ESB Practice Test 1 with Complete
Solutions 2024
What is entrepreneurship? - Answer-setting up a business with the aim to make profit
You've been asked to classify several businesses as either B2B or B2C.
For each business, select B2B or B2C. - Answer-B2B
wholesale flooring distributor
purchases requiring a tax exemption certificate
B2C
chain of local grocery stores
motorcycle repair shop
you need to create a legal structure for your business. you would like some of the
benefits enjoyed by large corporations, but do not want to be taxed twice. you 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? - Answer-s-corp
for each statement about owners of equity in a business, select true or false - Answer-
TRUE
a partner owns equity
founders own equity
FALSE
all stakeholders own equity
contractors own equity
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 __________. - Answer-piece
work
salary
hourly
, commission
stages of the business life cycle
stage 1
stage 2
stage 3
stage 4
stage 5 - Answer-existence
survival of the fittest
success
take-off
maturity
elements of the design thinking process
research your users' needs
state your users' needs and problems
challenge assumptions and create ideas
create solutions
try your solutions - Answer-empathize
define
ideate
prototype
test
successful entrepreneurs have mindsets that typically possess which three
characteristics? (choose 3) - Answer-responsible, 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
the owner of a landscaping business has noticed that none of his competitors are
including ponds or other water features in the gardens they create. the landscaper
wants to determine the viability of this business opportunity.
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 the business plan of a company? - Answer-lean
canvas, pitch deck
Solutions 2024
What is entrepreneurship? - Answer-setting up a business with the aim to make profit
You've been asked to classify several businesses as either B2B or B2C.
For each business, select B2B or B2C. - Answer-B2B
wholesale flooring distributor
purchases requiring a tax exemption certificate
B2C
chain of local grocery stores
motorcycle repair shop
you need to create a legal structure for your business. you would like some of the
benefits enjoyed by large corporations, but do not want to be taxed twice. you 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? - Answer-s-corp
for each statement about owners of equity in a business, select true or false - Answer-
TRUE
a partner owns equity
founders own equity
FALSE
all stakeholders own equity
contractors own equity
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 __________. - Answer-piece
work
salary
hourly
, commission
stages of the business life cycle
stage 1
stage 2
stage 3
stage 4
stage 5 - Answer-existence
survival of the fittest
success
take-off
maturity
elements of the design thinking process
research your users' needs
state your users' needs and problems
challenge assumptions and create ideas
create solutions
try your solutions - Answer-empathize
define
ideate
prototype
test
successful entrepreneurs have mindsets that typically possess which three
characteristics? (choose 3) - Answer-responsible, 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
the owner of a landscaping business has noticed that none of his competitors are
including ponds or other water features in the gardens they create. the landscaper
wants to determine the viability of this business opportunity.
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 the business plan of a company? - Answer-lean
canvas, pitch deck
