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ESB Practice Test 2 Correct answers latest update
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ESB Practice Test 2In general, which characteristics define a "small" business? - correct answer - fewer than 1,500
employees
- less than $35.5 million revenue
classify each of the following as either physical or digital - correct answer PHYSICAL:
- bakery in your community
- hair salon that makes appointments online
DIGITAL:
- online store that dropships camping gear
- bookstore on amazon that sells ebooks
you need to create a legal structure for your small business. you have plans for it to grow and hope in the
future to sell shares to the public. your startup partners are citizens of Mexico and Japan. you do not
want to be personally responsible for business liabilities.
which legal structure should you set up for your business? - correct answer c-corporation
match each business management role to its corresponding description
1. the highest ranking employee in the company; reports to the board of directors
2. creates budgets, analyzes financial data, and forecasts company profits
3. develops policies and structures to protect company data
4. oversees the day-to-day administrative functions of a business; second in command. - correct answer
1. CEO
2. CFO
3. CIO
4. COO
, You own a lawn care business. You have employees who work long hours laboring in good weather, often
exceeding 40 hours per week. They also work short hours when the weather is bad, sometimes they
can't work at all. You do all of the sales for your business.
Which two types of compensation would be appropriate for these landscape employees? - correct
answer salary
hourly
match something idk. The stages in a business life cycle i guess
1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity - correct answer 1. the business introduces itself to the market and attempts to catch the
attention of potential customers.
2. focus shifts to revenue, expenses, and growth. cashflow is the major issue.
3. company is stable and profitable.
4. expansion strategies are implemented, and investment is balanced with potential.
5. the business is separate from the owner with responsibilities delegated to staff. a business in this
stage usually commands a considerable share of the market and may even be a household name.
design thinking process
true/false - correct answer TRUE
- problem statements are written in the Define phase
- assumptions are challenged and ideas are created in the Ideate phase
FALSE
- Building Prototypes is the final phase of the design thinking process
- the Empathize phase tests solutions to users' problems
which of these is a characteristic of a successful entrepreneur mindset? - correct answer doesn't give up
easily
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