ESB Exam Questions (Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S. Practice Exam 1 Training) 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
- Salary
- Hourly
- 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 1 / 2
Match each element of the Design Thinking Process to its corresponding description. - ANSWER-1. Empathize
- Define
- Ideate
- Prototype
- Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? - 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 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
- SA
- / 2