ESB

ESB EXAM (Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S. Practice Exam 1 Training) Verified 100% Correct!!

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ESB EXAM Study Guide 2024 Updated Answers Flexibility - ️️ -Ability to adapt, willingness to change Courage - ️️ -Takes risks in spite of possible losses Empathy - ️️ -Sensitive to thoughts and feelings of others What are three characteristics of entrepreneurs? - ️️ -Creativity, Determination, Enthusiasm After a self-assessment, a potential entrepreneur has learned that she has a very low risk tolerance. Based upon this finding, which approach might be less stressful for ...

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 s...

Ophelia runs a local seamstress business. Ophelia is losing customers to a competing business. Upon sending an employee over to check out the competition, Ophelia discovers the competitor's turnaround time is double her turnaround time. What should Ophelia's new marketing strategy be to woo back her customers? - ️️service Gabe has worked as a journeyman electrician for an employer for the past 16 years. He is paid a good salary. His only dissatisfaction is the hours are long and often w...

James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ️️$24,800 Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and wants to make 25%. What should her selling price be? - ️️$87,500 TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ️️True Equipment is considered ... - ️️a long term asset...

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. la...

A law was passed increasing the minimum wage by 30%. The owner of a small landscaping business must now pay all of her laborers 30% higher wages. What is the minimum amount the owner must now charge customers for labor to balance her increased operational expenses? Note: Disregard associated increases in taxes, such as FICA. - ️️-30% You've been asked to classify several businesses as either B2B or B2C For each business, select B2B or B2C. - ️️B2B -Wholesale flooring distributor ...

Break Even Formula - ️️To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit - Variable costs per unit) or in sales dollars using the formula: Break-Even point (sales dollars) = Fixed Costs ÷ Contribution Margin. Driving Sales - ️️the largest automotive marketing resource and car dealer social network, providing industry best practices and more Inventory Loan - ️️The loan is collateralized by the inventory i...

The owner of a mobile food truck plans to sell tacos , hamburgers, and other foods to employees in a large office complex . Before opening his business , the owner will most likely need to obtain which of the following documents from each employee to verify they have completed a course in food handling safety? - ️️certificate The owner of a pet supply store wants to expand her business and by boarding animals. She has designed plans to add a 30^ prime *60^ prime kennel onto the back of he...

What to research for competitive information (What to research about your competition. - ️️pricing and marketing She has a fix cost of 3,000 and the average cost of the item is 2.25 and she sells it for 4.25. What is her break-even cost? - ️️1,500 ( 3000/(4.25-2.25)2=1,500) Break even= fix cost/profit) What is angel investor, crowdfunding, bootstrapping, and incubators? - ️️Angel investors- invest for equity Crowd funding- An online method of fundraising(social media) ...

What is entrepreneurship? - ️️Setting up a business with the aim to make a profit. For each business, select B2B or B2C. - ️️B2B Purchases requiring a tax exemption certificate. Wholesale flooring distributor. B2C Motorcycle repair shop. Chain of local grocery stores. Which legal structure should you set up for your business? - ️️S-Corporation For each statement about owners of equity in a business, select true or false. - ️️True Founders own equity. partner ow...