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ESB/42 QUESTIONS AND ANSWERS
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ESB/42 QUESTIONS AND ANSWERS
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ESB/42 QUESTIONS AND ANSWERSWhat is entrepreneurship? - -Setting up a business with the aim to make a
profit.
-For each business, select B2B or B2C. - -B2B
Purchases requiring a tax exemption certificate.
Wholesale flooring distributor.
B2C
Motorcycle repair shop.
Chain of local grocery stores.
-Which legal structure should you set up for your business? - -S-Corporation
-For each statement about owners of equity in a business, select true or
false. - -True
Founders own equity.
partner owns equity.
False
All stakeholder owns equity.
Contractors own equity.
-Complete the sentence about company roles and responsibilities by
selecting the correct option from each drop-down list. - -1. Piece work
2. Salary
3. Hourly
4. Commission
-Place the stages of the business life cycle in the correct order. - -Stage 1.
Existence
Stage 2. Survival of the fittest
Stage 3. Success
Stage 4. Take-off
Stage 5. Maturity
-Match each element of the Design Thinking Process to its corresponding
description. - -1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
, -Successful entrepreneurs have mindsets that typically possess which three
characteristics? - -Responsible
Adaptable
Tenacious
-Which is one of the greatest benefits of being an entrepreneur? - -Schedule
control
-Which three characteristics help identify a business opportunity? - -Service
Price
Quality
-What should this entrepreneur do FIRST before offering to design and build
water features as part of his landscaping business? - -Ask the customers in
the area if they are interested in adding a water feature to their gardens.
-Which two documents summarize business plans of a company? - -Lean
Canvas
Pitch Deck
-For each statement about the components of Business Plans and Pitch
Decks, select true or false. - -True
A Pitch Deck is a visual slide presentation.
Business Plans are text-based documents.
The goal of a Business Plan is to get investor buy-in.
The goal of a Pitch Deck is to get investor's attention.
False
A typical Pitch Deck has between 20-100 slides.
Business Plans are highly visual.
-Which three elements are required to have a Trade Secret? - -Subject to
reasonable efforts to maintain its secrecy
Others cannot legitimately obtain the information
Information has economic value not generally known
-Match each Creative Commons license type to its usage guideline. - -1. CC
2. BY
3. SA
4. NC
5. ND
-What is a target market? - -Customers to whom a company wants to sell its
products and services.
-Classify the following data as Primary or Secondary. - -Primary
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