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ESB EXAM 2 STUDY GUIDE QUESTIONS AND ANSWERS A+ GRADED
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ESB EXAM 2 STUDY GUIDE
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ESB EXAM 2 STUDY GUIDEEconomy Pricing - answer Prices that targeting customers looking to save as much
money as possible.
What business scenario fits the definition of a small business, according to the SBA? -
answer A fast food restaurant that is independently owned and operated
You need to create a legal structure for you 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? - answer C-Corp
The highest-ranking employee in the company;reports to the board of directors - answer
CEO
Creates budgets, analyzes financial data, and forecasts company profits - answer
CFO
Manages the technological requirements of a company. - answer CTO
Oversees the day-to-day administrative functions of a business; second in command. -
answer COO
A computer training business needs to hire a consultant for a project to revamp the
training courseware. Once the courseware is revamped, the consultant's services are
complete. Which business compensation structure will pay the consultant and lead to
the smallest payroll tax liability for the business? - answer Contract
Pivot - answer Change part of a business model.
Persevere - answer Make attempts to scale a business
Exit strategy - answer Turn a business over to a family member
Which of these characteristics of a successful entrepreneur mindset? (Choose two) -
answer Can tolerate risk and Resilient
You are weighing possible risk in becoming an entrepreneur. Which situation is a risk of
being an entrepreneur? - answer Financial instability
, What is a primary benefit of starting a new business without purchasing a franchise or
buying an existing business? - answer Developing your own rules.
A______is a multi-page document describing and detailing a business. - answer
Business plan
A slide presentation for potential investors that summarizes the kay items of a business
is called a_____. - answer Pitch Deck
A______is a single-page business summary template that was created by Ask Maurya.
- answer Lean Canvas
Which three components are characteristics of a Pitch deck? (choose three) - answer
-Used to Get Investors Attention
-10-20 slides
-Highly Visual
Trade Secrets are confidential information which may be sold or licensed. - answer
True
A Trademark protects a brand name. - answer True
a Copyright is used to protect a company logo - answer False
A Patent is used to protect an original work, like music. - answer False
You downloaded several of your favorite songs and used them in an ad to promote your
product on social media sites. The ad was rejected because of the songs you chose.
You are told that you violated Fair Use copyright. Which are three factors used to
evaluate Fair Use copyright? (Choose three) - answer -Effect of your use on the
potential market of the work copied
-Amount of the work copied
-Purpose of your use
Bundle Pricing - answer Pair several products together and selling them for less
money than each would be individually.
Market Penetration - answer Setting prices low until after a reliable customer base is
established., then raising prices.
Price Skimming - answer Setting high prices when a product is introduced and then
gradually lowering the price.
Premium Pricing - answer High quality products marketed to high-income individuals
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