Page 1 of 9
ESB(Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S.
Practice Exam 1 Training)Questions And Answers (100% Correct)
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.
1
Page
1
, Page 2 of 9
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
2. Salary
3. Hourly
4. 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
Match each element of the Design Thinking Process to its corresponding description. - :
Answer✔️✔️-1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three
2
Page
characteristics? - : Answer✔️✔️-Responsible
2
ESB(Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S.
Practice Exam 1 Training)Questions And Answers (100% Correct)
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.
1
Page
1
, Page 2 of 9
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
2. Salary
3. Hourly
4. 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
Match each element of the Design Thinking Process to its corresponding description. - :
Answer✔️✔️-1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three
2
Page
characteristics? - : Answer✔️✔️-Responsible
2
