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ESB CERTIFICATION PRACTICE 1 2025 QUESTIONS AND ANSWERS Define Entrepreneurship - ....ANSWER ...-Setting up a business with the aim to make a profit. Categorize B2B (business to business) vs B2C (business to consumer) ....ANSWER ...-B2B: "Wholesale flooring distributor" and "purchases requiring a tax exemption" B2C: "Chain of local grocery stores" and "motorcycle repair shop" 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? - ....ANSWER ...-S- Corporation Identify the foundational concepts of entrepreneurship and small business ownership. ....FOR STUDY PURPOSES...©️2025 ALL RIGHTS RESERVED... 1