ESB V2 Certification questions and answers.

Quality _______ is measured by how well the product or service successfully serves its users' purpose. E-commerce sales and door-to-door sales What are two examples of direct distribution channels? Middlemen Indirect distribution channels use _______ to sell their products to the end customers. Idea The first stage of the product/market fit is the ________ stage. prototype The second stage of the product/market fit is the ________ stage. launch The third stage of the product/market fit is the ________ stage. traction The fourth stage of the product/market fit is the ________ stage. monetization The fifth stage of the product/market fit is the ________ stage. growth The sixth and final stage of the product/market fit is the ________ stage. Set quality standards The first step of creating a quality control process is to _____________. Establish the method of testing product quality The second step of creating a quality control process is to _____________. Review the internal quality testing results The third step of creating a quality control process is to _____________. Refine and improve quality methods and measures as needed. The fourth step of creating a quality control process is to _____________. Employee Sarah is a(n) ________ because she performs tasks while abiding by company policies and receives a wage for her work. Success Sharon is in the ________ stage because she is earning more money, and the company's finances are doing well. Because she is not yet preparing to finance future growth, she is not yet in the take-off stage. Trade secret Knowing a process has been tested and works well is valuable to companies as they can assume it would work just as successfully for their company. As a result, companies may want to use __________ materials. Business plan A written document that details how a business will be structured, managed, run, and grown. Pitch deck A brief overview of a business plan, the products and services that will be provided, the funding needed, and financial projections. Lean canvas Covers problems and solutions, value propositions, marketing channels, key metrics, costs, and revenue without all of the business plan details. Critical thinking ___________ involves solving problems in the best way by considering various potential solutions to the problem. Creativity and innovation _________________ bring new and unconventional ideas to the table and finding creative and new solutions to the way things are done. Collaboration ______________ is working with others toward a common goal. Problem solving ______________ is coming up with solutions to solve a problem. Personal agency _____________ is working towards achieving a goal without someone directing and ensuring it is being done. Ethical practices ______________ involve decision-making based on morals and doing the right thing. Social responsibilities _____________ involve preventing and removing any corruption and unethical behavior that could harm a business, the community, or the environment. They must obtain ownership of the patent What must happen before one can use someone else's patent? Newspaper marketing With ________, it is easy to target a specific geographic location. (cost * desired profit margin) + cost What is the formula for selling price? (Marketing expenses + Sales expenses)/ number of new customers in the period What is the formula for calculating Customer Acquisition Cost (CAC)? [(Ending number of customers in a period - new customers gained in a period)/Starting number of customers in a period] * 100 What is the formula for calculating Customer Retention Rate (CRR)? Equity ___________ is the owner's remaining value after all liabilities have been deducted. Assets - Liabilities What is the formula for calculating equity? Liabilities + Equity What is the formula for calculating assets? Balance Sheet A(n) _____________ shows what a company owns (both assets and liabilities.) Income Statement A(n) _____________ shows the total revenues and expenses for a specific period of time. total income - COGS - expenses What is the formula for calculating net income? income - COGS What is the formula for calculating gross profit? gross profit * tax rate What is the formula for calculating income tax expense? Total monthly cost/selling price What is the formula for calculating the break-even point? Total cash - total costs What is the formula for calculating ending cash balance? burn rate A ________ is used to identify the amount of cash a company is spending each month. Month starting balance - month ending balance What is the formula for calculating the burn rate for a company? Run rate A __________ is used to make projections about a company's future performance. It usually uses a specific period (usually a month). Current revenue * 12 What is the formula used to calculate the run rate for a company? Return on Investment (ROI) ___________ is used by businesses to show how much