
- / 2
to set up, but has unlimited liability
Which of the following should be addressed in the description section of a business plan? - Correct Answers ✅Target markets Match each persona; characteristic of successful entrepreneurs to it's corresponding meaning.
Correct Answers ✅1. Patience