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Entrepreneurship and Small Business (ESB) Questions and Answers 100% Correct | Latest 2024
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Entrepreneurship and Small Business (ESB)Questions and Answers 100% Correct |
Latest 2024
A dietitian decides to start a cruise vacation business for those looking to learn
how to live a healthier lifestyle. The cruise will offer seminars with materials on
healthy eating and exercise, and all of the food on the cruise will be healthy
alternatives.Classify each expense as fixed or variable. SHIP RENTAL - ANSWER
Fixed
What is one impact that a company might experience as a result of an ethical
violation? - ANSWER Reputation damage and significant loss of customers'
trust
Which are three risks of entrepreneurship? - ANSWER Long hours
A fitness trainer is assessing a business strategy in a neighborhood whose
residents are mainly single, recent college graduates. The trainer would like to
target local businesses in the neighborhood to acquire new customers.Which
group should be targeted at these local businesses? - ANSWER Employees who
work at them
What is an advantage of buying a franchise? - ANSWER Marketing assistance
A dietitian decides to start a cruise vacation business for those looking to learn
how to live a healthier lifestyle. The cruise will offer seminars with materials on
healthy eating and exercise, and all of the food on the cruise will be healthy
,alternatives.Classify each expense as fixed or variable. FOOD - ANSWER
VARIABLE
A dog grooming business is legally structured as a sole proprietorship. What are
the tax implications for this structure? - ANSWER All profit earned by a sole
proprietorship is income earned by the owner, for which the owner will have a tax
liability
A fitness trainer is presenting a business plan for a new studio to investors. The
trainer envisions a studio with equipment and features that will meet the needs of
customers with a variety of personal and work schedules. What studio feature
would appeal to customers with demanding schedules? - ANSWER Providing
24 hour member access
A landscaper owns a successful local business that provides lawn care services.
The owner wants to enhance the sustainability and longevity of the company.
What should the owner do? - ANSWER Develop off-season services and secure
a long-term credit line
Which three key values does a business plan provide? - ANSWER It helps
determine business viability
A hair salon is trying to determine how to tell if it is successful or not and has
decided it will be successful when it starts to make a profit.Which milestone will
indicate this? - ANSWER Reached break- even point
A dietitian decides to start a cruise vacation business for those looking to learn
how to live a healthier lifestyle. The cruise will offer seminars with materials on
healthy eating and exercise, and all of the food on the cruise will be healthy
, alternatives.Classify each expense as fixed or variable. EXERCISE AND DIET BOOKS
- ANSWER FIXED
What is a characteristic of an entrepreneur? - ANSWER tenacious
A restaurant owner finds that 68% of customers never come back. What is the
most important thing the restaurant owner should do to have a higher percentage
of repeat customers? - ANSWER Listen to customers
A restaurant owner wants to attract more customers by getting enough ratings to
appear on a popular social media site. The owner can generate 10% more
business by reaching an additional 100 reviews. He knows that if he provides one -
hundred 50% off coupons for meals, he can get 100 reviews.How much will it cost
to increase business by 10% if reach coupon is likely to cost $15? - ANSWER
$1,500
A dietitian decides to start a cruise vacation business for those looking to learn
how to live a healthier lifestyle. The cruise will offer seminars with materials on
healthy eating and exercise, and all of the food on the cruise will be healthy
alternatives.Classify each expense as fixed or variable. CREW MEMBER SALARIES -
ANSWER variable
A travel agent wants to hire a new information technology manager for a fast-
growing startup. The company is two years old, and the ITM is a salaried position
that oversees all technology operations.Which factor could prevent the hire? -
ANSWER Whether the business can afford to pay the salary of the ITM
What is a drawback of buying a franchise? - ANSWER Lack of flexibility to
change marketing or operating policies based on local conditions
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