ESB Practice Exam 2023-2024 Questions
and Answers 100% Correct
True or False: A sales presentation aims to close a sale - ANSWER-False
True or False: Prospecting is following up with customers - ANSWER-False
True or False: Overcoming customer objections occurs before the sales presentation -
ANSWER-False
Which two types of information does an income statement provide?
A: An indication of profitability
B: An analysis of the shareholder equity
C: A classification of assets and liabilities
D: A classification of revenues and expenses - ANSWER-D: A classification of revenues
and expenses
You need to create a legal structure for your small business. You work alone, do not
plan to sell stock, and need to prevent your personal property. Which legal structure
should you set up for your business?
A: Limited Liability Corporation
B: C Corporation
C: S Corporation
D: Sole Proprietorship - ANSWER-A: Limited Liability Corporation
What are the characteristics of an entrepreneurial mindset?
A: Business knowledge, financial knowledge, and organizational skills
B: Creativity, adaptability, determination, and empathy
C: People skills, problem solving, and career exploration
D: Community awareness, education readiness, and literacy - ANSWER-B: Creativity,
adaptability, determination, and empathy
Which lean canvas component describes how a business idea solves the customers'
problems in a better way than the existing solutions?
A: Milestones
B: Business model
C: Value Proposition
D: Competition - ANSWER-B: Business model
You decide to create a new type of energy bar. You take some samples to a focus
group to get their reaction to your product. Which stage of development are you in?
and Answers 100% Correct
True or False: A sales presentation aims to close a sale - ANSWER-False
True or False: Prospecting is following up with customers - ANSWER-False
True or False: Overcoming customer objections occurs before the sales presentation -
ANSWER-False
Which two types of information does an income statement provide?
A: An indication of profitability
B: An analysis of the shareholder equity
C: A classification of assets and liabilities
D: A classification of revenues and expenses - ANSWER-D: A classification of revenues
and expenses
You need to create a legal structure for your small business. You work alone, do not
plan to sell stock, and need to prevent your personal property. Which legal structure
should you set up for your business?
A: Limited Liability Corporation
B: C Corporation
C: S Corporation
D: Sole Proprietorship - ANSWER-A: Limited Liability Corporation
What are the characteristics of an entrepreneurial mindset?
A: Business knowledge, financial knowledge, and organizational skills
B: Creativity, adaptability, determination, and empathy
C: People skills, problem solving, and career exploration
D: Community awareness, education readiness, and literacy - ANSWER-B: Creativity,
adaptability, determination, and empathy
Which lean canvas component describes how a business idea solves the customers'
problems in a better way than the existing solutions?
A: Milestones
B: Business model
C: Value Proposition
D: Competition - ANSWER-B: Business model
You decide to create a new type of energy bar. You take some samples to a focus
group to get their reaction to your product. Which stage of development are you in?
