ESB Practice Test Questions and
Answers 100% Pass
Which two types of information does an income statement provide? - ✔✔-A
classification of revenues & expenses
-A classification of assets and liabilities
The __________ creates budgets and financial strategies - ✔✔chief financial officer
(CFO)
A _______ finds and invests resources to form the company and help it succeed -
✔✔founder
The ______ reports to the board of directors and is the highest-ranking employee in the
company - ✔✔CEO
You need to create a legal structure for your small business. You work alone, do not
plan to sell stock, and need to protect your personal property. Which legal structure
should you set up for your business? - ✔✔Wholesale is B2B while retail is B2C
Your company's acquisition cost is too high. Which two actions should you take to
lower the customer acquisition cost choose? (2) - ✔✔-Decrease direct mail and prints
ads
-Increase advertising targeted at new customers
What are the qualities of an entrepreneurial mindset? - ✔✔Flexible and resilient
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, You manufacture racecars. How should you determine performance criteria for your
product? - ✔✔Test an interactive prototype
Which three roles have equity in a business? (Choose 3) - ✔✔-Partner
-Owner
-Stockholder
You decide to create a new type of energy bar. You take some samples to a focus group
to get their reactions to your product. Which stage of the development process are you
in? - ✔✔Market strategy creation
Statements about the product/market fit analysis (t/f)
a.Product/market fit results in low volume sales
b.Repeated use of a product is an indicator of product/market fit
c.A value hypothesis explains why a customer would use a product
d.Product/market fit occurs when you build something that people want - ✔✔a. False
b. False
c. True
d. True
You have a landscaping business. You have the following financial information for the
month:
a.Initial cash balance - $1200
b.Projected revenue based on existing clients - $2350
c.Gas - $100
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
Answers 100% Pass
Which two types of information does an income statement provide? - ✔✔-A
classification of revenues & expenses
-A classification of assets and liabilities
The __________ creates budgets and financial strategies - ✔✔chief financial officer
(CFO)
A _______ finds and invests resources to form the company and help it succeed -
✔✔founder
The ______ reports to the board of directors and is the highest-ranking employee in the
company - ✔✔CEO
You need to create a legal structure for your small business. You work alone, do not
plan to sell stock, and need to protect your personal property. Which legal structure
should you set up for your business? - ✔✔Wholesale is B2B while retail is B2C
Your company's acquisition cost is too high. Which two actions should you take to
lower the customer acquisition cost choose? (2) - ✔✔-Decrease direct mail and prints
ads
-Increase advertising targeted at new customers
What are the qualities of an entrepreneurial mindset? - ✔✔Flexible and resilient
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 1
, You manufacture racecars. How should you determine performance criteria for your
product? - ✔✔Test an interactive prototype
Which three roles have equity in a business? (Choose 3) - ✔✔-Partner
-Owner
-Stockholder
You decide to create a new type of energy bar. You take some samples to a focus group
to get their reactions to your product. Which stage of the development process are you
in? - ✔✔Market strategy creation
Statements about the product/market fit analysis (t/f)
a.Product/market fit results in low volume sales
b.Repeated use of a product is an indicator of product/market fit
c.A value hypothesis explains why a customer would use a product
d.Product/market fit occurs when you build something that people want - ✔✔a. False
b. False
c. True
d. True
You have a landscaping business. You have the following financial information for the
month:
a.Initial cash balance - $1200
b.Projected revenue based on existing clients - $2350
c.Gas - $100
COPYRIGHT © 2025 BY KATELYN WHITMAN, ALL RIGHTS RESERVED 2
