Exam (elaborations)
ESB V.2 EXAM 1 (1)
Exam of 9 pages for the course ESB V.2 at ESB V.2 (ESB V.2 EXAM 1 (1))
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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
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