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GMetrix Exam 1 Study Guide With Complete Solutions
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GMetrix Exam 1 Study Guide With Complete SolutionsEntrepreneurship
Starting a business with the purpose of making money
B2C
Business to Consumer
B2B
A business sells good or services to another business. The buying business is the end
user of the good
S-Corporation
Taxes only once-Only owners pay on the distributed profits. There is a 'Separate tax
return' for the business
*Must be below 100 shareholders
*One class of Stock
*Restrictions on the type of who can be shareholders
C Corporation
*Double taxation
*Best if you want to go public and sell stock someday
*Unlimited owners AKA shareholders
*Shareholders not personally liable
Tax Exempt
When a business buys from another business, they provide this certificate so that they
don't have to pay tax on that purchase.
Sole Proprietorship
*Easy to set up
*One Owner
*Personally liable for business liabilities. No liability protection.
, *Taxed Once- You pay taxes on profits in your personal tax return
LLC
*Popular choice for business concerned with personal liabilities
*Unlimited owners AKA members. No shareholders. Can't go public.
*Members not responsible for liabilities
*You can choose how you would like to be taxed
Who can own equity?
founders, partners, and shareholders
Who does NOT own equity in a business?
Contractors and stakeholders
Piecework
a compensation system in which employees are paid a set rate for each item they
produce
Salary
*A regular fixed payment, usually on a monthly or biweekly basis but commonly
expressed as an annual amount, paid by an employer to an employee.
*Do not receive overtime pay when working in excess of the standard number of hours
Hourly
*Receive pay according to the hours worked
*Minimum pay will be calculated based on the minimum wage law in a state, though an
employee can receive more if the company chooses to do so
Commission
Commission A amount paid to an employee based on a % of the employees sales
Business Life Cycle 1. Existence 2. Survival of the Fittest (AKA Survival) 3. Success 4.
Take-off 5. Maturity Design Thinking Process Empathize: Research your users needs
Define: State your users needs and problems Ideate: Challenge assumptions and create
ideas Prototype: Create Solutions Test: Try your problems Characteristics of
Entrepreneurs Responsible Adaptable Tenacious tenacious persistent Benefits of an
entrepreneur Controlling your schedule How can you find a business opportunity?
*Price *Quality *Selection *Location *Service
First thing you should do when trying to decide if something is a viable business
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