ESB CERTIFICATION EXAM QUESTIONS AND ANSWERS  

One can expect their sales volume to be ______ when they are in product/market fit. [Elements of the Product/Market Fit Hypothesis] - ANSWERShigh Product/market fit is making a product or ________ that many people want. [Elements of the Product/Market Fit Hypothesis] - ANSWERSservice A business must provide customers with quality products to maintain customer __________. [Performance and Quality Criteria] - ANSWERSsatisfaction A Minimum Viable Product (MVP) is a _________ used to test ease-of-use and functionality to help determine the user's experience and ultimately improve the user's experience with the product. [Performance and Quality Criteria] - ANSWERSprototype Label the items as either a product or a service. Use P for product and S for service. - ANSWERSa. P Muffins b. S AC repairs c. P Toilet paper d. P Jewelry e. S Web designs f. P Couch g. S Guitar lessons No ownership, no US federal taxes - ANSWERSNon-profit Best for international business even with being double-taxed - ANSWERSC corporation Easy to create but comes with unlimited liability - ANSWERSSole proprietorship Lower tax rate that prevents the company from being double-taxed - ANSWERSS corporation Ideal for a single owner seeking low risk - ANSWERSLLC