esb nfte study guide for esb certificate
test
Creativity - answer Inventing new ways of doing things; thinking "outside the box"
Determination - answer Refusing to quit despite obstacles
Flexibility - answer The ability to adapt to new situations; a willingness to change
Responsibility - answer Being accountable for your decisions and actions; not
"passing the buck"
Which three characteristics are possessed by successful entrepreneurs? (Choose
three)
A. Truthful with others
B. Likes to learn
C. Good at mathematics
D. Sees problems as opportunities
E. Confident at public speaking - answer A. Truthful with others
B. Likes to learn
D. Sees problems as opportunities
After a self-assessment, the owner of Tony's Fresh and Hot Pizza Shop realizes that he
lacks the creativity to offer a large menu that competes with gourmet pizza shops. What
is Tony's best strategy for successfully competing despite this weakness?
A. Promote his fast delivery service of hot pizzas.
B. Wait for gourmet pizza to go out of style.
C. Buy a franchise gourmet pizza shop with a large menu.
D. Start making something other than pizza. - answer A. Promote his fast delivery
service of hot pizzas.
After a self-assessment, Zoey has realized that she lacks the outgoing nature needed to
promote her hand-made hats. Based upon this finding, which approach would best
strengthen this weakness in her business model?
A. Be disciplined. Stay focused on deadlines and ensure that her hats are delivered on
time.
B. Be determined. Refuse to quit despite this obstacle with her personal characteristics.
C. Be creative. Add hand-made gloves and scarfs to expand her product line.
D. Be flexible. Partner with an outgoing person who can promote her product. - answer
D. Be flexible. Partner with an outgoing person who can promote her product.
,Martina and Crystal just graduated from a cooking school in a big city. They are both
vegans and enjoy the treats at a vegan bakery downtown. However, traffic is bad in the
city, and it takes them over an hour to drive to the bakery from their neighborhood. They
decide to open a vegan bakery in their part of town.
Based on the scenario provided, what should they emphasize in marketing to attract
customers to their shop?
A. Cooking school education
B. Convenient location
C. Variety of baked goods
D. Quality service - answer B. Convenient location
Shauna works at a restaurant. She wants to own her own restaurant someday. Which is
one of greatest risks of entrepreneurship?
A. Less challenges
B. Loss of flexibility in schedule
C. Less freedom
D. Loss of investment - answer C. Less freedom
Which are three of the greatest rewards of entrepreneurship? (Choose three)
A. Final say in business decisions
B. Predictable schedule
C. Independence
D. Financial security
E. Personal satisfaction - answer A. Final say in business decisions
C. Independence
E. Personal satisfaction
Sara has been the lead programmer for a software company for five years. She is
respected, and enjoys working with her team, but her salary is lower than the industry
average. Over the years, several team members left and started their own software
company. They found quick success and are now very wealthy. Sara has decided to
leave and start her own software business.
Which reward of entrepreneurship is Sara most interested in gaining?
A. Making her own rules
B. Doing work she enjoys
C. Helping her community
D. Creating greater wealth - answer D. Creating greater wealth
Jaden has saved up enough money that he can pursue his dream of owning a business.
It took a lot of time and hard work to finally have this opportunity. Jaden wants to start a
business with the lowest risk of failure. What should he choose to do?
A. Become an inventor
B. Start a new business
C. Buy an independent business
D. Buy a franchise - answer C. Buy an independent business
, Emily has recently earned a certification in personal training. She is researching the
business options available for this type of service.
-When 100 potential customers were surveyed, they provided the following responses:
>30% would hire a trainer based on referrals from a health club
>10% would hire a trainer through a corporate wellness program
>40% would hire a trainer based on promotion through social media
>20% would hire a trainer through a website.
-The customers reported that they are willing to spend the following amounts on a
personal trainer:
>20% would pay $25-30 for a 30-minute group session
>55% would pay $40-60 for a 30-minute personal session
>20% would pay $50-75 for a 60-minute group session
>5% would pay $100-150 for a 90-minute personal session
Given the facts provided, which opportunity for Emily's personal training service would
have the highest probability of success?
A. Promote 60-minute gr - answer D. Promote 30-minute personal sessions through
social media
Logan is starting a business painting houses and other buildings. He is researching the
business options available for this type of service.
-When 100 potential customers were surveyed, they provided this data showing interest
from different target markets:
>15% are real estate agents selling residential houses
>30% are owners of residential houses
>35% are owners of large apartment buildings
>20% are owners of businesses with large buildings
-The customers reported that they are willing to spend the following amounts per square
foot of painted surface:
>50% of people would pay $35-55 for painting the interiors of residential houses
>35% of people would pay $30-50 for painting the exteriors of residential houses
>15% of people would pay $150-300 for exterior commercial painting of large buildings
Given the facts provided, which target market for Logan's painting business would offer
the highest potential revenue in - answer C. Painting exteriors of large buildings for
apartment building owners
Justin owns a shop that sells clothing, books, posters, and gifts that appeal to people
who love rap music. Which method of market segmentation is Justin using?
A. Psychographics
B. Buying patterns
C. Geographics
D. Demographics - answer A. Psychographics
test
Creativity - answer Inventing new ways of doing things; thinking "outside the box"
Determination - answer Refusing to quit despite obstacles
Flexibility - answer The ability to adapt to new situations; a willingness to change
Responsibility - answer Being accountable for your decisions and actions; not
"passing the buck"
Which three characteristics are possessed by successful entrepreneurs? (Choose
three)
A. Truthful with others
B. Likes to learn
C. Good at mathematics
D. Sees problems as opportunities
E. Confident at public speaking - answer A. Truthful with others
B. Likes to learn
D. Sees problems as opportunities
After a self-assessment, the owner of Tony's Fresh and Hot Pizza Shop realizes that he
lacks the creativity to offer a large menu that competes with gourmet pizza shops. What
is Tony's best strategy for successfully competing despite this weakness?
A. Promote his fast delivery service of hot pizzas.
B. Wait for gourmet pizza to go out of style.
C. Buy a franchise gourmet pizza shop with a large menu.
D. Start making something other than pizza. - answer A. Promote his fast delivery
service of hot pizzas.
After a self-assessment, Zoey has realized that she lacks the outgoing nature needed to
promote her hand-made hats. Based upon this finding, which approach would best
strengthen this weakness in her business model?
A. Be disciplined. Stay focused on deadlines and ensure that her hats are delivered on
time.
B. Be determined. Refuse to quit despite this obstacle with her personal characteristics.
C. Be creative. Add hand-made gloves and scarfs to expand her product line.
D. Be flexible. Partner with an outgoing person who can promote her product. - answer
D. Be flexible. Partner with an outgoing person who can promote her product.
,Martina and Crystal just graduated from a cooking school in a big city. They are both
vegans and enjoy the treats at a vegan bakery downtown. However, traffic is bad in the
city, and it takes them over an hour to drive to the bakery from their neighborhood. They
decide to open a vegan bakery in their part of town.
Based on the scenario provided, what should they emphasize in marketing to attract
customers to their shop?
A. Cooking school education
B. Convenient location
C. Variety of baked goods
D. Quality service - answer B. Convenient location
Shauna works at a restaurant. She wants to own her own restaurant someday. Which is
one of greatest risks of entrepreneurship?
A. Less challenges
B. Loss of flexibility in schedule
C. Less freedom
D. Loss of investment - answer C. Less freedom
Which are three of the greatest rewards of entrepreneurship? (Choose three)
A. Final say in business decisions
B. Predictable schedule
C. Independence
D. Financial security
E. Personal satisfaction - answer A. Final say in business decisions
C. Independence
E. Personal satisfaction
Sara has been the lead programmer for a software company for five years. She is
respected, and enjoys working with her team, but her salary is lower than the industry
average. Over the years, several team members left and started their own software
company. They found quick success and are now very wealthy. Sara has decided to
leave and start her own software business.
Which reward of entrepreneurship is Sara most interested in gaining?
A. Making her own rules
B. Doing work she enjoys
C. Helping her community
D. Creating greater wealth - answer D. Creating greater wealth
Jaden has saved up enough money that he can pursue his dream of owning a business.
It took a lot of time and hard work to finally have this opportunity. Jaden wants to start a
business with the lowest risk of failure. What should he choose to do?
A. Become an inventor
B. Start a new business
C. Buy an independent business
D. Buy a franchise - answer C. Buy an independent business
, Emily has recently earned a certification in personal training. She is researching the
business options available for this type of service.
-When 100 potential customers were surveyed, they provided the following responses:
>30% would hire a trainer based on referrals from a health club
>10% would hire a trainer through a corporate wellness program
>40% would hire a trainer based on promotion through social media
>20% would hire a trainer through a website.
-The customers reported that they are willing to spend the following amounts on a
personal trainer:
>20% would pay $25-30 for a 30-minute group session
>55% would pay $40-60 for a 30-minute personal session
>20% would pay $50-75 for a 60-minute group session
>5% would pay $100-150 for a 90-minute personal session
Given the facts provided, which opportunity for Emily's personal training service would
have the highest probability of success?
A. Promote 60-minute gr - answer D. Promote 30-minute personal sessions through
social media
Logan is starting a business painting houses and other buildings. He is researching the
business options available for this type of service.
-When 100 potential customers were surveyed, they provided this data showing interest
from different target markets:
>15% are real estate agents selling residential houses
>30% are owners of residential houses
>35% are owners of large apartment buildings
>20% are owners of businesses with large buildings
-The customers reported that they are willing to spend the following amounts per square
foot of painted surface:
>50% of people would pay $35-55 for painting the interiors of residential houses
>35% of people would pay $30-50 for painting the exteriors of residential houses
>15% of people would pay $150-300 for exterior commercial painting of large buildings
Given the facts provided, which target market for Logan's painting business would offer
the highest potential revenue in - answer C. Painting exteriors of large buildings for
apartment building owners
Justin owns a shop that sells clothing, books, posters, and gifts that appeal to people
who love rap music. Which method of market segmentation is Justin using?
A. Psychographics
B. Buying patterns
C. Geographics
D. Demographics - answer A. Psychographics
