Exam (elaborations)
ESB V.2 EXAM 1 (1)
- Course
- Institution
Exam of 9 pages for the course ESB V.2 at ESB V.2 (ESB V.2 EXAM 1 (1))
[Show more]
Seller
Follow
lydiaomutho
Content preview
ESB V.2 EXAM 1What is Entrepreneurship? - ANS-Setting up a business with the aim to make a profit.
You've been asked to classify several businesses as either B2B or B2C.
For each business, select B2B or B2C.
Note: You will receive partial credit for each correct answer. - ANS-B2B:
- Wholesale flooring distributor
- Purchases requiring a tax exemption
B2C:
- Chain of local grocery stores
- Motorcycle repair shop
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You will have four partners
who will be shareholders. None of you plan to sell your ownership shares to the public, but do
want to be protected from business liabilities.
Which legal structure should you set up for your business? - ANS-S-Corporation
For each statement about owners of equity in a business, select True or False.
Note: You will receive partial credit for each correct answer. - ANS-True:
- A partner owns equity.
- Founders own 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.
Note: You will receive partial credit for each correct selection.
An example of _____ compensation is paying field laborers for the amount of fruit they pick.
A _____ employee receives a set amount of pay each month without overtime compensation for
extra hours worked.
, Employees most affected by minimum wage laws are compensated _____.
An employee who is paid a percentage of a sale is paid by _____. - ANS-Blank 1: Piece Work
Blank 2: Salary
Blank 3: Hourly
Blank 4: Commission
Place the stages of the business life cycle in the correct order.
Move all stages to the answer area and place them in correct order.
Note: You will receive partial credit for each correct answer. - ANS-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.
To answer, move each element from the list on the left to its description on the right.
Note: You will receive partial credit for each correct answer. - ANS-Research your users' needs:
Empathize
State You Users' Needs and Problems: Define
Challenge Assumptions and Create Ideas: Ideate
Create Solutions: Prototype
Try Your Solutions: Test
Successful entrepreneurs have mindsets that typically possess which three characteristics?
(Choose three) - ANS-Responsible
Adaptable
Tenacious
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76800 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now