ESB V.2 EXAM 2 /42 Questions And Answers (A+)
Quiz :In general, which two characteristics define a "small" business? (Choose
two) - √Answer :Fewer then 1,500 employees
AND
Less than $35.5 million revenue
Quiz :Classify each of the following businesses as either Physical or Digital. -
√Answer :Physical:
- Bakery in your community
- Hair salon that makes appointments online
Digital:
- Online store that dropships camping gear
- Bookstore on Amazon that sells eBooks
Quiz :You need to create a legal structure for your small business. You have
plans for it to grow and hope in the future to sell shares to the public. Your
startup partners are citizens of Mexico and Japan. You do not want to be
personally responsible for business liabilities.
Which legal structure should you set up for your business? - √Answer :C-
Corporation
Quiz :Match each business management role to its corresponding description.
To answer, move each role from the list on the left to its description on the
right. - √Answer :COO: Oversees the day-to-day administrative functions of a
business; second in command.
CIO: Develops policies and structures to protect company data.
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CEO: The highest-ranking employee in the company; reports to the board of
directors.
Quiz :You own a lawn care business. You have employees who work long
hours laboring in good weather, often exceeding 40 hours per week. They also
work short hours when the weather is bad, sometimes they can't work at all.
You do all of the sales for your business.
, Which two types of compensation would be appropriate for these landscape
employees? - √Answer :Salary & Hourly
Quiz :Match each Stage of the Business Life Cycle to its corresponding
description.
To answer, move each stage from the list on the left to its description on the
right. - √Answer :Maturity: The business is separate from the owner with
responsibilities delegated to staff. A business in this stage usually commands a
considerable share of the market and may even be a household name.
Success: Company is stable and profitable.
Takeoff: Expansion strategies are implemented, and investment is balanced with
potential.
Survival of the Fittest: Focus shifts to revenue, expenses, and growth. Cashflow
is the major issue.
Existence: The business introduces itself to the market and attempts to catch the
attention of potential customers.
Quiz :For each statement about the Design Thinking Process, select True or
False. - √Answer :True:
- Assumptions are challenged and ideas are created in the Ideate phase.
- Problem statements are written in the Define phase.
False:
- The Empathize phase tests solutions to users' problems.
- Building Prototypes is the final phase of the Design Thinking Process.
Quiz :Which of these is a characteristic of a successful entrepreneur mindset? -
√Answer :Doesn't give up easily
Quiz :Which is one of the greatest risks of being an entrepreneur? -
√Answer :Financial instability
Quiz :What is a primary benefit of starting a new business without purchasing a
franchise or buying an existing business? - √Answer :Developing your own
rules
Quiz :In general, which two characteristics define a "small" business? (Choose
two) - √Answer :Fewer then 1,500 employees
AND
Less than $35.5 million revenue
Quiz :Classify each of the following businesses as either Physical or Digital. -
√Answer :Physical:
- Bakery in your community
- Hair salon that makes appointments online
Digital:
- Online store that dropships camping gear
- Bookstore on Amazon that sells eBooks
Quiz :You need to create a legal structure for your small business. You have
plans for it to grow and hope in the future to sell shares to the public. Your
startup partners are citizens of Mexico and Japan. You do not want to be
personally responsible for business liabilities.
Which legal structure should you set up for your business? - √Answer :C-
Corporation
Quiz :Match each business management role to its corresponding description.
To answer, move each role from the list on the left to its description on the
right. - √Answer :COO: Oversees the day-to-day administrative functions of a
business; second in command.
CIO: Develops policies and structures to protect company data.
CFO: Creates budgets, analyzes financial data, and forecasts company profits.
CEO: The highest-ranking employee in the company; reports to the board of
directors.
Quiz :You own a lawn care business. You have employees who work long
hours laboring in good weather, often exceeding 40 hours per week. They also
work short hours when the weather is bad, sometimes they can't work at all.
You do all of the sales for your business.
, Which two types of compensation would be appropriate for these landscape
employees? - √Answer :Salary & Hourly
Quiz :Match each Stage of the Business Life Cycle to its corresponding
description.
To answer, move each stage from the list on the left to its description on the
right. - √Answer :Maturity: The business is separate from the owner with
responsibilities delegated to staff. A business in this stage usually commands a
considerable share of the market and may even be a household name.
Success: Company is stable and profitable.
Takeoff: Expansion strategies are implemented, and investment is balanced with
potential.
Survival of the Fittest: Focus shifts to revenue, expenses, and growth. Cashflow
is the major issue.
Existence: The business introduces itself to the market and attempts to catch the
attention of potential customers.
Quiz :For each statement about the Design Thinking Process, select True or
False. - √Answer :True:
- Assumptions are challenged and ideas are created in the Ideate phase.
- Problem statements are written in the Define phase.
False:
- The Empathize phase tests solutions to users' problems.
- Building Prototypes is the final phase of the Design Thinking Process.
Quiz :Which of these is a characteristic of a successful entrepreneur mindset? -
√Answer :Doesn't give up easily
Quiz :Which is one of the greatest risks of being an entrepreneur? -
√Answer :Financial instability
Quiz :What is a primary benefit of starting a new business without purchasing a
franchise or buying an existing business? - √Answer :Developing your own
rules
