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ESB Certification Practice 1 Questions and Answers 100% Solved
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ESB Certification Practice 1
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ESB Certification Practice 1Define Entrepreneurship - answer Setting up a business with the aim to make a
profit.
Categorize B2B (business to business) vs B2C (business to consumer) - answer
B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"
B2C:
"Chain of local grocery stores" and "motorcycle repair shop"
You need to create a legal structure for your small business. You would like some of the
benefits enjoyed by large corporations, but do not want to be taxed twice. You have four
partners who will be shareholders. None of you plan to sell your ownership shares to
the public, but do want to be protected from business liabilities.
Which legal structure should you set up for your business? - answer S-Corporation
Identify the foundational concepts of entrepreneurship and small business ownership.
For each statement about owners of equity in a business, select true of false. - answer
True:
"A partner owns equity" and "founders own equity."
False:
"All stakeholder owns equity" and "contractors own equity."
Identify the foundational concepts of entrepreneurship and small business ownership.
Complete the sentence about company roles and responsibilities by selection the
correct option from each drop-down list. - answer An example of "Piece Work"
compensation is paying field laborers for the amount of fruit they pick.
A "Salary" employee receives a set amount of pay each month without overtime
compensation for extra hours worked.
Employees most affected by minimum wage laws are compensated "Hourly."
An employee who is paid a percentage of a sale is paid by a "Commission."
, Place that stages of the business life cycle in the correct order. - answer Stage 1:
Existence
Stages 2: Survival of the Fittest
Stage 3: Success
Stage 4: Take-off
Stage 5: Maturity
Identify the foundational concepts of entrepreneurship and small business ownership.
Match each Element of the Design Thinking Process to its corresponding description. -
answer Research your users' needs: "Empathize"
State Your Users' Needs and Problems: "Define"
Challenge Assumptions and Create Ideas: "Ideate"
Create Solutions: "Prototype"
Try Your Solutions: "Test"
Successful entrepreneurs have mindsets that typically possess which three
characteristics? - answer "Tenacious", "adaptable," and "responsible."
Which is one of the greatest benefits of being an entrepreneur? - answer Schedule
Control
Which three characteristics help identify a business opportunity? - answer "Price,"
"Quality," and "Service."
The owner of a landscaping business has noticed that none of his competitors are
including ponds or other water features in the gardens they create. The landscaper
wants to determine the viability of this business opportunity.
What should this entrepreneur do FIRST before offering to design and build water
features as part of his landscaping business? - answer "Ask the customers in the
area if they are interested in adding a water feature to their gardens."
Which two documents summarize the business plan of a company? - answer "Lean
Canvas" and "Pitch Deck"
For each statement about the components of Business Plans and Pitch Decks, select
true or false. - answer True:
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