ESB Exam() Questions (Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S. Practice Exam 1 Training)ESB Exam() Questions (Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S. Practice Exam 1 Training)ESB Exam() Questions (Answers for ESB Practice Test Ent...
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Flexibility - ANSWER-Ability to adapt, willingness to change Courage - ANSWER-Takes risks in spite of possible losses Empathy - ANSWER-Sensitive to thoughts and feelings of others What are three characteristics of entrepreneurs? - ANSWER-Creativity, Determination, Enthusiasm After a self...
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Add to cartFlexibility - ANSWER-Ability to adapt, willingness to change Courage - ANSWER-Takes risks in spite of possible losses Empathy - ANSWER-Sensitive to thoughts and feelings of others What are three characteristics of entrepreneurs? - ANSWER-Creativity, Determination, Enthusiasm After a self...
Acquisition Cost - ANSWER-the cost of obtaining data that you don't have Contingency costs - ANSWER-amount of money included to cover potential events that are not specifically accounted for in a cost estimate Variable Cost - ANSWER-a cost that rises or falls depending on how much is produced...
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Add to cartAcquisition Cost - ANSWER-the cost of obtaining data that you don't have Contingency costs - ANSWER-amount of money included to cover potential events that are not specifically accounted for in a cost estimate Variable Cost - ANSWER-a cost that rises or falls depending on how much is produced...
Quality - ANSWER-_______ is measured by how well the product or service successfully serves its users' purpose. E-commerce sales and door-to-door sales - ANSWER-What are two examples of direct distribution channels? Middlemen - ANSWER-Indirect distribution channels use _______ to sell their p...
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Add to cartQuality - ANSWER-_______ is measured by how well the product or service successfully serves its users' purpose. E-commerce sales and door-to-door sales - ANSWER-What are two examples of direct distribution channels? Middlemen - ANSWER-Indirect distribution channels use _______ to sell their p...
Ophelia runs a local seamstress business. Ophelia is losing customers to a competing business. Upon sending an employee over to check out the competition, Ophelia discovers the competitor's turnaround time is double her turnaround time. What should Ophelia's new marketing strategy be to woo back h...
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Add to cartOphelia runs a local seamstress business. Ophelia is losing customers to a competing business. Upon sending an employee over to check out the competition, Ophelia discovers the competitor's turnaround time is double her turnaround time. What should Ophelia's new marketing strategy be to woo back h...
James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ANSWER-$24,800 Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and...
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Add to cartJames owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ANSWER-$24,800 Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and...
In general, which characteristics define a "small" business? - ANSWER-- fewer than 1,500 employees - less than $35.5 million revenue classify each of the following as either physical or digital - ANSWER-PHYSICAL: - bakery in your community - hair salon that makes appointments online DIGIT...
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Add to cartIn general, which characteristics define a "small" business? - ANSWER-- fewer than 1,500 employees - less than $35.5 million revenue classify each of the following as either physical or digital - ANSWER-PHYSICAL: - bakery in your community - hair salon that makes appointments online DIGIT...
What are the 3 elements required to have a trade secret? 1.Subject to reasonable efforts to maintain its secrecy 2. Others cannot legitimately obtain the information 3. A unique logo or brand names 4.Information has economic value not generally known 5. Original work must be in a tangible form ...
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Add to cartWhat are the 3 elements required to have a trade secret? 1.Subject to reasonable efforts to maintain its secrecy 2. Others cannot legitimately obtain the information 3. A unique logo or brand names 4.Information has economic value not generally known 5. Original work must be in a tangible form ...
Domain 1 Lesson 1 - ANSWER- The key objective of a small business owner is to generate ____ - ANSWER-profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - ANSWER-risks Tangible items that require pick-up or delivery are ____ produ...
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Add to cartDomain 1 Lesson 1 - ANSWER- The key objective of a small business owner is to generate ____ - ANSWER-profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - ANSWER-risks Tangible items that require pick-up or delivery are ____ produ...
C Corporation - ANSWER-Double taxed, shareholders and corporation, great for international businesses S Corporation - ANSWER-Lower tax, pay on personal income only, like the C corporation but for smaller businesess. LLC - ANSWER-great for individuals with low risks nonprofit organization - ...
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Add to cartC Corporation - ANSWER-Double taxed, shareholders and corporation, great for international businesses S Corporation - ANSWER-Lower tax, pay on personal income only, like the C corporation but for smaller businesess. LLC - ANSWER-great for individuals with low risks nonprofit organization - ...
What is entrepreneurship? - ANSWER-Setting up a business with the aim to make a profit. For each business, select B2B or B2C. - ANSWER-B2B Purchases requiring a tax exemption certificate. Wholesale flooring distributor. B2C Motorcycle repair shop. Chain of local grocery stores. Which le...
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Add to cartWhat is entrepreneurship? - ANSWER-Setting up a business with the aim to make a profit. For each business, select B2B or B2C. - ANSWER-B2B Purchases requiring a tax exemption certificate. Wholesale flooring distributor. B2C Motorcycle repair shop. Chain of local grocery stores. Which le...
Entrepreneurship - ANSWER-Setting up business with the aim to make profit. B2B (business-to-business) - ANSWER-Sells products and services directly to other businesses. Normally requires a sales tax exemption certificate from the buyer. B2C (business-to-consumer) - ANSWER-Sells products and se...
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Add to cartEntrepreneurship - ANSWER-Setting up business with the aim to make profit. B2B (business-to-business) - ANSWER-Sells products and services directly to other businesses. Normally requires a sales tax exemption certificate from the buyer. B2C (business-to-consumer) - ANSWER-Sells products and se...
In general, which two characteristics define a "small" business? (Choose two) - ANSWER-Fewer then 1,500 employees AND Less than $35.5 million revenue Classify each of the following businesses as either Physical or Digital. - ANSWER-Physical: - Bakery in your community - Hair salon tha...
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Add to cartIn general, which two characteristics define a "small" business? (Choose two) - ANSWER-Fewer then 1,500 employees AND Less than $35.5 million revenue Classify each of the following businesses as either Physical or Digital. - ANSWER-Physical: - Bakery in your community - Hair salon tha...
What is entrepreneurship? - ANSWER-Setting up a business with the aim to make a profit. B2B - ANSWER-Purchases requiring a tax exemption certificate; wholesale flooring distributor B2C - ANSWER-motorcycle repair shop; chain of local grocery stores S - Corporation - ANSWER-offers many of the...
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Add to cartWhat is entrepreneurship? - ANSWER-Setting up a business with the aim to make a profit. B2B - ANSWER-Purchases requiring a tax exemption certificate; wholesale flooring distributor B2C - ANSWER-motorcycle repair shop; chain of local grocery stores S - Corporation - ANSWER-offers many of the...
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Elements of the Design Thinking Process - ANSWER-Stage 1: Emphasize- Research Your Users' Needs Stage 2: Define- State Your Users' Needs and Problems Stage 3: Ideate- Challenge Assumptions and Create Ideas Stage 4: Prototype- Start to Create Solutions Stage 5: Test- Try Your Solutions Out D...
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Add to cartElements of the Design Thinking Process - ANSWER-Stage 1: Emphasize- Research Your Users' Needs Stage 2: Define- State Your Users' Needs and Problems Stage 3: Ideate- Challenge Assumptions and Create Ideas Stage 4: Prototype- Start to Create Solutions Stage 5: Test- Try Your Solutions Out D...
T/F Trademark licensing is used for brand names, logos, or slogans - ANSWER-True This segment describes the benefits to customers based on their wants or needs and how they use the product - ANSWER-Behavioral T/F Trade secret licensing must be registered with the gov - ANSWER-True T/F The d...
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Add to cartT/F Trademark licensing is used for brand names, logos, or slogans - ANSWER-True This segment describes the benefits to customers based on their wants or needs and how they use the product - ANSWER-Behavioral T/F Trade secret licensing must be registered with the gov - ANSWER-True T/F The d...
What is entrepreneurship? - ANSWER-Setting up a business with the aim to make a profit. A________employee received a set of amount of pay each month without overtime compensation for extra hours worked. - ANSWER-Salary An example of_______compensation is paying field laborers for the amount of...
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Add to cartWhat is entrepreneurship? - ANSWER-Setting up a business with the aim to make a profit. A________employee received a set of amount of pay each month without overtime compensation for extra hours worked. - ANSWER-Salary An example of_______compensation is paying field laborers for the amount of...
what is the key objective of a small business owner is to generate? - ANSWER-Profits Businesses can compensate employees for work they produce when being paid by - ANSWER-piece work Name one benefit of a franchise. - ANSWER-Less risk is evolved Best for international business even with bein...
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Add to cartwhat is the key objective of a small business owner is to generate? - ANSWER-Profits Businesses can compensate employees for work they produce when being paid by - ANSWER-piece work Name one benefit of a franchise. - ANSWER-Less risk is evolved Best for international business even with bein...
The owner of a mobile food truck plans to sell tacos , hamburgers, and other foods to employees in a large office complex . Before opening his 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 handl...
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Add to cartThe owner of a mobile food truck plans to sell tacos , hamburgers, and other foods to employees in a large office complex . Before opening his 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 handl...
Nonprofit - ANSWER-a type of business that has no owner and does not pay Federal US taxes Marketing Plan - ANSWER-a written plan that outlines a company's marketing strategies Angel investor - ANSWER-An investor who provides funding to a business for a stake in the business in return. C Co...
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Add to cartNonprofit - ANSWER-a type of business that has no owner and does not pay Federal US taxes Marketing Plan - ANSWER-a written plan that outlines a company's marketing strategies Angel investor - ANSWER-An investor who provides funding to a business for a stake in the business in return. C Co...
What is Entrepreneurship? A) Marketing and selling products. B) Setting up a business with the aim to make a profit. C) Acquiring leadership and managerial skills. D) Quickly advancing in positions within a corporation. - ANSWER-B) Setting up a business with the aim to make a profit. You n...
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Add to cartWhat is Entrepreneurship? A) Marketing and selling products. B) Setting up a business with the aim to make a profit. C) Acquiring leadership and managerial skills. D) Quickly advancing in positions within a corporation. - ANSWER-B) Setting up a business with the aim to make a profit. You n...
After doing a self-assessment, Peter realizes he wants to start a plumbing business, but doesn't want to risk alot of his own money. What would be his best option? - ANSWER-Purchase an existing business Besides defining strengths and weaknesses, what is the other main factor determined during a ...
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Add to cartAfter doing a self-assessment, Peter realizes he wants to start a plumbing business, but doesn't want to risk alot of his own money. What would be his best option? - ANSWER-Purchase an existing business Besides defining strengths and weaknesses, what is the other main factor determined during a ...
Research Process - ANSWER-Question, design, findings, publishing True Experiment - ANSWER-designs in which the researcher manipulates ALL independent variables; total control over who's in what group Quasi Experimental Design - ANSWER-designs in which random assignments cannot be used Quas...
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Add to cartResearch Process - ANSWER-Question, design, findings, publishing True Experiment - ANSWER-designs in which the researcher manipulates ALL independent variables; total control over who's in what group Quasi Experimental Design - ANSWER-designs in which random assignments cannot be used Quas...
A well-conceived business plan benefits which 2 groups the most. - ANSWER-Investors and Owner A landscape architect wishes to start his own business constructing custom water features. This is his first venture and requires assistance drafting a business plan, securing capital, and receiving over...
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Add to cartA well-conceived business plan benefits which 2 groups the most. - ANSWER-Investors and Owner A landscape architect wishes to start his own business constructing custom water features. This is his first venture and requires assistance drafting a business plan, securing capital, and receiving over...
Online Networking - ANSWER-Each day, Donnie posts the progress of her new building to Facebook as a countdown to opening her business. What type of networking is Donnie using? Increase of service - ANSWER-Ophelia discovers her competitor's turnaround time is double her turnaround time. What shou...
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Add to cartOnline Networking - ANSWER-Each day, Donnie posts the progress of her new building to Facebook as a countdown to opening her business. What type of networking is Donnie using? Increase of service - ANSWER-Ophelia discovers her competitor's turnaround time is double her turnaround time. What shou...
A well-conceived plan benefits which 2 groups the most? - ANSWER-Owners, Investors A landscape architect wishes to start his own business constructing custom water features. This is his first venture and requires assistance drafting a business plan, securing capital, and receiving overall general...
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Add to cartA well-conceived plan benefits which 2 groups the most? - ANSWER-Owners, Investors A landscape architect wishes to start his own business constructing custom water features. This is his first venture and requires assistance drafting a business plan, securing capital, and receiving overall general...
Break Even Formula - ANSWER-To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit - Variable costs per unit) or in sales dollars using the formula: Break-Even point (sales dollars) = Fixed Costs ÷ Contribution Margin. Driving ...
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Add to cartBreak Even Formula - ANSWER-To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit - Variable costs per unit) or in sales dollars using the formula: Break-Even point (sales dollars) = Fixed Costs ÷ Contribution Margin. Driving ...
True or False: A sales presentation aims to close a sale - ANSWER-False True or False: Prospecting is following up with customers - ANSWER-False True or False: Overcoming customer objections occurs before the sales presentation - ANSWER-False Which two types of information does an income st...
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Add to cartTrue or False: A sales presentation aims to close a sale - ANSWER-False True or False: Prospecting is following up with customers - ANSWER-False True or False: Overcoming customer objections occurs before the sales presentation - ANSWER-False Which two types of information does an income st...
Which two documents summarize the business plan of a company? - ANSWER-Pitch Deck, Lean Canvas Which three elements are required to have a Trade Secret? - ANSWER-Others cannot legitimately obtain the information, information has economic value not generally known, subject to reasonable efforts to...
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Add to cartWhich two documents summarize the business plan of a company? - ANSWER-Pitch Deck, Lean Canvas Which three elements are required to have a Trade Secret? - ANSWER-Others cannot legitimately obtain the information, information has economic value not generally known, subject to reasonable efforts to...
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