ESB Exam One (GMETRIX)(
Entrepreneurship and Small Business Study
Set)2024
What is Entrepreneurship?
A) Marketing and selling products.
B) Setting up a business with the aim to make a profit.
C) Acquiring leadership and managerial skills.
D) Quickly advancing in positions within a corporation. - answer✔✔B) Setting up a business
with the aim to make a profit.
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do want to
be protected from business liabilities.
Which legal structure should you set up for your business?
A) Sole Proprietorship
B) C-Corporation
C) Limited Liability Company
D) S-Corporation - answer✔✔D) S-Corporation
Which is one of the greatest benefits of being an entrepreneur?
A)
B)
C)
, D) - answer✔✔Schedule control
The owner of a landscaping business has notified that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to determine the
viability of this business opportunity.
What should this entrepreneur do FIRST before offering to design and build water features as
part of his landscaping business?
A)
B)
C)
D) - answer✔✔Ask the customers in the area if they are interested in adding a water feature to
their gardens.
What is a Target Market?
A) Marketing with a bullseye goal.
B) Sales to customers who use archery products.
C) Customers to whom a company wants to sell its product and services.
D) Advertising based on bullet points. - answer✔✔C) Customers to whom a company wants to
sell its products and services.
Your company manufactures 72 hr. emergency kits and sells them for a low-profit margin. You
want to expand your customer base to increase your sales volume, but you have a limited budget.
What marketing method would be the best choice?
A) Distribute Flyers
B) Social Media
C) Email
D) Local Television Ad - answer✔✔B) Social Media
Entrepreneurship and Small Business Study
Set)2024
What is Entrepreneurship?
A) Marketing and selling products.
B) Setting up a business with the aim to make a profit.
C) Acquiring leadership and managerial skills.
D) Quickly advancing in positions within a corporation. - answer✔✔B) Setting up a business
with the aim to make a profit.
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do want to
be protected from business liabilities.
Which legal structure should you set up for your business?
A) Sole Proprietorship
B) C-Corporation
C) Limited Liability Company
D) S-Corporation - answer✔✔D) S-Corporation
Which is one of the greatest benefits of being an entrepreneur?
A)
B)
C)
, D) - answer✔✔Schedule control
The owner of a landscaping business has notified that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to determine the
viability of this business opportunity.
What should this entrepreneur do FIRST before offering to design and build water features as
part of his landscaping business?
A)
B)
C)
D) - answer✔✔Ask the customers in the area if they are interested in adding a water feature to
their gardens.
What is a Target Market?
A) Marketing with a bullseye goal.
B) Sales to customers who use archery products.
C) Customers to whom a company wants to sell its product and services.
D) Advertising based on bullet points. - answer✔✔C) Customers to whom a company wants to
sell its products and services.
Your company manufactures 72 hr. emergency kits and sells them for a low-profit margin. You
want to expand your customer base to increase your sales volume, but you have a limited budget.
What marketing method would be the best choice?
A) Distribute Flyers
B) Social Media
C) Email
D) Local Television Ad - answer✔✔B) Social Media
