ESB Practice Test 2(it explorations semester 2 all correct :3)Already Passed!!

ESB Practice Test 2(it explorations semester 2 all correct :3)Already Passed!! In general, which characteristics define a "small" business? - fewer than 1,500 employees - less than $35.5 million revenue classify each of the following as either physical or digital PHYSICAL: - bakery in your community - hair salon that makes appointments online DIGITAL: - online store that dropships camping gear - bookstore on amazon that sells ebooks you need to create a legal structure for your small business. you have plans for it to grow and hope in the future to sell shares to the public. your startup partners are citizens of Mexico and Japan. you do not want to be personally responsible for business liabilities. which legal structure should you set up for your business? c-corporation match each business management role to its corresponding description 1. the highest ranking employee in the company; reports to the board of directors 2. creates budgets, analyzes financial data, and forecasts company profits 3. develops policies and structures to protect company data 4. oversees the day-to-day administrative functions of a business; second in command. 1. CEO 2. CFO 3. CIO 4. COO You own a lawn care business. You have employees who work long hours laboring in good weather, often exceeding 40 hours per week. They also work short hours when the weather is bad, sometimes they can't work at all. You do all of the sales for your business. Which two types of compensation would be appropriate for these landscape employees? salary hourly match something idk. The stages in a business life cycle i guess 1. existence 2. survival of the fittest 3. success 4. take-off 5. maturity 1. the business introduces itself to the market and attempts to catch the attention of potential customers. 2. focus shifts to revenue, expenses, and growth. cashflow is the major issue. 3. company is stable and profitable. 4. expansion strategies are implemented, and investment is balanced with potential. 5. the business is separate from the owner with responsibilities delegated to staff. a business in this stage usually commands a considerable share of the market and may even be a household name. design thinking process true/false TRUE - problem statements are written in the Define phase - assumptions are challenged and ideas are created in the Ideate phase FALSE - Building Prototypes is the final phase of the design thinking process - the Empathize phase tests solutions to users' problems which of these is a characteristic of a successful entrepreneur mindset? doesn't give up easily which is one of the greatest risks of being an entrepreneur? financial instability what is a primary benefit of starting a new business without purchasing a franchise or buying an existing business? developing your own rules 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? an increase in land value 1. a _______ is a multi-page document describing and detailing a business 2. a slide presentation for potential investors that summarizes the key items of a business is called a _______ 3. a _______ is a single-page business summary template that was created by Ash Maurya business plan pitch deck lean canvas which three components are characteristics of a pitch deck? used to get investors attention 10 - 20 slides highly visual trademarks, trade secrets, copyrights, patents true / false TRUE - a Trademark protects a brand name - Trade Secrets are confidential information which may be sold or licensed. FALSE - a Copyright is used to protect a company logo - a Patent is used to protect an original work, like music You downloaded several of your favorite songs and used them in an ad to promote your product on social media sites. The ad was rejected because of the songs you chose. You are told that you violated Fair Use copyright. Which three are factors used to evaluate Fair Use copyright? purpose of your use effect of your use on the potential market of the work copied amount of the work copied pricing strategy ☆૮꒰•༝ •꒱ა 1. economy pricing 2. bundle pricing 3. market penetration 4. price skimming 5. premium pricing 1. prices that target customers looking to save as much money as possible 2. pairing several products together and selling them for less money than each would be individually 3. setting prices low until after a reliable customer base is established, then raising prices 4. setting high prices when a product is introduced, and then gradually lowering the price 5. high quality products marketed to high income individuals which of the following is an example of primary data? information collected from a poll of your company facebook followers you own a mobile taco truck. you have a short list of competitors. classify each as direct or indirect competition DIRECT COMPETITION - walk up mexican food stand - a local taco bell franchise INDIRECT COMPETITION - mobile fish and chips truck - a local burger king franchise SWOT analysis true/false TRUE - threats identified in a SWOT analysis are the most difficult element to mitigate - acting on weaknesses identified in a SWOT analysis can be challenging but often necessary to grow business FALSE - strengths identified in a SWOT analysis are new actions a business should implement - opportunities identified in a SWOT analysis are not meant to be actionable