ESB Certification 3
An executive summary should briefly explain everything in a business plan in how many pages? - ✔ ✔
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. - ✔ ✔ Relationships.
One value of using _____ material is that they are usually well-recognized, which may help to boost
sales. - ✔ ✔ Trademarked.
Which two sources are considered secondary data? - ✔ ✔ "Company newsletters" and "internet
articles."
What are twos characteristic of fulfillment centers that differ from direct distribution? - ✔ ✔
"Fulfillment centers pack and ship for a manufacturer" and "the manufacturer controls all aspects of
distribution."
Match the sales process steps to their description. - ✔ ✔ 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...? - ✔ ✔
Measurable.
What are two characteristics of direct distribution that differ from fulfillment centers? - ✔ ✔ "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? - ✔ ✔ "Change markets"
and "create completely new products."
For each statement about Direct Distribution and Indirect distribution - ✔ ✔ 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? - ✔ ✔ "Talk with individuals
interested in the service," "survey customers in the area," and "place phone calls."
What is value engineering? - ✔ ✔ "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)? - ✔ ✔ ROI = (Net profit/cost of
investment) x 100
When must real estate loans through the Small Business Administration (SBA) be paid back? - ✔ ✔
25 years
Match the product/market fit stage to its description. - ✔ ✔ 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 - ✔ ✔ Net income = $2,100 and Gross income =
$4,700
An executive summary should briefly explain everything in a business plan in how many pages? - ✔ ✔
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. - ✔ ✔ Relationships.
One value of using _____ material is that they are usually well-recognized, which may help to boost
sales. - ✔ ✔ Trademarked.
Which two sources are considered secondary data? - ✔ ✔ "Company newsletters" and "internet
articles."
What are twos characteristic of fulfillment centers that differ from direct distribution? - ✔ ✔
"Fulfillment centers pack and ship for a manufacturer" and "the manufacturer controls all aspects of
distribution."
Match the sales process steps to their description. - ✔ ✔ 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...? - ✔ ✔
Measurable.
What are two characteristics of direct distribution that differ from fulfillment centers? - ✔ ✔ "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? - ✔ ✔ "Change markets"
and "create completely new products."
For each statement about Direct Distribution and Indirect distribution - ✔ ✔ 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? - ✔ ✔ "Talk with individuals
interested in the service," "survey customers in the area," and "place phone calls."
What is value engineering? - ✔ ✔ "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)? - ✔ ✔ ROI = (Net profit/cost of
investment) x 100
When must real estate loans through the Small Business Administration (SBA) be paid back? - ✔ ✔
25 years
Match the product/market fit stage to its description. - ✔ ✔ 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 - ✔ ✔ Net income = $2,100 and Gross income =
$4,700
