ESB 1
Which two types of Sales Channels sell primarily to other businesses? (Choose two)
A. B2B
B. Retail
C. Wholesale
D. Online
E. Direct-to-Consumer
A. B2B
C. Wholesale
A new product tester at a company reads that all testing must be done in adherence with OSHA regulations? Which two aspects of business operations fall under OSHA? (Choose two)
A. Safety requirements
B. Government regulations
C. Functional requirements
D. Technical requirements
A. Safety requirements
B. Government regulations
Which expense is a variable cost?
A. Monthly rent on a store
B. Hourly wages for an office employee
C. Weekly advertisement picture in a journal
D. Insurance payments
B. hourly wages for an office employee
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?
A. Limited Liability Company
B. S-Corporation
C. C-Corporation
D. Sole Proprietorship
C. C-Corporation
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
Which tool is most useful in helping Customer Service support sales strategies?
A. Remote DesktopIncorrectCorrect
B. WebsiteIncorrectCorrect
C. Contact ListIncorrectCorrect
D. CRM
D. CRM
Classify each distribution characteristic as a characteristic of a direct, indirect, or hybrid distribution channel
1. Wholesalers sell a manufacturers' product
2. A product is sold from a company website and delivered by a different company
3. Retailers sell a manufacturers product
4. Customers buy products from a business' warehouse
5. Businesses have complete control over distributionand pricing
1. Indirect
2. Hybrid
3. Indirect
4. Direct
5. Direct
You have a handyman services business. You have the following financial information for the month:
• Initial cash balance: $1,500
• Projected revenue based on existing clients: $2,500
• Gas: $100
• Equipment maintenance fees: $300
• Truck payment: $400
• Payroll: $3,000
• Insurance: $120
What is your projected ending cash balance for the month?
$80
Match each business management role to its corresponding description.
To answer, move each role from the list on the left to its description on the right.
1. The highest-ranking employee in the company; reports to the board of directors.
2. Creates budgets, analyzes financial data, and forecasts company profits.
3. Manages the technological requirements of a company.
4. Oversees the day-to-day administrative functions of a business; second in command.
A. COO
B. CTO
C. CFO
D. CEO
1. CEO
2. CFO
3. CTO
4. COO
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 investores attention
E. 10-20 slides
F. Highly visual
For each element of a product/market fit hypothesis, identify whether the element applies to the market or to the product.
1. Value Proposition
2. Identifying underserved scustomer needs
3. Determining target customers
1. Product
2. Market
3. Market
Which are two characteristics of fulfillment centers that differ from direct distribution? (Choose two)
A. Fulfilment centers pack and ship for a manufacturer
B. Warehousing is a primary role
C. The manufacturer controls all aspects of distribution
D. Inventory is created on-demand rather than stored
E. A fulfillment center is a zero level channel.
A. fulfilment centers pack and ship for a manufacturer
B. Warehousing is a primary role
For each statement about Start-Up Costs and Operating Costs, select True or False.
1. Operating costs include your down payment on rental property
2. Operating costs include payroll
3. Business insurance is a start-up cost
4. Logo and website design are examples of start-up costs
1. False
2. True
3. False
4. True
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
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.
C.
E.
A bakery has developed a new artisan bread. The staff are giving away taste samples to customers as they enter the store.
What are two criteria the bakery can use to determine the quality of their new product? (Choose two)
A. Measure sales of the new bread after customers have sampled it
B. Observe customer reactions while they taste the product
C. Ensure the ingredients are all organic
D. Observe how customers respond to the packaging
E. Test the ingredients for freshness.
A. Measure sales of the new bread after customers have sampled it
B. Observe customer reactions while they taset the product
A barber charges $20.00 per haircut. The total cost for running his home-based business is $4,000.00 per month, which includes his salary of $3,000 per month. The minimum number of haircuts he must do to cover all of these expenses and his salary is 200 per month.
The barber wants to increase his salary to $4,000 per month, making his total monthly expenses $5,000. What is the minimum price he must charge for each of the 200 haircuts so he can cover this increased salary?
$25
Which two are benefits of using Angel investors to help start a business? (Choose two)
A. Angels do not share in the profits of the business
B. Angel investors typically do not expect to be paid until the business begins making money
C. Angels often accept a lower return on investment compared to other sources of equity capital
D. Angels have no equity in the business.
B. Angel investors typically do not expect to be paid until the business begins making money
C. Angels often accept a lower return on investment compared to other sources of equity capital
Which of these are characteristics of a successful entrepreneur mindset? (Choose two)
A. Likes to argue
B. Passive decision maker
C. Can tolerate risk
D. Resilient
C. can tolerate risk
D. resilient
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
You run a small lawncare service and are deciding whether to build your own website or have a website design company build the site. What type of analysis is needed to make the best decision possible? (Choose three)
A. Burn rate
B. Value engineering
C. Focus group
D. Buy or build
B. Value engineering
C. Focus group
D. Buy or build
Match each income statement and balance sheet term to its role in their respective statements.
1. The amount of gross sales from goods and services.
2. The costs a business has to maintain operations and sell goods and services.
3. The amount of money a business owes to vendors.
4. The amount of money customers owe to a business for goods and services sold.
A. Account recievable
B. Revenue
C. Account payable
D. Expenses
1. B
2. D
3. C
4. A
Which business scenario fits the definition of a small business, according to the SBA?
A. A not-for-profit credit counseling service
B. A fast food restaurant that is independently owned and operated
C. A movie screen company that controls 90% of the movie screen market
D. A multinational language translation service
B. A fast food resstaurant that is independently owned
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
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.
C.
E.