ESB - Certification Practice 1

Front

Which statement defines entrepreneurship? Options: Marketing and selling products, Setting up a business with the aim to make a profit, Acquiring leadership and managerial skills, Quickly advancing in positions within a corporation

Back

Setting up a business with the aim to make a profit

Front

What legal structure should you set up for your small business if you want benefits of a large corporation, avoid double taxation, have four partners as shareholders, and want protection from business liabilities? Options: Sole Proprietorship, C-Corporation, Limited Liability Company, S-Corporation

Back

S-Corporation

Front

Which one of the business compensation structures is an example of an employee that would be most affected by minimum wage laws? Options: Piece Work, Salary, Hourly, Commission

Back

Hourly

Front

An example of _____________ compensation is paying filed laborers for the amount of fruit they pick

Back

Piece Work

Front

An employee who is paid a percentage of a sale is paid by ________.

Back

Commission

Front

Which is the LAST stage in the five stages of the business life cycle?

Back

Maturity

Front

Which is the LAST step in the Design Thinking Process?

Back

Test

Front

Which is the greatest benefit of being an entrepreneur? Options: Schedule control, Quick ROI (Return On Investment), Meeting new people, Paying less taxes

Back

Schedule control

Front

What should the owner of a landscaping business do FIRST before offering to design and build water features as part of his landscaping business? Options: Contact the water department to see if they can support the demand for water, Ask customers in the area if they are interested in adding water features, Determine if there is a supply chain available, Perform a financial audit to determine if there is enough money available to add the new service.

Back

Ask customers in the area if they are interested in adding water features.

Front

A Pitch Deck is Highly Visual

Back

True