-Which of the following statements is false about profits:

What is considered healthy profits often varies by industry.

Cutting headcount is usually the only short-term solution for entrepreneurs to increase their net profits.

To manage for the longer-term future, entrepreneurs should focus on increasing profitable sales and decreasing costs.

Focusing on gross profit will give entrepreneurs the best window into the health of their venture.

Entrepreneurs should keep in mind that gross profits can be affected by decisions regarding what to include in the cost of goods sold (COGS).

-Which is most true? The lean start-up methodology:

1.Focuses mostly on primary data collection to allow for validated learning.

2.Emphasizes iterative development of a business idea based on data and hypothesis testing, referred to as validated learning.

3.Combines spontaneous activity with analytical reasoning.

4.All of the above.

Only A and B.