ESB(Answers for ESB Practice Test Entrepreneurship &
Small Business v.2 - U.S. Practice Exam 1
Training)Questions And Answers 2023/2024.
What is entrepreneurship? - Correct Answer Setting up a business with the aim to make a profit.
For each business, select B2B or B2C. - Correct 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? - Correct Answer S-Corporation
For each statement about owners of equity in a business, select true or false. - Correct Answer True
Founders own equity.
partner owns equity.
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. - Correct Answer 1. Piece work
2. Salary
3. Hourly
4. Commission
, Place the stages of the business life cycle in the correct order. - Correct 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. - Correct Answer 1.
Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? - Correct
Answer Responsible
Adaptable
Tenacious
Which is one of the greatest benefits of being an entrepreneur? - Correct Answer Schedule control
Which three characteristics help identify a business opportunity? - Correct Answer Service
Price
Quality
What should this entrepreneur do FIRST before offering to design and build water features as part of his
landscaping business? - Correct Answer Ask the customers in the area if they are interested in adding a
water feature to their gardens.
Which two documents summarize business plans of a company? - Correct Answer Lean Canvas
Pitch Deck
Small Business v.2 - U.S. Practice Exam 1
Training)Questions And Answers 2023/2024.
What is entrepreneurship? - Correct Answer Setting up a business with the aim to make a profit.
For each business, select B2B or B2C. - Correct 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? - Correct Answer S-Corporation
For each statement about owners of equity in a business, select true or false. - Correct Answer True
Founders own equity.
partner owns equity.
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. - Correct Answer 1. Piece work
2. Salary
3. Hourly
4. Commission
, Place the stages of the business life cycle in the correct order. - Correct 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. - Correct Answer 1.
Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? - Correct
Answer Responsible
Adaptable
Tenacious
Which is one of the greatest benefits of being an entrepreneur? - Correct Answer Schedule control
Which three characteristics help identify a business opportunity? - Correct Answer Service
Price
Quality
What should this entrepreneur do FIRST before offering to design and build water features as part of his
landscaping business? - Correct Answer Ask the customers in the area if they are interested in adding a
water feature to their gardens.
Which two documents summarize business plans of a company? - Correct Answer Lean Canvas
Pitch Deck
