ESB EXAM 2 STUDY GUIDE
Economy Pricing - correct answer ✔Prices that targeting customers looking
to save as much money as possible.
What business scenario fits the definition of a small business, according to the
SBA? - correct answer ✔A fast food restaurant that is independently owned
and operated
You need to create a legal structure for you small business. You have plans
for it to grow and hope in the future to sell shares to the public. Your startup
partners are citizens of Mexico and Japan. You do not want to be personally
responsible for business liabilities.
Which legal structure should you set up for your business? - correct answer
✔C-Corp
The highest-ranking employee in the company;reports to the board of
directors - correct answer ✔CEO
Creates budgets, analyzes financial data, and forecasts company profits -
correct answer ✔CFO
Manages the technological requirements of a company. - correct answer
✔CTO
Oversees the day-to-day administrative functions of a business; second in
command. - correct answer ✔COO
A computer training business needs to hire a consultant for a project to
revamp the training courseware. Once the courseware is revamped, the
, consultant's services are complete. Which business compensation structure
will pay the consultant and lead to the smallest payroll tax liability for the
business? - correct answer ✔Contract
Pivot - correct answer ✔Change part of a business model.
Persevere - correct answer ✔Make attempts to scale a business
Exit strategy - correct answer ✔Turn a business over to a family member
Which of these characteristics of a successful entrepreneur mindset? (Choose
two) - correct answer ✔Can tolerate risk and Resilient
You are weighing possible risk in becoming an entrepreneur. Which situation
is a risk of being an entrepreneur? - correct answer ✔Financial instability
What is a primary benefit of starting a new business without purchasing a
franchise or buying an existing business? - correct answer ✔Developing your
own rules.
A______is a multi-page document describing and detailing a business. -
correct answer ✔Business plan
A slide presentation for potential investors that summarizes the kay items of a
business is called a_____. - correct answer ✔Pitch Deck
A______is a single-page business summary template that was created by Ask
Maurya. - correct answer ✔Lean Canvas
Economy Pricing - correct answer ✔Prices that targeting customers looking
to save as much money as possible.
What business scenario fits the definition of a small business, according to the
SBA? - correct answer ✔A fast food restaurant that is independently owned
and operated
You need to create a legal structure for you small business. You have plans
for it to grow and hope in the future to sell shares to the public. Your startup
partners are citizens of Mexico and Japan. You do not want to be personally
responsible for business liabilities.
Which legal structure should you set up for your business? - correct answer
✔C-Corp
The highest-ranking employee in the company;reports to the board of
directors - correct answer ✔CEO
Creates budgets, analyzes financial data, and forecasts company profits -
correct answer ✔CFO
Manages the technological requirements of a company. - correct answer
✔CTO
Oversees the day-to-day administrative functions of a business; second in
command. - correct answer ✔COO
A computer training business needs to hire a consultant for a project to
revamp the training courseware. Once the courseware is revamped, the
, consultant's services are complete. Which business compensation structure
will pay the consultant and lead to the smallest payroll tax liability for the
business? - correct answer ✔Contract
Pivot - correct answer ✔Change part of a business model.
Persevere - correct answer ✔Make attempts to scale a business
Exit strategy - correct answer ✔Turn a business over to a family member
Which of these characteristics of a successful entrepreneur mindset? (Choose
two) - correct answer ✔Can tolerate risk and Resilient
You are weighing possible risk in becoming an entrepreneur. Which situation
is a risk of being an entrepreneur? - correct answer ✔Financial instability
What is a primary benefit of starting a new business without purchasing a
franchise or buying an existing business? - correct answer ✔Developing your
own rules.
A______is a multi-page document describing and detailing a business. -
correct answer ✔Business plan
A slide presentation for potential investors that summarizes the kay items of a
business is called a_____. - correct answer ✔Pitch Deck
A______is a single-page business summary template that was created by Ask
Maurya. - correct answer ✔Lean Canvas
