ESB PRACTICE TEST EXAM 2025
QUESTIONS AND ANSWERS
Which two types of information does an income statement provide? - ANS -A classification of
revenues & expenses
-A classification of assets and liabilities
The __________ creates budgets and financial strategies - ANS chief financial officer (CFO)
A _______ finds and invests resources to form the company and help it succeed -
ANS founder
The ______ reports to the board of directors and is the highest-ranking employee in the
company - ANS CEO
You need to create a legal structure for your small business. You work alone, do not plan to sell
stock, and need to protect your personal property. Which legal structure should you set up for
your business? - ANS Wholesale is B2B while retail is B2C
Your company's acquisition cost is too high. Which two actions should you take to lower the
customer acquisition cost choose? (2) - ANS -Decrease direct mail and prints ads
-Increase advertising targeted at new customers
1
What are the qualities of an entrepreneurial mindset? - ANS Flexible and resilient
Page
@COPYRIGHT FYNDLAY 2025/2026
, You manufacture racecars. How should you determine performance criteria for your product? -
ANS Test an interactive prototype
Which three roles have equity in a business? (Choose 3) - ANS -Partner
-Owner
-Stockholder
You decide to create a new type of energy bar. You take some samples to a focus group to get
their reactions to your product. Which stage of the development process are you in? -
ANS Market strategy creation
Statements about the product/market fit analysis (t/f)
a.Product/market fit results in low volume sales
b.Repeated use of a product is an indicator of product/market fit
c.A value hypothesis explains why a customer would use a product
d.Product/market fit occurs when you build something that people want - ANS a. False
b. False
c. True
d. True
You have a landscaping business. You have the following financial information for the month:
a.Initial cash balance - $1200
b.Projected revenue based on existing clients - $2350
c.Gas - $100
d.Equipment maintenance fees - $290
e.Truck payment - $400
2
Page
f.Payroll - $2900
@COPYRIGHT FYNDLAY 2025/2026
QUESTIONS AND ANSWERS
Which two types of information does an income statement provide? - ANS -A classification of
revenues & expenses
-A classification of assets and liabilities
The __________ creates budgets and financial strategies - ANS chief financial officer (CFO)
A _______ finds and invests resources to form the company and help it succeed -
ANS founder
The ______ reports to the board of directors and is the highest-ranking employee in the
company - ANS CEO
You need to create a legal structure for your small business. You work alone, do not plan to sell
stock, and need to protect your personal property. Which legal structure should you set up for
your business? - ANS Wholesale is B2B while retail is B2C
Your company's acquisition cost is too high. Which two actions should you take to lower the
customer acquisition cost choose? (2) - ANS -Decrease direct mail and prints ads
-Increase advertising targeted at new customers
1
What are the qualities of an entrepreneurial mindset? - ANS Flexible and resilient
Page
@COPYRIGHT FYNDLAY 2025/2026
, You manufacture racecars. How should you determine performance criteria for your product? -
ANS Test an interactive prototype
Which three roles have equity in a business? (Choose 3) - ANS -Partner
-Owner
-Stockholder
You decide to create a new type of energy bar. You take some samples to a focus group to get
their reactions to your product. Which stage of the development process are you in? -
ANS Market strategy creation
Statements about the product/market fit analysis (t/f)
a.Product/market fit results in low volume sales
b.Repeated use of a product is an indicator of product/market fit
c.A value hypothesis explains why a customer would use a product
d.Product/market fit occurs when you build something that people want - ANS a. False
b. False
c. True
d. True
You have a landscaping business. You have the following financial information for the month:
a.Initial cash balance - $1200
b.Projected revenue based on existing clients - $2350
c.Gas - $100
d.Equipment maintenance fees - $290
e.Truck payment - $400
2
Page
f.Payroll - $2900
@COPYRIGHT FYNDLAY 2025/2026
