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ESB Certification 3 Questions and answers latest update
ESB Certification 3 Questions and answers latest update
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ESB Certification 3An executive summary should briefly explain everything in a business plan in how many pages? - correct
answer Two pages.
Factors that aid in determining whether or not a business opportunity is viable include market size,
_____, management of cash flow, management skill sets, and passions. - correct answer Relationships.
One value of using _____ material is that they are usually well-recognized, which may help to boost
sales. - correct answer Trademarked.
Which two sources are considered secondary data? - correct answer "Company newsletters" and
"internet articles."
What are twos characteristic of fulfillment centers that differ from direct distribution? - correct answer
"Fulfillment centers pack and ship for a manufacturer" and "the manufacturer controls all aspects of
distribution."
Match the sales process steps to their description. - correct answer Prospecting: "Finding potential
customers."
Preparation: "Developing a presentation tailored to a potential client and their specific needs."
Approach: "Contacting a client or potential client."
Objection: "Alleviating concerns presented by the customer."
Closing: "Getting a client's decision to purchase or not to move forward."
Follow-up: "Maintaining a relationship with customers to obtain repeat business and potential referrals."
,When it comes to setting one's own quality standards, one must ensure they are...? - correct answer
Measurable.
What are two characteristics of direct distribution that differ from fulfillment centers? - correct answer
"Direct distribution is also known as a zero level channel" and "the manufacturer controls all aspects of
distribution."
What might one have to do when listening to feedback from customers? - correct answer "Change
markets" and "create completely new products."
For each statement about Direct Distribution and Indirect distribution - correct answer True:
"Direct competition is a company that offers the same thing you offer," "indirect competition is a
business whose services are different from yours but satisfy the same need," and "when your target
audience buys products from a competitor instate of from you, that is indirect competition."
False"
All companies that sell goods and services are indirect competitors."
Which are options for determining what a customer's service needs are? - correct answer "Talk with
individuals interested in the service," "survey customers in the area," and "place phone calls."
What is value engineering? - correct answer "Substituting high-quality components with low-cost
components that still meet the product's lifetime duration and basic purpose."
What is the formula for determining a return on investment (ROI)? - correct answer ROI = (Net
profit/cost of investment) x 100
When must real estate loans through the Small Business Administration (SBA) be paid back? - correct
answer 25 years
Match the product/market fit stage to its description. - correct answer Traction: "Sales gain momentum
and a business starts to grow."
, Prototype: "Identify how a product or service solves customers' problems."
Monetization: "A business starts to earn revenue."
Idea: "Develop an idea for a product or service."
Growth: "See growth and continue to grow the business."
Launch: "The business is legally formed, and sales start to occur."
Deidre owns a pet store. Last month, her income was $5,500, her cost of goods was $800, and her total
expenses were $2,600. What are Deidre's net income and gross income for last month?
Net income = $2,100 and Gross income = $4,200
Net income = $3.100 and Gross income = $4.700
Net income = $2,100 and Gross income = $4,700
Net income = $4,700 and Gross income = $2,100 - correct answer Net income = $2,100 and Gross
income = $4,700
What is the main drawback of a sole proprietorship? - correct answer "They have unlimited personal
liability."
Jeff works for Green Grass Mowing Company. He is paid a fixed amount for each lawn he completes
during the day. In addition to mowing lawns, Green Grass Mowing Company offers its customers a
fertilization treatment for an additional cost. For every fertilization treatment Jeff secures, he receives an
additional $7 in pay. Which two forms of compensation does Jeff receive for his work? - correct answer
"Piece work" and "commission."
Tommy was hired to help boost a startup company's sales and marketing strategies. The startup
company does not have enough cash to continue paying Tommy his full salary. Tommy is passionate
about the company's vision and has agreed to receive some of his pay in company stocks. Which two
forms of compensation is Tommy receiving for his work? - correct answer "Equity" and "salary."
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