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ESB V.2 EXAM 2 (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version
ESB V.2 EXAM 2 (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version
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ESB V.2 EXAM 2A bakery has developed a new artisan bread. The staff are giving away taste samples to
customers as they enter the store.
What are two criteria the bakery can use to determine the quality of their new product? (Choose
two) - ANS-Measure sales of the new bread after customers have sampled it.
AND
Observe customer reactions while they taste the product.
A barber charges $20.00 per haircut. The total cost for running his home-based business is
$4,000.00 per month, which includes his salary of $3,000 per month. The minimum number of
haircuts he must do to cover all of these expenses and his salary is 200 per month.
The barber wants to increase his salary to $4,000 per month, making his total monthly expenses
$5,000. What is the minimum price he must charge for each of the 200 haircuts so he can cover
this increased salary? - ANS-$25
A local restaurant prides itself in having a high number of return customers. To build loyalty, the
owner of the restaurant offers a free Prime Rib dinner (value $20) to any customer who
purchases a meal during 10 previous visits. Meals purchased are tracked by stamps on a
Loyalty Card.
At the end of a month, the owner decides to calculate the customer retention cost. The data is
the following:
- Number of Customers at Start of Month = 100
- Number of Customers at End of Month = 120
- Number of New Customers = 40
- Value of Free Dinners Redeemed = $240
What was the Customer Retention Cost? - ANS-$3
A rancher is preparing to retire. He is considering selling half of his land and giving the other half
to his children. He hears that development for a ski resort was just approved on land adjacent to
his property.
Which viable business opportunity does the retiring rancher foresee? - ANS-An increase in land
value
, Classify each of the following businesses as either Physical or Digital. - ANS-Physical:
- Bakery in your community
- Hair salon that makes appointments online
Digital:
- Online store that dropships camping gear
- Bookstore on Amazon that sells eBooks
Complete the sentence about business documents by selecting the correct option from each
dropdown list.
A _____ is a multi-page document describing and detailing a business.
A slide presentation for potential investors that summarizes of the key items of a business is
called a _____.
A _____ is a single-page business summary template that was created by Ash Maurya. -
ANS-Blank 1: Business Plan
Blank 2: Pitch Deck
Blank 3: Lean Canvas
For each statement about Product/Market Fit, select True or False. - ANS-True:
- A fit exists when people need your product rather than just seeing a potential benefit of using
it.
- Before hypothesizing a solution, first determine if there is a problem worth solving.
- When users love your product so much they tell other people to use it, you have
product/market fit.
False:
- Startups should develop a growth hypothesis before testing their value hypothesis.
For each statement about Requirements to Obtain Funding, select True or False. - ANS-True:
- Bootstrapping requires the owner(s) of the company to provide all of the funding.
- Equity financing requires a business owner to give up control of the business to obtain funding.
False:
- Lenders do not require owners to identify the purpose of the loan.
- The business owner's personal credit score does not affect their ability to qualify for a loan.
For each statement about Start-Up Costs and Operating Costs, select True or False. -
ANS-True:
- Logo and website design are examples of start-up costs.
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