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ESB EXAM QUESTIONS AND ANSWERS LATEST UPDATED
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ESB EXAM QUESTIONS AND ANSWERSLATEST UPDATED
SB Practice Test Entrepreneurship & Small Business v.2 - U.S. Practice Exam 1 Training
What is entrepreneurship? - ANSWER Starting a business toal of make a profit.
Choose whether to sell to businesses or consumers. - B2B purchases require a
tax exemption certificate.
Wholesale flooring distributor.
B2C: Motorcycle Repair Shop.
A chain of local grocery stores.
Which legal structure should you choose for your business? - ANSWER: S-
corporation
Select true or false for each statement concerning a business's equity
shareholders. - ANSWER: The founders own equity.
Partner owns equity.
False
All stakeholders own equity.
Contractors hold equity.
Complete the statement regarding the company's tasks and responsibilities by
picking the appropriate choice from each drop-down menu. - ANSWER: 1.
Piecework 2. Salary
3. Hourly.
4. Commissions
Place the stages of the company life cycle in the correct sequence. Stage 1:
Existence Stage 2: Survival of the Fittest
, Stages include success, take-off, and maturity.
Match each part of the Design Thinking Process with its associated description.
- ANSWER 1. Empathize.
2. Define 3. Ideate 4. Create a prototype
5. Test
Which three characteristics are common among successful entrepreneurs'
mindsets? - ANSWER Responsible and adaptable
Tenacious
Which is one of the most significant advantages of being an entrepreneur? -
ANSWER: Schedule control.
What three traits assist you recognize a business opportunity? - ANSWER
Service, Price, and Quality
What should this entrepreneur do first before proposing to design and build
water features as part of his landscaping services? - ANSWER Ask local
consumers if they want to install a water element to their gardens.
Which two documents best summarize a company's business plans? - ANSWER
Lean Canvas Pitch Deck
Select true or false for each statement about the Business Plan and Pitch Deck
components. - Answer: True.
A pitch deck is a graphic slide presentation.
Business plans are text-based documents.
The purpose of a Business Plan is to gain investor support.
The purpose of a Pitch Deck is to capture the attention of potential investors.
False
A normal pitch deck contains between 20 and 100 slides.
Business plans are quite graphic.
What three elements are required to have a trade secret? - ANSWER Subject to
reasonable attempts to maintain secrecy.
Others cannot properly gain information.
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