ESB Exam One (GMETRIX) (Entrepreneurship and
Small Business Study Set) 2024
What is Entrepreneurship? - Answer ✔️✔️-Setting up a business with the aim to make a profit.
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do not
want to be protected from business liabilities. Which legal structure should you set up for your
business? - Answer ✔️✔️-S-Corporation
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
Answer ✔️✔️-Responsibility, Adaptivity, and Tenacity
Which is one of the greatest benefits of being an entrepreneur? - Answer ✔️✔️-Schedule Control
Which three characteristics help identify a business opportunity? - Answer ✔️✔️-Service,
Branding, and Quality
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to determine the
viability of his business opportunity. - Answer ✔️✔️-Ask the customers in the are if they are
interested in adding a water feature to their gardens.
Which two documents summarize the business plan of a company? - Answer ✔️✔️-Lean Canvas
and a Pitch Deck
Which three elements are required to have a trade secret? - Answer ✔️✔️-Information has
economic value not generally known, others cannot legitimately obtain the information, and
subject to reasonable efforts to maintain it's secrecy.
Small Business Study Set) 2024
What is Entrepreneurship? - Answer ✔️✔️-Setting up a business with the aim to make a profit.
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do not
want to be protected from business liabilities. Which legal structure should you set up for your
business? - Answer ✔️✔️-S-Corporation
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
Answer ✔️✔️-Responsibility, Adaptivity, and Tenacity
Which is one of the greatest benefits of being an entrepreneur? - Answer ✔️✔️-Schedule Control
Which three characteristics help identify a business opportunity? - Answer ✔️✔️-Service,
Branding, and Quality
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to determine the
viability of his business opportunity. - Answer ✔️✔️-Ask the customers in the are if they are
interested in adding a water feature to their gardens.
Which two documents summarize the business plan of a company? - Answer ✔️✔️-Lean Canvas
and a Pitch Deck
Which three elements are required to have a trade secret? - Answer ✔️✔️-Information has
economic value not generally known, others cannot legitimately obtain the information, and
subject to reasonable efforts to maintain it's secrecy.
