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ESB Practice Test 2 (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version
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ESB Practice Test 2 (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version
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ESB Practice Test 21. a _______ is a multi-page document describing and detailing a business
2. a slide presentation for potential investors that summarizes the key items of a business is
called a _______
3. a _______ is a single-page business summary template that was created by Ash Maurya -
ANS-business plan
pitch deck
lean canvas
a bakery has developed a new artisan bread. the staff are giving away taste samples to
customers as they enter the store.
what are two criteria the bakery can use to determine the quality of their new product? -
ANS-measure sales of the new bread after customers have sampled it.
observe customer reactions while they taste the product.
a barber charges $20 per haircut. the total cost for running his home-based business is $4000
per month, which includes his salary of $3000 per month. the minimum number of haircuts he
must do to cover all of these expenses and his salary is 200 per month.
the barber wants to increase his salary to $4000 per month, making his total monthly expenses
$5000. what is the minimum price he must charge for each of the 200 haircuts so he can cover
this increased salary? - ANS-$25
a local restaurant prides itself in having a high number of return customers. to build loyalty, the
owner of the restaurant offers a free Prime Rib dinner (value $20) to any customer who
purchases a meal during 10 previous visits. meals purchased are tracked on a Loyalty Card.
at the end of the month, the owner decides to calculate the customer retention cost. the data is
the following:
- number of customers at start of month = 100
- number of customers at end of month = 120
- number of new customers = 40
- value of free dinners redeemed = 240
what was the customer retention cost? - ANS-$3
a rancher is preparing to retire. he is considering selling half of his land and giving the other half
to his children. he hears that development for a ski resort was just approved on land adjacent to
his property.
which viable business opportunity does the retiring rancher foresee? - ANS-an increase in land
value
, asset or liability? balance sheet
long term assets
current assets
long term liabilities
current liabilities - ANS-equipment
inventory
mortgage payments
bank loans
classify each of the following as either physical or digital - ANS-PHYSICAL:
- bakery in your community
- hair salon that makes appointments online
DIGITAL:
- online store that dropships camping gear
- bookstore on amazon that sells ebooks
design thinking process
true/false - ANS-TRUE
- problem statements are written in the Define phase
- assumptions are challenged and ideas are created in the Ideate phase
FALSE
- Building Prototypes is the final phase of the design thinking process
- the Empathize phase tests solutions to users' problems
elements of a sales process
☆૮꒰•༝ •。꒱ა - ANS-prospecting
preparation
approach
presentation
handling objections
closing
follow-up
In general, which characteristics define a "small" business? - ANS-- fewer than 1,500
employees
- less than $35.5 million revenue
match each business management role to its corresponding description
1. the highest ranking employee in the company; reports to the board of directors
2. creates budgets, analyzes financial data, and forecasts company profits
3. develops policies and structures to protect company data
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