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ESB PRACTICE TEST 2 QUESTIONS AND ANSWERS
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ESB PRACTICE TEST 2 QUESTIONS ANDANSWERS
In general, what features distinguish a "small" business? - ANSWER: less than
1,500 employees and less than $35.5 million sales.
Classify each of the following as physical or digital.
- Local bakery and online hair salon appointments.
Digital options include a dropshipping web store for camping gear and an
Amazon bookshop for literature.
You must build a legal structure for your small business. You intend to expand
it and eventually sell shares to the public. Your startup partners are from
Mexico and Japan. You do not wish to be personally liable for business
responsibilities.
Which legal structure should you choose for your business? - ANSWER C-
Corporation
Match each company management role with its associated description.
1. the highest-ranking employee in the organisation, reports to the board of
directors.
2. Develops budgets, analyses financial data, and estimates firm profitability.
3. creates policies and structures for protecting firm data.
4. supervises the day-to-day administrative duties of a company; second in
command. - ANSWER: CEO, CFO, CIO, and COO.
You own a lawn-care business. You have staff who work long hours in pleasant
weather, frequently exceeding 40 hours each week. They also work shorter
hours when the weather is poor, and sometimes they are unable to work at all.
You handle all of the sales for your company.
Which two methods of remuneration are appropriate for these landscape
workers? - Salary is hourly.
, I don't know what to match. A corporate life cycle consists of two stages:
existence and survival of the fittest.
3. Success.
4. Takeoff.
5. maturity - Answer 1. The company introduces itself to the market and strives
to pique the interest of prospective clients.
2. The focus switches to income, expenses, and growth. The main concern is
cashflow.
3. The company is solid and prosperous.
4. Expansion methods are executed, and investment is matched against
potential.
5. The business is separate from the owner, with tasks transferred to employees.
A business at this stage usually has a large market share and may even be a
household name.
True or false: Design Thinking Process The Define step involves writing issue
statements, whereas the Ideate phase involves challenging assumptions and
creating new concepts.
False: Building prototypes is the final step in the design thinking process. The
Empathise phase involves testing solutions to user concerns.
Which of these describes a successful entrepreneur's mindset? - ANSWER will
not give up easy.
What is one of the most significant hazards of being an entrepreneur? -
ANSWER: financial instability.
What is the primary advantage of starting a new business rather than purchasing
a franchise or buying an established business? - ANSWER: Create your own
rules.
A rancher is preparing for retirement. He is thinking about selling half of his
farm and leaving the remaining half to his children. He learns that a ski resort
construction has recently been permitted on land close to his property.
What realistic business prospect does the retiring rancher see? - Answer: an
increase in land value.
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