ESB

ESB EXAM (ANSWERS FOR ESB PRACTICE TEST ENTREPRENEURSHIP & SMALL BUSINESS V.2 - U.S. PRACTICE EXAM 1 TRAINING) BRAND NEW ACTUAL EXAM WITH ANSWERS.

Domain 1 Lesson 1 The key objective of a small business owner is to generate ____ - ANS profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - ANS risks Tangible items that require pick-up or delivery are ____ products - ANS physical When a ____ purchases an item from a business, it is a business-to-consumer transaction - ANS customer ____ are for-profit corporations with limited liability - ANS S corporations ____ are ideal for...

James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ANS $24,800 Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and wants to make 25%. What should her selling price be? - ANS $87,500 TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ANS True Equipment is considered ... - ANS a long term asset ROI is ca...

Ophelia runs a local seamstress business. Ophelia is losing customers to a competing business. Upon sending an employee over to check out the competition, Ophelia discovers the competitor's turnaround time is double her turnaround time. What should Ophelia's new marketing strategy be to woo back her customers? - ANS service Gabe has worked as a journeyman electrician for an employer for the past 16 years. He is paid a good salary. His only dissatisfaction is the hours are long and oft...

T/F Trademark licensing is used for brand names, logos, or slogans - ANS True This segment describes the benefits to customers based on their wants or needs and how they use the product - ANS Behavioral T/F Trade secret licensing must be registered with the gov - ANS True T/F The design thinking process places a high emphasis on developing customer empathy - ANS True T/F The design thinking process aims to develop solutions to problems - ANS True You want to buy a gift shop in a popular l...

What is entepenuership? - ANS setting up a buisness with the aim to make a profit B2B (business-to-business) - ANS A commercial exchange (e.g., products or services) between businesses, typically enabled by the Internet or electronic means. B2C (business-to-consumer) - ANS the process by which businesses sell to consumers S-Corporation - ANS a form of corporation that avoids double taxation by having its income taxed as if it were a partnership C-Corporation - ANS an ordinary corporation, ...

Flexibility - ANS Ability to adapt, willingness to change Courage - ANS Takes risks in spite of possible losses Empathy - ANS Sensitive to thoughts and feelings of others What are three characteristics of entrepreneurs? - ANS Creativity, Determination, Enthusiasm After a self-assessment, a potential entrepreneur has learned that she has a very low risk tolerance. Based upon this finding, which approach might be less stressful for the entrepreneur to have her own business? - ANS Buy an exi...

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? - ANS Purchase an existing business Besides defining strengths and weaknesses, what is the other main factor determined during a self-assessment? - ANS 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...

Which two types of information does an income statement provide? - ANS -A classification of revenues & expenses -A classification of assets and liabilities The __________ creates budgets and financial strategies - ANS chief financial officer (CFO) A _______ finds and invests resources to form the company and help it succeed - ANS founder The ______ reports to the board of directors and is the highest-ranking employee in the company - ANS CEO You need to create a legal structure for your ...

A law was passed increasing the minimum wage by 30%. The owner of a small landscaping business must now pay all of her laborers 30% higher wages. What is the minimum amount the owner must now charge customers for labor to balance her increased operational expenses? Note: Disregard associated increases in taxes, such as FICA. - ANS -30% You've been asked to classify several businesses as either B2B or B2C For each business, select B2B or B2C. - ANS B2B -Wholesale flooring distributor -...