E.S.B. gmetrix certification UPDATED
Exam Questions and CORRECT Answers
After doing a self-assessment, Peter realizes he wants to start a plumbing business, but doesn't
want to risk alot of his own money. What would be his best option? - CORRECT
ANSWER - Purchase an existing business
Besides defining strengths and weaknesses, what is the other main factor determined during a
self-assessment? - CORRECT ANSWER - Risk tolerance
Todd wants to open a golf shop. Todd doesn't have any collateral except for his Ford Pinto. Upon
attempting to secure financing from a bank, Todd is rejected for lack of collateral. Todd then
turns to private investors in an effort to get the business started. What entrepreneurial
characteristic is Todd exhibiting? - CORRECT ANSWER - Flexibility
Phyllis owns multiple pet stores. Phyllis opens a new pet store in a growing area of town but the
new store fails and closes after a year. How should Phyllis best handle this? - CORRECT
ANSWER - evaluate why the store failed and use that knowledge for future ventures
Donnie is new to a town that does not have a doggie day care facility. Upon researching the
situation, Donnie decides to open a doggie day care facility. Which marketing option for this new
business should be a point of emphasis? - CORRECT ANSWER - Location
Which entrepreneurial trait best deals with ambiguity? - CORRECT ANSWER - Patience
Fran works for a flooring company in a neighboring town. Many of Fran's customers complain
about lack of available flooring companies in the area and that of those companies, prices are too
high. Should Fran decide to open a flooring business, what can be a good marketing strategy? -
CORRECT ANSWER - Lower prices
Which are considered rewards of being an entrepreneur? Choose 3 answers. - CORRECT
ANSWER - Bigger community asset, better earnings, working the way one chooses
, Rey has worked as a transportation coordinator for the past 10 years. Rey often is dissatisfied
with the stagnation of the job and wants to open her own transportation service. Which benefit of
entrepreneurship will be the biggest one for Rey? - CORRECT ANSWER - Autonomy
George wants to take his passion for golf and open a golf academy. What would be benefits
George could enjoy from this experience? Choose 2 answers. - CORRECT ANSWER -
Financial gain, pursing ones passion
Which are traits of a successful entrepreneur? Choose 3 answers. - CORRECT ANSWER -
patient, confident, and enthusiastic
Which are considered risks of being an entrepreneur? Choose 3 answers. - CORRECT
ANSWER - Long hours, possible business failure, financial instability
Ronnie wants to start a retail outdoor sports store. In the last 10 years, Ronnie has moved 5 times
to 5 different states. What about Ronnie could hamper potential success for this business. -
CORRECT ANSWER - Lack of patience
Bruce is an experienced mechanic that grew up in a family of entrepreneurs. He has decided to
open an auto shop that specializes in alignments, repairs, oil changes, and warranty work for
rental fleets, leasing companies and auto dealerships. Which customer group will Bruce's
company support? - CORRECT ANSWER - business
Phil is a master plumber looking to move his family and his business to a new city. Before doing
so, he needs to determine the demand for the services his business provides. Given this
information, which two factors should phil consider? - CORRECT ANSWER - how many
competitors are in the area and what are the customers spending patterns in the area
which are 2 advantages of buying franchise? - CORRECT ANSWER - brand recognition
and marketing assistance
Exam Questions and CORRECT Answers
After doing a self-assessment, Peter realizes he wants to start a plumbing business, but doesn't
want to risk alot of his own money. What would be his best option? - CORRECT
ANSWER - Purchase an existing business
Besides defining strengths and weaknesses, what is the other main factor determined during a
self-assessment? - CORRECT ANSWER - Risk tolerance
Todd wants to open a golf shop. Todd doesn't have any collateral except for his Ford Pinto. Upon
attempting to secure financing from a bank, Todd is rejected for lack of collateral. Todd then
turns to private investors in an effort to get the business started. What entrepreneurial
characteristic is Todd exhibiting? - CORRECT ANSWER - Flexibility
Phyllis owns multiple pet stores. Phyllis opens a new pet store in a growing area of town but the
new store fails and closes after a year. How should Phyllis best handle this? - CORRECT
ANSWER - evaluate why the store failed and use that knowledge for future ventures
Donnie is new to a town that does not have a doggie day care facility. Upon researching the
situation, Donnie decides to open a doggie day care facility. Which marketing option for this new
business should be a point of emphasis? - CORRECT ANSWER - Location
Which entrepreneurial trait best deals with ambiguity? - CORRECT ANSWER - Patience
Fran works for a flooring company in a neighboring town. Many of Fran's customers complain
about lack of available flooring companies in the area and that of those companies, prices are too
high. Should Fran decide to open a flooring business, what can be a good marketing strategy? -
CORRECT ANSWER - Lower prices
Which are considered rewards of being an entrepreneur? Choose 3 answers. - CORRECT
ANSWER - Bigger community asset, better earnings, working the way one chooses
, Rey has worked as a transportation coordinator for the past 10 years. Rey often is dissatisfied
with the stagnation of the job and wants to open her own transportation service. Which benefit of
entrepreneurship will be the biggest one for Rey? - CORRECT ANSWER - Autonomy
George wants to take his passion for golf and open a golf academy. What would be benefits
George could enjoy from this experience? Choose 2 answers. - CORRECT ANSWER -
Financial gain, pursing ones passion
Which are traits of a successful entrepreneur? Choose 3 answers. - CORRECT ANSWER -
patient, confident, and enthusiastic
Which are considered risks of being an entrepreneur? Choose 3 answers. - CORRECT
ANSWER - Long hours, possible business failure, financial instability
Ronnie wants to start a retail outdoor sports store. In the last 10 years, Ronnie has moved 5 times
to 5 different states. What about Ronnie could hamper potential success for this business. -
CORRECT ANSWER - Lack of patience
Bruce is an experienced mechanic that grew up in a family of entrepreneurs. He has decided to
open an auto shop that specializes in alignments, repairs, oil changes, and warranty work for
rental fleets, leasing companies and auto dealerships. Which customer group will Bruce's
company support? - CORRECT ANSWER - business
Phil is a master plumber looking to move his family and his business to a new city. Before doing
so, he needs to determine the demand for the services his business provides. Given this
information, which two factors should phil consider? - CORRECT ANSWER - how many
competitors are in the area and what are the customers spending patterns in the area
which are 2 advantages of buying franchise? - CORRECT ANSWER - brand recognition
and marketing assistance
