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