ESB 1
Which business scenario fits the definition of a small business, according to the SBA?
Match each aspect of a Business Life Cycle to its corresponding description.
1. Pivot
2. Perservere
3. Exit Strategy
A. Change part of a business model.
B. Make attempts to scale a business.
C. Turn a business over to a family member.
1. A
2. B
3. C
1. A __________is a multi-page document describing and detailing a business.
2. A slide presentation for potential investors that summarizes of the key items of a business is called a __________.
3. A __________ is a single-page business summary template that was created by Ash Maurya.
A. Business Plan
B. Lean Canvas
C. Pitch Deck
1. A
2. C
3. B
In the context of interpreting market research, which of the following is an example of Primary Data?
A. Similar business scenarios on YouTube
B. An series of industry reports
C. Interviews with SMEs
D. A list of your business competitors compiled by the Chamber of Commerce
C. Interviews with SMEs
The owner of an organic pet food store would like to analyze the sales data to determine if the business is growing, declining or remaining flat. The owner has the following data:
• Sales Revenue Last Year = $350,000
• Sales Revenue Current Year = $402,500
What is the sales growth percentage?
15%
Classify each of the following businesses as either Physical or Digital.
1. Bakery in your community
2. Online store that dropships camping gear
3. Bookstore on Amazon that sells ebooks
4. Hair salon that makes appointments online
1. physical
2. digital
3. digital
4. physical
For each statement about the Design Thinking Process, select True or False.
1. An MVP is the most valuable person on a project
2. The Empathize phase tests solutions to users' problems
3. Assumptions are challenged and ideas are created in the Ideate phase
4. In the Evolve process, the goal is to take the test results and work towards building an actual project
1. False
2. False
3. True
4. True
Which three components are characteristic of a Pitch Deck? (Choose three)
A. 10-100 Pages
B. Used to Get Investor Buy-In
C. Used to Get Investors Attention
D. Highly Text-Based
E. 10-20 slides
F. Highly Visual
C. used to get investors attention
E. 10-20 slides
F. highly visual
You own a mobile Taco Truck. You have a short list of competitors.
Classify the following competition as either Direct Competition or Indirect Competition.
1. Mobile Fish and Chips truck
2. Walk-up Mexican Food stand
3. A local Taco Bell franchise
4. A local Burger King franchise
1. Indirect
2. Direct
3. Direct
4. Indirect
A local restaurant prides itself in having a high number of return customers. To build loyalty, the owner of the restaurant offers a free Prime Rib dinner (value $20) to any customer who purchases a meal during 10 previous visits. Meals purchased are tracked by stamps on a Loyalty Card.
At the end of a month, the owner decides to calculate the customer retention cost. The data is the following:
• Number of Customers at Start of Month = 100
• Number of Customers at End of Month = 120
• Number of New Customers = 40
• Value of Free Dinners Redeemed = $240
What was the Customer Retention Cost?
$3
You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities.
Which legal structure should you set up for your business?
C-Corporation
Which of these are characteristics of a successful entrepreneur mindset? (Choose two)
Can tolerate risk
Resilient
For each statement about trademarks, trade secrets, copyrights, and patents, select True or False.
1. A Copyright is used to protect a company logo
2. Trade Secrets are confidential information which may be sold or licensed
3. A Trademark protects a brand name
4. A Patent is used to protect an original work, like music
1. False
2. True
3. True
4. False
For each statement about SWOT Analysis, select True or False.
1. Threats identified in a SWOT analysis are the most difficult element to mitigate
2. Strengths in a SWOT analysis are new actions a business should implement
3. Opportunities identified in a SWOT analysis are not meant to be actionable
4. Acting on weakness identified in SWOT analysis can be challenging but often necessary to grow business
1. True
2. False
3. False
4. True
A company releasing new software is constructing its marketing mix. Which of these elements comprise the marketing mix? (Choose four)
A. Product
B. Price
C. People
D. Place
E. Presentation
F. Promotion
A. Product
B. Price
D. Place
F. Promotion
Match each business management role to its corresponding description.
1. COO
2. CTO
3. CFO
4. CEO
A. The highest-ranking employee in the company; reports to the board of directors.
B. Creates budgets, analyzes financial data, and forecasts company profits.
C. Manages the technological requirements of a company.
D. Oversees the day-to-day administrative functions of a business; second in command.
1. D
2. C
3. B
4. A
You are weighing possible risk in becoming an entrepreneur. Which situation is a risk of being an entrepreneur?
A. Long hours
B. Financial instability
C. No control over schedule
D. Lack of initiative
B. Financial Instability
You downloaded several of your favorite songs and used them in an ad to promote your product on social media sites. The ad was rejected because of the songs you chose. You are told that you violated Fair Use copyright.
Which three are factors used to evaluate Fair Use copyright? (Choose three)
A. Effect of your use on the potential market of the work copied
B. Obtained from a subscription website
C. Amount of the work copied
D. Copied from a work purchased by a friend
E. Purpose of your use.
F. If it is for use by a teacher or student
A. Effect of your use on the potential market of the work copied
C. Amount of the work copied
E. Purpose of your use
Which three marketing platforms are online marketing platforms? (Choose three)
A. TV ads
B. Email
C. Google ads
D. Flyers and Pamphlets
E. Social Media
B. email
C. google ads
E. social media
Place the Elements of a Sales Process in the correct order.
A. Approach
B. Follow-up
C. Prospecting
D. Preperation
E. Closing
F. Presentation
G. Handling Objections
C. Prospecting
D. Preparation
A. Approach
F. Presentation
G. Handling Objections
E. Closing
B. Follow-up
A computer training business needs to hire a consultant for a project to revamp the training courseware. Once the courseware is revamped, the consultant's services are complete. Which business compensation structure will pay the consultant and lead to the smallest payroll tax liability for the business?
Contract
What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?
A. Less record keeping.
B. Developing your own rules
C. Lower financial risk
D. Less upfront capital
B. Developing your own rules
Match each Pricing Strategy to its corresponding description.
1. Prices that targeting customers looking to save as much money as possible
2. Pair several products together and selling them for less money than each would be individually
3. Setting prices low until after a reliable customer base is established, then raising prices
4. Setting high prices when a product is introduced and then gradually lowering the price
5. High quality products marketed to high-income individuals
A. Price Skimming
B. Market Penetration
C. Premium Pricing
D. Economy Pricing
E. Bundle Pricing
1. D Economy Pricing
2. E Bundle Pricing
3. B Market penetration
4. A Price Skimming
5. C Premium Pricing
You have opened a for-profit adult, brick-and-mortar technical school and you want to advertise it to potential students throughout your state.
Which marketing method would be most appropriate?
A. Email
B. Distribute Flyers
C. Local Television Ad
D. Social Media
C. local television ad
Which is the primary characteristic of all physical and digital sales channels?
A. Market dominance
B. Branding
C. Closing sales
D. B2B
C. Closing Sales