ESB EXAM (Answers for ESB Practice
Test Entrepreneurship & Small Business v.2
- U.S. Practice Exam 1 Training) Verified
100% Correct!!
What is entrepreneurship? Answer- Setting up a business with the aim to make a
profit.
For each business, select B2B or B2C. Answer- B2B
Purchases requiring a tax exemption certificate.
Wholesale flooring distributor.
B2C
Motorcycle repair shop.
Chain of local grocery stores.
Which legal structure should you set up for your business? Answer- S-Corporation
For each statement about owners of equity in a business, select true or false.
Answer- True
Founders own equity.
partner owns 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. Answer- 1. Piece work
2. Salary
3. Hourly
4. Commission
Place the stages of the business life cycle in the correct order. Answer- 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.
Answer- 1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three
characteristics? Answer- Responsible
, ESB EXAM (Answers for ESB Practice
Test Entrepreneurship & Small Business v.2
- U.S. Practice Exam 1 Training) Verified
100% Correct!!
Adaptable
Tenacious
Which is one of the greatest benefits of being an entrepreneur? Answer- Schedule
control
Which three characteristics help identify a business opportunity? Answer- Service
Price
Quality
What should this entrepreneur do FIRST before offering to design and build water
features as part of his landscaping business? Answer- Ask the customers in the area
if they are interested in adding a water feature to their gardens.
Which two documents summarize business plans of a company? Answer- Lean
Canvas
Pitch Deck
For each statement about the components of Business Plans and Pitch Decks,
select true or false. Answer- True
A Pitch Deck is a visual slide presentation.
Business Plans are text-based documents.
The goal of a Business Plan is to get investor buy-in.
The goal of a Pitch Deck is to get investor's attention.
False
A typical Pitch Deck has between 20-100 slides.
Business Plans are highly visual.
Which three elements are required to have a Trade Secret? Answer- Subject to
reasonable efforts to maintain its secrecy
Others cannot legitimately obtain the information
Information has economic value not generally known
Match each Creative Commons license type to its usage guideline. Answer- 1. CC
2. BY
3. SA
4. NC
5. ND
What is a target market? Answer- Customers to whom a company wants to sell its
products and services.
Classify the following data as Primary or Secondary. Answer- Primary
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