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Exam (elaborations)

ESB EXAM QUESTIONS WITH 100% CORRECT SOLUTIONS ALREADY PASSED!!

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What 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 shoul...

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  • November 6, 2023
  • 7
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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ESB
What 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

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