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ESB TEST 1 QUESTIONS AND CORRECT ANSWERS
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ESB TEST 1 QUESTIONS AND CORRECTANSWERS
Ophelia owns a neighbourhood sewing business. Ophelia is losing consumers to
a competitive business. When Ophelia sends an employee to check out the
competition, she realizes that the competitor's turnaround time is double her
own. What should Ophelia's new marketing plan be to re-engage her customers?
- ANSWER Service
Gabe has been a journeyman electrician for an employer for the past 16 years.
He receives a good wage. His sole complaint is that the hours are lengthy, and
when he seeks time off, he is often rejected due to customer workload.
Recently, two new electricians were hired who conduct bad job and do not get
along with Gabe. As a result, Gabe chooses to go into business for himself.
Which of the benefits of entrepreneurship will Gabe most enjoy? - Answer
autonomy.
A photographer appreciates travel and the ability to set her own schedule. She
wants to turn her photography hobby into a company. Which are the two most
significant advantages she might gain from converting her pastime into a
successful business? (Choose 2) - ANSWER: Making her own rules for
satisfaction.
Which two attributes best describe an entrepreneur? - Answer: innovative and
adaptive.
Which three attributes do successful entrepreneurs often possess? - ANSWER
Tenacious, adaptive, and responsible.
Rey has been working as a transportation coordinator for the past 10 years. Rey
is frequently unsatisfied with the monotony of her employment and want to start
her own transportation company. Which reward of entrepreneurship will be the
most significant for Rey? - Answer autonomy.
, After conducting a self-assessment, a potential entrepreneur discovered that he
has no knowledge of accounting or business records. What should this
entrepreneur do in light of this finding? - ANSWER: Enroll in a basic level
business accounting course at a local community college.
What are the three hazards of entrepreneurship? (Select three) - ANSWER:
Financial insecurity
Potential business failure
Long hours
Which characteristics define a successful entrepreneur? Select three answers. -
Answer: energetic, patient, and confident.
Fran works at a flooring company in a nearby town. Many of Fran's customers
worry about a lack of viable flooring firms in the area, as well as the high prices
of those that do exist. What marketing technique should Fran use if she decides
to start a flooring business? - ANSWER: Low pricing
Aside from identifying strengths and weaknesses, what is the other major factor
evaluated during a self-assessment? - ANSWER Risk tolerance.
Which of the following is regarded a significant initial benefit of being an
entrepreneur? - ANSWER: More schedule control
George intends to pursue his passion for golf by opening a golf academy. What
benefits could George gain from this experience? Select two answers. -
ANSWER: Financial rewards and satisfaction from pursuing a passion.
What three things are defined when conducting a self-assessment? - ANSWER:
Weaknesses, strengths, risk tolerance.
Which are the benefits of being an entrepreneur? Select three answers. -
ANSWER: Increased communal asset, opportunity for higher wages, and
freedom to work as desired.
Julie wants to create a restaurant. After conducting a self-assessment, Julie
learns she has no idea how to determine whether her restaurant is profitable.
What should Julia do? - ANSWER: Gain some basic accounting understanding.
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