Entrepreneurship and Small Business (ESB) Pre-test Questions and Answers Solved Correctly

Service - A head chef conducts a survey of other restaurants in the area. The chef notices that most customer complaints primarily come from takeout order being delayed. The chef believes that having a short-order cook dedicated to primarily come from takeout orders being delayed. The chef believes that having a short-order cook dedicated to primarily come from takeout orders being delayed. The chef believes that having a short-order cook dedicated to preparing carryout orders will make his restaurant the fastest and most dependable place for takeout customers. By spending scare resources on hiring a short-order cook, what competitive advantage factor is the chef trying to achieve at his/her restaurant? Personal Financial Insecurity - What is considered to be primary risk for an entrepreneur who is launching a start-up company? Easier to finance a business purchase than a business start-up - What is a key benefit of buying an existing small business versus launching a start-up? Hotels - A travel agent wants to start-up a new travel company. He pays a market research company to survey 100 frequent affluent vacation travelers about luxury travel options. The market research responses: Which luxury travel service would contribute the most to the profitability of the start-up business? A) Sending discount coupons to car owner who lives within 5 miles of the shop B) Giving current customers a loyalty discount - A new auto mechanic business wants to grow revenues. What are marketing methods that promise to create new customers? Pick the two best answer.Providing 24 hour member access - A fitness trainer is presenting a business plan for a new studio to investors. The trainer envisions a studio with equipment and features that will meet the needs of customers with a variety of personal and work schedules. What studio feature would appeal to customers with demanding schedules? Investors do not earn a return (dividends or increased stock price) if the business does not make a profit - When entrepreneur convinces outside investors to contribute equity to the new venture, which is true? Probable loss of current and future clients - Whats is a consequence for a real estate agent who violates confidentiality by discussing the client's personal income after work at a party? First Second Third Last - Identify the skills needed Write the job profile Post the advertisement Review qualifications of applicants Benefits administration -The owner of a growing landscaping company with 30 employees has decided to outsource the payroll and payroll-related functions of the business. Which responsibility would be in this outsourcing? 80 - An independent insurance agent on average receives $150 in commissions per policy underwritten. ("Underwritten" is the term for "a policy sold" in the insurance industry.) the agent's overhead is $3,000 per month. Through experience, he finds that 25% of active prospects buy within 30 days.How money prospects should the agent have in the pipeline at all times to have a good probability of generating enough in commissions to cover his overhead expenses? B) Indicate on the blog that the fire 50 customers who visit when the bakery opens the next day will get "buy two, get one free" on the new cupcakes C) Give out free samples during high-traffic times when the store has the staff to handle a crush of customers - A successful bakery on street with lots of foot traffic is introducing a new line of animal cupcakes. The bakery already has a large number of loyal customers who follow the bakery's "What's New Sweetie?" blog. While the bakery is an active user of social media, like most small businesses it doesn't have lot of available cash to spend on paid advertising.