ESB Certification 3 (2024) Questions
With 100% Correct Answers.
An executive summary should briefly explain everything in a business plan in how
many pages? Answer- Two pages.
Factors that aid in determining whether or not a business opportunity is viable
include market size, _____, management of cash flow, management skill sets, and
passions. Answer- Relationships.
One value of using _____ material is that they are usually well-recognized, which
may help to boost sales. Answer- Trademarked.
Which two sources are considered secondary data? Answer- "Company
newsletters" and "internet articles."
What are twos characteristic of fulfillment centers that differ from direct distribution?
Answer- "Fulfillment centers pack and ship for a manufacturer" and "the
manufacturer controls all aspects of distribution."
Match the sales process steps to their description. Answer- Prospecting: "Finding
potential customers."
Preparation: "Developing a presentation tailored to a potential client and their
specific needs."
Approach: "Contacting a client or potential client."
Objection: "Alleviating concerns presented by the customer."
Closing: "Getting a client's decision to purchase or not to move forward."
Follow-up: "Maintaining a relationship with customers to obtain repeat business and
potential referrals."
When it comes to setting one's own quality standards, one must ensure they are...?
Answer- Measurable.
, What are two characteristics of direct distribution that differ from fulfillment centers?
Answer- "Direct distribution is also known as a zero level channel" and "the
manufacturer controls all aspects of distribution."
What might one have to do when listening to feedback from customers? Answer-
"Change markets" and "create completely new products."
For each statement about Direct Distribution and Indirect distribution Answer- True:
"Direct competition is a company that offers the same thing you offer," "indirect
competition is a business whose services are different from yours but satisfy the
same need," and "when your target audience buys products from a competitor
instate of from you, that is indirect competition."
False"
All companies that sell goods and services are indirect competitors."
Which are options for determining what a customer's service needs are? Answer-
"Talk with individuals interested in the service," "survey customers in the area," and
"place phone calls."
What is value engineering? Answer- "Substituting high-quality components with low-
cost components that still meet the product's lifetime duration and basic purpose."
What is the formula for determining a return on investment (ROI)? Answer- ROI =
(Net profit/cost of investment) x 100
When must real estate loans through the Small Business Administration (SBA) be
paid back? Answer- 25 years
Match the product/market fit stage to its description. Answer- Traction: "Sales gain
momentum and a business starts to grow."
Prototype: "Identify how a product or service solves customers' problems."
Monetization: "A business starts to earn revenue."
Idea: "Develop an idea for a product or service."
Growth: "See growth and continue to grow the business."
Launch: "The business is legally formed, and sales start to occur."
Deidre owns a pet store. Last month, her income was $5,500, her cost of goods was
$800, and her total expenses were $2,600. What are Deidre's net income and gross
income for last month?
Net income = $2,100 and Gross income = $4,200
Net income = $3.100 and Gross income = $4.700
Net income = $2,100 and Gross income = $4,700
With 100% Correct Answers.
An executive summary should briefly explain everything in a business plan in how
many pages? Answer- Two pages.
Factors that aid in determining whether or not a business opportunity is viable
include market size, _____, management of cash flow, management skill sets, and
passions. Answer- Relationships.
One value of using _____ material is that they are usually well-recognized, which
may help to boost sales. Answer- Trademarked.
Which two sources are considered secondary data? Answer- "Company
newsletters" and "internet articles."
What are twos characteristic of fulfillment centers that differ from direct distribution?
Answer- "Fulfillment centers pack and ship for a manufacturer" and "the
manufacturer controls all aspects of distribution."
Match the sales process steps to their description. Answer- Prospecting: "Finding
potential customers."
Preparation: "Developing a presentation tailored to a potential client and their
specific needs."
Approach: "Contacting a client or potential client."
Objection: "Alleviating concerns presented by the customer."
Closing: "Getting a client's decision to purchase or not to move forward."
Follow-up: "Maintaining a relationship with customers to obtain repeat business and
potential referrals."
When it comes to setting one's own quality standards, one must ensure they are...?
Answer- Measurable.
, What are two characteristics of direct distribution that differ from fulfillment centers?
Answer- "Direct distribution is also known as a zero level channel" and "the
manufacturer controls all aspects of distribution."
What might one have to do when listening to feedback from customers? Answer-
"Change markets" and "create completely new products."
For each statement about Direct Distribution and Indirect distribution Answer- True:
"Direct competition is a company that offers the same thing you offer," "indirect
competition is a business whose services are different from yours but satisfy the
same need," and "when your target audience buys products from a competitor
instate of from you, that is indirect competition."
False"
All companies that sell goods and services are indirect competitors."
Which are options for determining what a customer's service needs are? Answer-
"Talk with individuals interested in the service," "survey customers in the area," and
"place phone calls."
What is value engineering? Answer- "Substituting high-quality components with low-
cost components that still meet the product's lifetime duration and basic purpose."
What is the formula for determining a return on investment (ROI)? Answer- ROI =
(Net profit/cost of investment) x 100
When must real estate loans through the Small Business Administration (SBA) be
paid back? Answer- 25 years
Match the product/market fit stage to its description. Answer- Traction: "Sales gain
momentum and a business starts to grow."
Prototype: "Identify how a product or service solves customers' problems."
Monetization: "A business starts to earn revenue."
Idea: "Develop an idea for a product or service."
Growth: "See growth and continue to grow the business."
Launch: "The business is legally formed, and sales start to occur."
Deidre owns a pet store. Last month, her income was $5,500, her cost of goods was
$800, and her total expenses were $2,600. What are Deidre's net income and gross
income for last month?
Net income = $2,100 and Gross income = $4,200
Net income = $3.100 and Gross income = $4.700
Net income = $2,100 and Gross income = $4,700
