Exam (elaborations)
ESB Practice Test Questions and Answers 2024
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Exam of 6 pages for the course esb at esb (ESB Practice Test)
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ESB Practice TestWhich two types of information does an income statement provide? - answer-A
classification of revenues & expenses
-A classification of assets and liabilities
The __________ creates budgets and financial strategies - answer chief financial officer
(CFO)
A _______ finds and invests resources to form the company and help it succeed -
answer founder
The ______ reports to the board of directors and is the highest-ranking employee in the
company - answer CEO
You need to create a legal structure for your small business. You work alone, do not
plan to sell stock, and need to protect your personal property. Which legal structure
should you set up for your business? - answer Wholesale is B2B while retail is B2C
Your company's acquisition cost is too high. Which two actions should you take to lower
the customer acquisition cost choose? (2) - answer-Decrease direct mail and prints ads
-Increase advertising targeted at new customers
What are the qualities of an entrepreneurial mindset? - answerFlexible and resilient
You manufacture racecars. How should you determine performance criteria for your
product? - answerTest an interactive prototype
Which three roles have equity in a business? (Choose 3) - answer-Partner
-Owner
-Stockholder
You decide to create a new type of energy bar. You take some samples to a focus
group to get their reactions to your product. Which stage of the development process
are you in? - answerMarket strategy creation
Statements about the product/market fit analysis (t/f)
a.Product/market fit results in low volume sales
b.Repeated use of a product is an indicator of product/market fit
c.A value hypothesis explains why a customer would use a product
d.Product/market fit occurs when you build something that people want - answera.
False
b. False
, c. True
d. True
You have a landscaping business. You have the following financial information for the
month:
a.Initial cash balance - $1200
b.Projected revenue based on existing clients - $2350
c.Gas - $100
d.Equipment maintenance fees - $290
e.Truck payment - $400
f.Payroll - $2900
g.Insurance - $120
What is your projected ending cash balance for the month? - answer$260
You need to determine what is necessary for securing funds from an investor. For each
item, select trueif it is necessary for securing investment funds or false if it is not
i.A demonstration of product/market fit
ii.Financial data about profits, expenses, and financial projections
iii.A good explanation of your team's knowledge, skills, and abilities
iv.A plan detailing how you will use the funds to grow or improve your operations -
answeri. True
ii. True
iii. False
iv. False
A consultant determined that your company needs a better social media presence to
market your health and fitness products. Which 3 marketing methods should you use?
( Choose 3) - answer- Use brand influencers
- Create company profiles on relevant online platforms
-Create an online community for customers
What are the characteristics of an entrepreneurial mindset? - answerBusiness
knowledge, Finanancial knowledge, and organizational skills
What are two disadvantages of debt financing? (Choose two) - answer-Owners may be
required to personally guarantee debt
-Debt has to be repaid
You create a new type of electric toothbrush that holds a longer charge and is mess-
free. What are three things you will need to consider regarding the mass production of
your toothbrush? (Choose 3) - answer-Sourcing materials needed for the components
of the product
-Finding a manufacturer
-Creating your prototype to demonstrate the products function to potential customers
Product based or service based
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