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ESB Practice Test 2/42 Questions with correct Answers
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ESB Practice Test 2/42 Questions with correctAnswers
In general, which characteristics define a "small" business? - -- fewer than
1,500 employees
- less than $35.5 million revenue
-classify each of the following as either physical or digital - -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? - -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. - -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? - -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 - -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 - -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? - -
doesn't give up easily
-which is one of the greatest risks of being an entrepreneur? - -financial
instability
-what is a primary benefit of starting a new business without purchasing a
franchise or buying an existing business? - -developing your own rules
-a rancher is preparing to retire. he is considering selling half of his land and
giving the other half to his children. he hears that development for a ski
resort was just approved on land adjacent to his property.
which viable business opportunity does the retiring rancher foresee? - -an
increase in land value
-1. a _______ is a multi-page document describing and detailing a business
2. a slide presentation for potential investors that summarizes the key items
of a business is called a _______
3. a _______ is a single-page business summary template that was created by
Ash Maurya - -business plan
pitch deck
lean canvas
-which three components are characteristics of a pitch deck? - -used to get
investors attention
10 - 20 slides
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