Gmetrix Entrepreneurship and Small Business

Based upon his finding, which approach might be less stressful for the entrepreneur to have her own business?

Buy an existing business that is already successful

Based on the scenario provided, what would be emphasized in marketing to attract customers?

Location

The entrepreneur decides to begin advertising his services in this community. Which would be emphasized in marketing to attract customers to his new business?

Lower prices

Which is the greatest benefits of entrepreneurship?

Being your own boss

Which are three risks of entrepreneurship?

Financial insecurity, potential business failure, long hours

Which benefit of entrepreneurship will Gabe most enjoy?

Autonomy- the freedom to make his own rules, hire his own employees, and set his own schedule

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

Developing your own rules

Given the facts provided, which opportunity would be the best choice for the motorcycle mechanic to open a business?

Start a new business and invest $50,000 in modern diagnostic tools

Which opportunity for starting a leather craft business would have the highest probability for success?

Build a online storefront

Which customer group all this new auto mechanic business support?

Businesses

Which method of segmentation is the owner using?

Geographic

Which two initiatives meet this objective?

Offering a list of references from other parents, providing live web cams parents can access from the internet by using a secure log on.

What is a legitimate value proposition for potential customers?

Providing extended hours to pickup and drop off pets before and after work

Which two groups benefit the most from a well written business plan?

Business owner, investors

Which of the following should be addressed in the description section of a business plan?

Target markets

Match the business legal structures to its unique characteristic

Sole proprietorship- easy to setup, but has unlimited liability
General or limited partnership- terminated upon death of partner
C cooperation- double-taxed, but best for international businesses
S cooperation- similar to C cooperation, but taxed at a lower rate
Nonprofit cooperation- owned by no one, pays no U.S federal tax
Limited liability company- best for single member seeking low risk

What is the amount of start up capital the partners will need to open the awning repair business?

$84,920
Equipment lease is $3000 x 2 months=$6,000 materials and supplies is $20,000 x 2 months=$40,000 licensing is $200 payroll is $12,000 x2 months =$24,000 advertising is $1,000 x2 months ect.

Before opening the business, the owner will most likely need to obtain which of the following documents from each employee to verify they have completed a course in food handling safety?

Certificate

How much will the individual owe by the end of the loan assuming nothing is paid until the end of the 2 year term(future value of loan)?

$1, 102.50

Which agency should the carpenter utilize?

SBA

A software development consultant works with several clients, some of the clients are competitors. What is a consequence is the consultant violates confidentiality by discussing a clients project with another client?

Loss of clients and possible lawsuits

Match the business and strategy to its result

Harvesting- exchanging ownership for cash, either by acquisition or merger
Management buyout- transferring ownership to people who already operate the business
Employee stock ownership plan(ESOP)- a business owner sells ownership to a retirement fund for the employees
Initial Public Offering- divining ownerhship of a private help company into shares sold to the public

Places the tasks for this process in order from first to last

1st- identify the skills required of a new chef
2nd- write the job description l, including minimum and desired requirements
3rd- post and ad places most likely to be viewed by qualified canidates
4th- accept and reveiw applications

What are some of the expected roles of those employees on the highest level of the organizational chart?

Developing succession plans and building a board of advisors

Which type of legal structure must pay self employment tax?

Sole proprietorship

Which type of intellectual property protection is at issue in this example?

Copyright

Based on the scenario provided, what should be a primary concern of this entrepreneur?

Reliability of supply

Given the facts provided, which action would be most likely to increase the sustainability of the business?

Add a lime of small lawn and garden tractors

The owner of a new landscaping company has set a number of milestones for the first year of his business. Achieving which of the following goals will show that the business had broken even or better?

Profitable operations

Which potential new customer will generate the highest gross revenue over the next year?

Apartment complex paying $175 weekly

What is the best option for the bakery to accomplish this goal?

Provide a free baked good each quarter to customers who signup to receive a monthly newsletter

The owner of a tire shop in a large city wants to reach largest number of people possible with promotional efforts. Which method should be used?

Tv advertising

Which financial statement provided this information?

Balance sheet

Match each figure to the correct location in the income statement worksheet

A=$45,144
B=$18,500
C=$26,644
D=$9,325

Which three are factors that affect credit scores? (Choose three)

Payment history on existing loans
Amounts owed on existing loans
Types of credit already in use by the applicant

Which expense of her business is variable?

Cost of shipping

Which two factors are most responsible for the price increase?

Increase labor costs
Increased raw material costs

What is the amount of simple interest due at the end of the 12 month loan period?

$600

What is the ending inventory value?

$100,000

Match the dollar amount to the correct line item on a cash flow budget

Cash outflow=$4,600
Cash inflow=$5,000
Ending cash balance=$1,900
Available cash=$6,500

Use the image to answer the following question

A- Fixed cost=$245,400
B- average price=$80
C-variable cost=$3.00
D-break even point in units= 3,187

How many prospects should the farmer have in their active clients listing at all times at a minimum?

20 prospects

Which documented procedure covers the area of customer service?

Customer complaints