Exam (elaborations)
Entrepreneurship and Small Business (ESB) Questions and Answers 2024
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Entrepreneurship and Small Business(ESB)
A dietitian decides to start a cruise vacation business for those looking to learn how to
live a healthier lifestyle. The cruise will offer seminars with materials on healthy eating
and exercise, and all of the food on the cruise will be healthy alternatives. Classify each
expense as fixed or variable. SHIP RENTAL - answer Fixed
What is one impact that a company might experience as a result of an ethical violation?
- answer Reputation damage and significant loss of customers' trust
Which are three risks of entrepreneurship? - answer Long hours
A fitness trainer is assessing a business strategy in a neighborhood whose residents
are mainly single, recent college graduates. The trainer would like to target local
businesses in the neighborhood to acquire new customers. Which group should be
targeted at these local businesses? - answer Employees who work at them
What is an advantage of buying a franchise? - answer Marketing assistance
A dietitian decides to start a cruise vacation business for those looking to learn how to
live a healthier lifestyle. The cruise will offer seminars with materials on healthy eating
and exercise, and all of the food on the cruise will be healthy alternatives. Classify each
expense as fixed or variable. FOOD - answer VARIABLE
A dog grooming business is legally structured as a sole proprietorship. What are the tax
implications for this structure? - answer All profit earned by a sole proprietorship is
income earned by the owner, for which the owner will have a tax liability
A fitness trainer is presenting a business plan for a new studio to investors. The trainer
envisions a studio with equipment and features that will meet the needs of customers
with a variety of personal and work schedules. What studio feature would appeal to
customers with demanding schedules? - answer Providing 24 hour member access
A landscaper owns a successful local business that provides lawn care services. The
owner wants to enhance the sustainability and longevity of the company. What should
the owner do? - answer Develop off-season services and secure a long-term credit line
Which three key values does a business plan provide? - answer It helps determine
business viability
, A hair salon is trying to determine how to tell if it is successful or not and has decided it
will be successful when it starts to make a profit. Which milestone will indicate this? -
answerReached break- even point
A dietitian decides to start a cruise vacation business for those looking to learn how to
live a healthier lifestyle. The cruise will offer seminars with materials on healthy eating
and exercise, and all of the food on the cruise will be healthy alternatives.Classify each
expense as fixed or variable. EXERCISE AND DIET BOOKS - answerFIXED
What is a characteristic of an entrepreneur? - answertenacious
A restaurant owner finds that 68% of customers never come back. What is the most
important thing the restaurant owner should do to have a higher percentage of repeat
customers? - answerListen to customers
A restaurant owner wants to attract more customers by getting enough ratings to appear
on a popular social media site. The owner can generate 10% more business by
reaching an additional 100 reviews. He knows that if he provides one - hundred 50% off
coupons for meals, he can get 100 reviews.How much will it cost to increase business
by 10% if reach coupon is likely to cost $15? - answer$1,500
A dietitian decides to start a cruise vacation business for those looking to learn how to
live a healthier lifestyle. The cruise will offer seminars with materials on healthy eating
and exercise, and all of the food on the cruise will be healthy alternatives.Classify each
expense as fixed or variable. CREW MEMBER SALARIES - answervariable
A travel agent wants to hire a new information technology manager for a fast-growing
startup. The company is two years old, and the ITM is a salaried position that oversees
all technology operations.Which factor could prevent the hire? - answerWhether the
business can afford to pay the salary of the ITM
What is a drawback of buying a franchise? - answerLack of flexibility to change
marketing or operating policies based on local conditions
A personal trainer recently established a personal training company in an underserved
urban community and has been having difficulties securing financial support from
banks.Which resource should the personal trainer utilize to secure funding for his
business venture? - answerSBA
What is a drawback of a sole proprietorship? - answerUnlimited personal liability
A furniture builder generates $1,000 per sale on average, and she needs to generate
$12,000 per month to break even. Through experience, she finds that 20% of her active
prospects buy within 30 days.How many prospects should the furniture builder have in
her active client listings at all times, at a minimum? - answer60
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