ESB Practice Exam Study Questions and
Answers 2024
T/F Trademark licensing is used for brand names, logos, or slogans - True
This segment describes the benefits to customers based on their wants or needs and
how they use the product - Behavioral
T/F Trade secret licensing must be registered with the gov - True
T/F The design thinking process places a high emphasis on developing customer
empathy - True
T/F The design thinking process aims to develop solutions to problems - True
You want to buy a gift shop in a popular location within a large town. Which three
factors will help you determine if the business opportunity is viable? - - Financing
requirements
- Revenues and cost
- Market Size
T/F Affiliate sales programs offer commissions to companies who sell their products
- True
Which two marketing platforms are examples of owned media - - Websites
- Blogs
What does a CFO (chief financial officer) do? - Creates budgets and financial
strategies
(CEO- chief executive officer, CIO-chief information officer, COO- chief operating
officer)
Which two services does direct distribution provide that fulfilment centers do not - -
Product marketing
- Product manufacturing
, T/F The design thinking process aims to develop a product based on the designer's
needs - False
T/F Fixed cost are expenses that have to be paid by the company, regardless of
changes in revenue - True
T/F An S corp, is suitable for internal companies with at least 100 shareholders -
Flase
T/F Variable cost depend on the increase or decrease in the amount or services a
product has sold - True
T/F Value engineering changes the purpose of the product - False
What is the fist step in forming a product/ market fit hypothesis - - Determine who
the target customer is
You need to invest in a business that has a simple transactions, low inventory cost,
and fast, free, product delivery - A business that sells digital product
T/F A non profit org. is taxed - False
T/F Copyright licensing is required for material in the public domain - False
You need to perform a SWOT analysis. What *internal* factors that affect your
business? - - Strengths and Weaknesses
You need money for you start up company. You have a few potential ideas for you
business. You are seeking mentorship and are willing to give up some equity in your
company. Which type of funding should you seek? - - Angel Investor
T/F Taking on business debt is a requirement for entrepreneurship - False
T/F A variable cost (ex: electric bill) is eventually paid off over time - False
This segment describes what customers think about and value and how they live
their lives - - Psychographic
Answers 2024
T/F Trademark licensing is used for brand names, logos, or slogans - True
This segment describes the benefits to customers based on their wants or needs and
how they use the product - Behavioral
T/F Trade secret licensing must be registered with the gov - True
T/F The design thinking process places a high emphasis on developing customer
empathy - True
T/F The design thinking process aims to develop solutions to problems - True
You want to buy a gift shop in a popular location within a large town. Which three
factors will help you determine if the business opportunity is viable? - - Financing
requirements
- Revenues and cost
- Market Size
T/F Affiliate sales programs offer commissions to companies who sell their products
- True
Which two marketing platforms are examples of owned media - - Websites
- Blogs
What does a CFO (chief financial officer) do? - Creates budgets and financial
strategies
(CEO- chief executive officer, CIO-chief information officer, COO- chief operating
officer)
Which two services does direct distribution provide that fulfilment centers do not - -
Product marketing
- Product manufacturing
, T/F The design thinking process aims to develop a product based on the designer's
needs - False
T/F Fixed cost are expenses that have to be paid by the company, regardless of
changes in revenue - True
T/F An S corp, is suitable for internal companies with at least 100 shareholders -
Flase
T/F Variable cost depend on the increase or decrease in the amount or services a
product has sold - True
T/F Value engineering changes the purpose of the product - False
What is the fist step in forming a product/ market fit hypothesis - - Determine who
the target customer is
You need to invest in a business that has a simple transactions, low inventory cost,
and fast, free, product delivery - A business that sells digital product
T/F A non profit org. is taxed - False
T/F Copyright licensing is required for material in the public domain - False
You need to perform a SWOT analysis. What *internal* factors that affect your
business? - - Strengths and Weaknesses
You need money for you start up company. You have a few potential ideas for you
business. You are seeking mentorship and are willing to give up some equity in your
company. Which type of funding should you seek? - - Angel Investor
T/F Taking on business debt is a requirement for entrepreneurship - False
T/F A variable cost (ex: electric bill) is eventually paid off over time - False
This segment describes what customers think about and value and how they live
their lives - - Psychographic
