ESB V2 Certification Practice 1
Authored by Angela Owens
Business
10th - 12th Grade
Used 364+ times
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This quiz comprehensively covers entrepreneurship and small business management fundamentals, targeting grades 10-12 business students. The content spans essential entrepreneurial concepts including business ownership structures, intellectual property law, financial management, marketing strategies, and operational planning. Students need to understand key business terminology, calculate financial metrics like customer acquisition costs and return on investment, analyze business scenarios using SWOT analysis, and apply knowledge of legal protections for business assets. The questions require both factual recall and practical application skills, demanding students synthesize multiple business concepts to solve real-world problems involving profit calculations, business life cycles, sales processes, and funding options through the Small Business Administration. Created by Angela Owens, a Business teacher in the US who teaches grades 10-12. This quiz serves as excellent preparation for the Entrepreneurship and Small Business (ESB) certification, providing comprehensive practice across all major business domains. Teachers can effectively use this resource as a formative assessment tool to gauge student understanding before certification testing, or deploy it as review material for unit assessments covering business fundamentals. The quiz works exceptionally well for homework assignments that reinforce classroom learning, warm-up activities to activate prior knowledge, or structured practice sessions where students can identify knowledge gaps. This assessment aligns with Career and Technical Education standards, particularly supporting CTE.BMA.C.5 (business ownership and entrepreneurship), CTE.BMA.C.7 (marketing concepts and strategies), and CTE.BMA.C.8 (financial management and analysis).
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45 questions
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1.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
The key objective of a small business owner is to generate __________________.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Businesses sell _____________ and services.
opportunities
franchises
products
trademarks
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is best for international businesses, have limited liability, and are double taxed.
General or Limited Partnership
C Corporation
S Corporation
Sole Proprietorship or Partnership
Limited Liability Corporation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_______________ employees are paid a fixed amount each pay period. [Business Compensation Structures]
salaried
partnership
retail
management
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Business Life Cycle Stages
Stage 1 - When a business begins
Existence
Survival
Success Stage
Take-Off Stage
Resourse Maturity Stage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Business Life Cycle Stages
Stage 2 - Income and customers begin to grow
Existence
Survival
Success Stage
Take-Off Stage
Resourse Maturity Stage
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Business Life Cycle Stages
Stage 4 - When an owner decides whether to continue growing the business and how to finance growth.
Pivot or Persist
Survival
Exit Plan Stage
Take-Off Stage
Resourse Maturity Stage
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