ESB Practice Exam 100% Correct!!
T/F Trademark licensing is used for brand names, logos, or slogans - ANSWERSTrue
This segment describes the benefits to customers based on their wants or needs and
how they use the product - ANSWERSBehavioral
T/F Trade secret licensing must be registered with the gov - ANSWERSTrue
T/F The design thinking process places a high emphasis on developing customer
empathy - ANSWERSTrue
T/F The design thinking process aims to develop solutions to problems -
ANSWERSTrue
You want to buy a gift shop in a popular location within a large town. Which three
factors will help you determine if the business opportunity is viable? - ANSWERS-
Financing requirements
- Revenues and cost
- Market Size
T/F Affiliate sales programs offer commissions to companies who sell their products -
ANSWERSTrue
Which two marketing platforms are examples of owned media - ANSWERS- Websites
- Blogs
What does a CFO (chief financial officer) do? - ANSWERSCreates budgets and
financial strategies
(CEO- chief executive officer, CIO-chief information officer, COO- chief operating
officer)
Which two services does direct distribution provide that fulfilment centers do not -
ANSWERS- Product marketing
- Product manufacturing
T/F The design thinking process aims to develop a product based on the designer's
needs - ANSWERSFalse
T/F Fixed cost are expenses that have to be paid by the company, regardless of
changes in revenue - ANSWERSTrue
T/F An S corp, is suitable for internal companies with at least 100 shareholders -
ANSWERSFlase
, T/F Variable cost depend on the increase or decrease in the amount or services a
product has sold - ANSWERSTrue
T/F Value engineering changes the purpose of the product - ANSWERSFalse
What is the fist step in forming a product/ market fit hypothesis - ANSWERS- Determine
who the target customer is
You need to invest in a business that has a simple transactions, low inventory cost, and
fast, free, product delivery - ANSWERSA business that sells digital product
T/F A non profit org. is taxed - ANSWERSFalse
T/F Copyright licensing is required for material in the public domain - ANSWERSFalse
You need to perform a SWOT analysis. What *internal* factors that affect your
business? - ANSWERS- Strengths and Weaknesses
You need money for you start up company. You have a few potential ideas for you
business. You are seeking mentorship and are willing to give up some equity in your
company. Which type of funding should you seek? - ANSWERS- Angel Investor
T/F Taking on business debt is a requirement for entrepreneurship - ANSWERSFalse
T/F A variable cost (ex: electric bill) is eventually paid off over time - ANSWERSFalse
This segment describes what customers think about and value and how they live their
lives - ANSWERS- Psychographic
T/F A fixed cost has the same value each time it is incurred - ANSWERSTrue
What is a risk of being an entrepreneur? - ANSWERS- lack of financial resources
T/F The business owners personal credit score does not affect their ability to qualify for
a loan - ANSWERSFalse
This segment describes where customers are located and how they can be reached -
ANSWERS- Geographic
T/F The design thinking process is highly focused on using secondary research to
develop solutions to problems - ANSWERSFalse
You decide to create a new type of energy bar. You take some samples to focus a
group to get their reactions to your product. Which stage of the development process
are you in? - ANSWERS- Market strategy creation
T/F Trademark licensing is used for brand names, logos, or slogans - ANSWERSTrue
This segment describes the benefits to customers based on their wants or needs and
how they use the product - ANSWERSBehavioral
T/F Trade secret licensing must be registered with the gov - ANSWERSTrue
T/F The design thinking process places a high emphasis on developing customer
empathy - ANSWERSTrue
T/F The design thinking process aims to develop solutions to problems -
ANSWERSTrue
You want to buy a gift shop in a popular location within a large town. Which three
factors will help you determine if the business opportunity is viable? - ANSWERS-
Financing requirements
- Revenues and cost
- Market Size
T/F Affiliate sales programs offer commissions to companies who sell their products -
ANSWERSTrue
Which two marketing platforms are examples of owned media - ANSWERS- Websites
- Blogs
What does a CFO (chief financial officer) do? - ANSWERSCreates budgets and
financial strategies
(CEO- chief executive officer, CIO-chief information officer, COO- chief operating
officer)
Which two services does direct distribution provide that fulfilment centers do not -
ANSWERS- Product marketing
- Product manufacturing
T/F The design thinking process aims to develop a product based on the designer's
needs - ANSWERSFalse
T/F Fixed cost are expenses that have to be paid by the company, regardless of
changes in revenue - ANSWERSTrue
T/F An S corp, is suitable for internal companies with at least 100 shareholders -
ANSWERSFlase
, T/F Variable cost depend on the increase or decrease in the amount or services a
product has sold - ANSWERSTrue
T/F Value engineering changes the purpose of the product - ANSWERSFalse
What is the fist step in forming a product/ market fit hypothesis - ANSWERS- Determine
who the target customer is
You need to invest in a business that has a simple transactions, low inventory cost, and
fast, free, product delivery - ANSWERSA business that sells digital product
T/F A non profit org. is taxed - ANSWERSFalse
T/F Copyright licensing is required for material in the public domain - ANSWERSFalse
You need to perform a SWOT analysis. What *internal* factors that affect your
business? - ANSWERS- Strengths and Weaknesses
You need money for you start up company. You have a few potential ideas for you
business. You are seeking mentorship and are willing to give up some equity in your
company. Which type of funding should you seek? - ANSWERS- Angel Investor
T/F Taking on business debt is a requirement for entrepreneurship - ANSWERSFalse
T/F A variable cost (ex: electric bill) is eventually paid off over time - ANSWERSFalse
This segment describes what customers think about and value and how they live their
lives - ANSWERS- Psychographic
T/F A fixed cost has the same value each time it is incurred - ANSWERSTrue
What is a risk of being an entrepreneur? - ANSWERS- lack of financial resources
T/F The business owners personal credit score does not affect their ability to qualify for
a loan - ANSWERSFalse
This segment describes where customers are located and how they can be reached -
ANSWERS- Geographic
T/F The design thinking process is highly focused on using secondary research to
develop solutions to problems - ANSWERSFalse
You decide to create a new type of energy bar. You take some samples to focus a
group to get their reactions to your product. Which stage of the development process
are you in? - ANSWERS- Market strategy creation
