ESB Certification Exam Study Guide
with 100% correct answers
Bill just started a new graphic design business. He is advertising online and trying to gain
customers. He just finished working with his first client. In which business life cycle stage is
Bill? - ANSWER-Existence
Stephanie started a new flower shop last year. She has a good customer base and money coming
in. In which business life cycle stage is Stephanie? - ANSWER-Survival
List the correct order of the design thinking process - ANSWER-Empathize, Define, Ideate,
Prototype, Test
During which stage of the design thinking process will the design team create
multiple inexpensive product versions? - ANSWER-Prototype
During which stage of the design thinking process is a problem statement formed? - ANSWER-
Define
Which stage of the design thinking process involves learning about customers' challenges?
- ANSWER-Empathize
Domain 1 Lesson 2 - ANSWER-
____ is the amount of loss one is willing to take when making an investment decision -
ANSWER-Risk tolerance
Having a ____ mindset means believing that one can accomplish anything through hard work -
ANSWER-growth
An example of an ____ risk is a natural disaster - ANSWER-environmental
A business opportunity is an ____ that lets a buyer start a business - ANSWER-investment
,A ____ needs to be obtained to use a brand name on products - ANSWER-license
The five factors that determine the viability of a business opportunity are ____, relationships,
cash flow management, management skillsets, and passion - ANSWER-market size
, A business plan helps a business achieve short-term and long-term ____ - ANSWER-goals
A lean canvas should only be ____ long - ANSWER-one page
The ____ summary creates the first impression of a business plan - ANSWER-executive
The ____ plan should specifically be directed to investors and lenders - ANSWER-financial
A pitch deck is most commonly presented in the form of a ____ presentation - ANSWER-slide
A ____ provides a brief overview of a business where one talks about the company's mission and
the value provided to customers - ANSWER-vision and value proposition
A patent protects an ____ from being copied - ANSWER-invention
Trade secrets protect a company's formulas from being shared with ____ - ANSWER-
competitors
To license a product, one must obtain ____ from the author or creator - ANSWER-authorization
Confidentiality or ____ agreements are signed by employees, agreeing not to share trade secrets -
ANSWER-non-disclosure
Name a characteristic of a successful entrepreneur and explain why that skill would be helpful
when starting a business - ANSWER-a large variety of characteristics because entrepreneurs
recognize opportunities and tolerate risks so they have growth mindsets and use critical
thinking to overcome obstacles, they also collaborate with others to solve problems; these
characteristics help entrepreneurs be successful
with 100% correct answers
Bill just started a new graphic design business. He is advertising online and trying to gain
customers. He just finished working with his first client. In which business life cycle stage is
Bill? - ANSWER-Existence
Stephanie started a new flower shop last year. She has a good customer base and money coming
in. In which business life cycle stage is Stephanie? - ANSWER-Survival
List the correct order of the design thinking process - ANSWER-Empathize, Define, Ideate,
Prototype, Test
During which stage of the design thinking process will the design team create
multiple inexpensive product versions? - ANSWER-Prototype
During which stage of the design thinking process is a problem statement formed? - ANSWER-
Define
Which stage of the design thinking process involves learning about customers' challenges?
- ANSWER-Empathize
Domain 1 Lesson 2 - ANSWER-
____ is the amount of loss one is willing to take when making an investment decision -
ANSWER-Risk tolerance
Having a ____ mindset means believing that one can accomplish anything through hard work -
ANSWER-growth
An example of an ____ risk is a natural disaster - ANSWER-environmental
A business opportunity is an ____ that lets a buyer start a business - ANSWER-investment
,A ____ needs to be obtained to use a brand name on products - ANSWER-license
The five factors that determine the viability of a business opportunity are ____, relationships,
cash flow management, management skillsets, and passion - ANSWER-market size
, A business plan helps a business achieve short-term and long-term ____ - ANSWER-goals
A lean canvas should only be ____ long - ANSWER-one page
The ____ summary creates the first impression of a business plan - ANSWER-executive
The ____ plan should specifically be directed to investors and lenders - ANSWER-financial
A pitch deck is most commonly presented in the form of a ____ presentation - ANSWER-slide
A ____ provides a brief overview of a business where one talks about the company's mission and
the value provided to customers - ANSWER-vision and value proposition
A patent protects an ____ from being copied - ANSWER-invention
Trade secrets protect a company's formulas from being shared with ____ - ANSWER-
competitors
To license a product, one must obtain ____ from the author or creator - ANSWER-authorization
Confidentiality or ____ agreements are signed by employees, agreeing not to share trade secrets -
ANSWER-non-disclosure
Name a characteristic of a successful entrepreneur and explain why that skill would be helpful
when starting a business - ANSWER-a large variety of characteristics because entrepreneurs
recognize opportunities and tolerate risks so they have growth mindsets and use critical
thinking to overcome obstacles, they also collaborate with others to solve problems; these
characteristics help entrepreneurs be successful
