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Esb Practice Exam 1 Questions And Answers 100% Correct!!!
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Esb Practice Exam 1 Questions And Answers 100% Correct!!!
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Esb Practice Exam 1 Questions AndAnswers 100% Correct!!!
What is entrepreneurship? - ANSWER✔✔ Setting up a business with the aim to
make a profit.
You've been asked to classify several businesses as either B2B or B2C -
ANSWER✔✔ B2B- Wholesale flooring distributor and Purchases requiring a tax
exemption
B2C- Chain of local grocery stores and 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 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? - ANSWER✔✔ S
corporation
For each statement about owners of equity in a business, select True or False -
ANSWER✔✔ True- A partner owns equity & Founders own equity
False- All stakeholder owns equity & Contractors own equity
An example of ________ compensation is paying field laborers for the amount of
fruit they pick. - ANSWER✔✔ piece work
A ________ employee receives a set amount of pay each month without overtime
compensation for extra hours worked. - ANSWER✔✔ salary
, Employees most affected by minimum wage laws are compensated ________. -
ANSWER✔✔ hourly
An employee who is paid a percentage of a sale is paid by ________. -
ANSWER✔✔ commission
Place the stages of the business life cycle in the correct order - ANSWER✔✔ 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 - ANSWER✔✔ Research your users' needs:
Empathize
State Your Users' Needs and Problems:
Define
Challenge Assumptions and Create Ideas:
Ideate
Create Solutions:
Prototype
Try Your Solutions:
Test
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