ESB Practice Exam 2023-2024 Questions
and Answers 100% Correct!!
T/F Trademark licensing is used for brand names, logos, or slogans - ANSWER-True
This segment describes the benefits to customers based on their wants or needs and
how they use the product - ANSWER-Behavioral
T/F Trade secret licensing must be registered with the gov - ANSWER-True
T/F The design thinking process places a high emphasis on developing customer
empathy - ANSWER-True
T/F The design thinking process aims to develop solutions to problems - ANSWER-True
You want to buy a gift shop in a popular location within a large town. Which three
factors will help you determine if the business opportunity is viable? - ANSWER--
Financing requirements
- Revenues and cost
- Market Size
T/F Affiliate sales programs offer commissions to companies who sell their products -
ANSWER-True
Which two marketing platforms are examples of owned media - ANSWER-- Websites
- Blogs
What does a CFO (chief financial officer) do? - ANSWER-Creates budgets and financial
strategies
(CEO- chief executive officer, CIO-chief information officer, COO- chief operating
officer)
Which two services does direct distribution provide that fulfilment centers do not -
ANSWER-- Product marketing
- Product manufacturing
T/F The design thinking process aims to develop a product based on the designer's
needs - ANSWER-False
T/F Fixed cost are expenses that have to be paid by the company, regardless of
changes in revenue - ANSWER-True
, T/F An S corp, is suitable for internal companies with at least 100 shareholders -
ANSWER-Flase
T/F Variable cost depend on the increase or decrease in the amount or services a
product has sold - ANSWER-True
T/F Value engineering changes the purpose of the product - ANSWER-False
What is the fist step in forming a product/ market fit hypothesis - ANSWER-- Determine
who the target customer is
You need to invest in a business that has a simple transactions, low inventory cost, and
fast, free, product delivery - ANSWER-A business that sells digital product
T/F A non profit org. is taxed - ANSWER-False
T/F Copyright licensing is required for material in the public domain - ANSWER-False
You need to perform a SWOT analysis. What *internal* factors that affect your
business? - ANSWER-- Strengths and Weaknesses
You need money for you start up company. You have a few potential ideas for you
business. You are seeking mentorship and are willing to give up some equity in your
company. Which type of funding should you seek? - ANSWER-- Angel Investor
T/F Taking on business debt is a requirement for entrepreneurship - ANSWER-False
T/F A variable cost (ex: electric bill) is eventually paid off over time - ANSWER-False
This segment describes what customers think about and value and how they live their
lives - ANSWER-- Psychographic
T/F A fixed cost has the same value each time it is incurred - ANSWER-True
What is a risk of being an entrepreneur? - ANSWER-- lack of financial resources
T/F The business owners personal credit score does not affect their ability to qualify for
a loan - ANSWER-False
This segment describes where customers are located and how they can be reached -
ANSWER-- Geographic
T/F The design thinking process is highly focused on using secondary research to
develop solutions to problems - ANSWER-False
and Answers 100% Correct!!
T/F Trademark licensing is used for brand names, logos, or slogans - ANSWER-True
This segment describes the benefits to customers based on their wants or needs and
how they use the product - ANSWER-Behavioral
T/F Trade secret licensing must be registered with the gov - ANSWER-True
T/F The design thinking process places a high emphasis on developing customer
empathy - ANSWER-True
T/F The design thinking process aims to develop solutions to problems - ANSWER-True
You want to buy a gift shop in a popular location within a large town. Which three
factors will help you determine if the business opportunity is viable? - ANSWER--
Financing requirements
- Revenues and cost
- Market Size
T/F Affiliate sales programs offer commissions to companies who sell their products -
ANSWER-True
Which two marketing platforms are examples of owned media - ANSWER-- Websites
- Blogs
What does a CFO (chief financial officer) do? - ANSWER-Creates budgets and financial
strategies
(CEO- chief executive officer, CIO-chief information officer, COO- chief operating
officer)
Which two services does direct distribution provide that fulfilment centers do not -
ANSWER-- Product marketing
- Product manufacturing
T/F The design thinking process aims to develop a product based on the designer's
needs - ANSWER-False
T/F Fixed cost are expenses that have to be paid by the company, regardless of
changes in revenue - ANSWER-True
, T/F An S corp, is suitable for internal companies with at least 100 shareholders -
ANSWER-Flase
T/F Variable cost depend on the increase or decrease in the amount or services a
product has sold - ANSWER-True
T/F Value engineering changes the purpose of the product - ANSWER-False
What is the fist step in forming a product/ market fit hypothesis - ANSWER-- Determine
who the target customer is
You need to invest in a business that has a simple transactions, low inventory cost, and
fast, free, product delivery - ANSWER-A business that sells digital product
T/F A non profit org. is taxed - ANSWER-False
T/F Copyright licensing is required for material in the public domain - ANSWER-False
You need to perform a SWOT analysis. What *internal* factors that affect your
business? - ANSWER-- Strengths and Weaknesses
You need money for you start up company. You have a few potential ideas for you
business. You are seeking mentorship and are willing to give up some equity in your
company. Which type of funding should you seek? - ANSWER-- Angel Investor
T/F Taking on business debt is a requirement for entrepreneurship - ANSWER-False
T/F A variable cost (ex: electric bill) is eventually paid off over time - ANSWER-False
This segment describes what customers think about and value and how they live their
lives - ANSWER-- Psychographic
T/F A fixed cost has the same value each time it is incurred - ANSWER-True
What is a risk of being an entrepreneur? - ANSWER-- lack of financial resources
T/F The business owners personal credit score does not affect their ability to qualify for
a loan - ANSWER-False
This segment describes where customers are located and how they can be reached -
ANSWER-- Geographic
T/F The design thinking process is highly focused on using secondary research to
develop solutions to problems - ANSWER-False
