ESB PRACTICE EXAM 1 QUESTIONS WITH CORRECT ANSWERS |LATEST UPDATE 100%
SOLVED| GRADED A+
What is Entrepreneurship? Setting up a business with the aim to make a profit
B2B or B2C Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to be taxed twice.
You have four partners that would be shareholders. None of you plan to sell your ownership to
the public, but do want to be protected by business liabilities. S-Corporation
True/False True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities Piece Work- amount of fruit they pick
Salary- set amount of pay each month, without overtime compensation for extra hours
Hourly- most affected by minimum wage laws
,Commission- paid by percentage
Business Life Cycle 1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... responsible,
tenacious, adaptable
One of the greatest benefits of being an entrepreneur? schedule control
Three characteristics to help identify a business opportunity? quality, service, price
, Owner of a landscaping business has noticed that none of his competitors are including ponds
or other water features in the gardens they create. Ask the customers in the area if they are
interested in adding water features. in their gardens
Summarize business plan for a company Lean canvas and pitch deck
True/False: Business Plan/Pitch Deck True: Business Plan buy in; Business plan text-based;
Pitch Deck visual; Pitch Deck attention
False: Pitch Deck 20-100 slides; Business Plan visual
Trade Secret 1) Subject to reasonable measures
2) Other cannot legitimately
3) Information has economic value
You need. a photograph to use in a commercial presentation. CC- Creative Commmons
BY- credit must be given to the creator
SA- adaptations must be shared
NC- only noncommercial uses
ND- no derivatives
SOLVED| GRADED A+
What is Entrepreneurship? Setting up a business with the aim to make a profit
B2B or B2C Wholesale flooring distributer- B2B
Purchases requiring a tax exemption certificate- B2B
Chain of local grocery stores- B2C
Motorcycle repair shop- B2C
You would like some benefits enjoyed by large corporations, but do not want to be taxed twice.
You have four partners that would be shareholders. None of you plan to sell your ownership to
the public, but do want to be protected by business liabilities. S-Corporation
True/False True: A partner owns equity; A founder owns equity
False: All stakeholders own equity; Contractors own equity
Company roles and responsibilities Piece Work- amount of fruit they pick
Salary- set amount of pay each month, without overtime compensation for extra hours
Hourly- most affected by minimum wage laws
,Commission- paid by percentage
Business Life Cycle 1. existence
2. survival of the fittest
3. success
4. take-off
5. maturity
Element of the Design Thinking Process Empathize- research needs
Define- state the problem
Ideate- challenge assumptions and create ideas
Prototype- create solutions
Test- try your solutions
Successful entrepreneur have mindsets that possess three characteristics... responsible,
tenacious, adaptable
One of the greatest benefits of being an entrepreneur? schedule control
Three characteristics to help identify a business opportunity? quality, service, price
, Owner of a landscaping business has noticed that none of his competitors are including ponds
or other water features in the gardens they create. Ask the customers in the area if they are
interested in adding water features. in their gardens
Summarize business plan for a company Lean canvas and pitch deck
True/False: Business Plan/Pitch Deck True: Business Plan buy in; Business plan text-based;
Pitch Deck visual; Pitch Deck attention
False: Pitch Deck 20-100 slides; Business Plan visual
Trade Secret 1) Subject to reasonable measures
2) Other cannot legitimately
3) Information has economic value
You need. a photograph to use in a commercial presentation. CC- Creative Commmons
BY- credit must be given to the creator
SA- adaptations must be shared
NC- only noncommercial uses
ND- no derivatives
