What is the correct order of the design thinking process?

empathize, define, ideate, prototype, test

empathize, define, ideate, prototype, exit

equity, define, ideate, prototype, exit

empathize, define, MVP, prototype, exit

Which expense is fixed?

Cost of raw materials for a product produced at a factory

Paycheck for an hourly worker at a factory

Which benefit allows entrepreneurs to work the long hours necessary to make a new venture successful?

Doing work they are passionate about

Ability to do work directed by someone else

Ability to take unlimited vacation time

What is Entrepreneurship?

Setting up a business with the aim to make a profit.

Acquiring leadership and managerial skills

Quickly advancing in positions within a corporation

In General, which 2 characteristics define a "small business"? (Choose 2)

Less than $35.5 Million revenue

Shauna works at a restaurant. She wants to own her own restaurant someday. Which is one of GREATEST risks of entrepreneurship?

Loss of flexibility in schedule

Rachel owns a summer camp for children. Based on a survey she gave to parents, she learned that her customers want their children to have a healthy lifestyle. What is a legitimate value proposition for potential customers?

Serving fresh, organic meals and nutritious snacks

A Providing flexible hours for picking up and dropping off the children

Sending parents daily photographs of the children’s activities

Offering discounts during different times of the year

Which is a franchisor?

Allows others to use their brand and business for a fee

Which of these is NOT an advantage of the franchisee

It is usually expensive to buy a franchise

They enter into an existing market

Market research is done by the franchisor

The franchisor provides the franchisee with equipment

Josie is a teenage girl who wants to start a jewelry-making business. Her target market is females, ages 10-14. What price should she charge per necklace that she sells?

Between twenty and thirty dollars

Between thirty and forty dollars

DAY#151 "ESB-V2" PREP EXAM

Authored by Herman Scriven

Computers

12th Grade

Used 30+ times

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55 questions

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MULTIPLE CHOICE QUESTION

30 sec • 4 pts

No ownership, no US Federal taxes

S Corporation

Partnership

Non-Profit

Sole Proprietorship

C Corporation

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Best for international business, even with being double-taxed

S Corporation

Partnership

Non-Profit

Sole Proprietorship

C Corporation

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Easy to create, but comes with unlimited liability

S Corporation

Partnership

Non-Profit

Sole Proprietorship

Limited Liability Corporation (LLC)

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Lower tax rate that prevents the company from being double-taxed

S Corporation

Partnership

Non-Profit

Sole Proprietorship

Limited Liability Corporation (LLC)

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Ideal for a single owner seeking limited liability protection

S Corporation

Partnership

Non-Profit

Sole Proprietorship

Limited Liability Corporation (LLC)

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Shared financial backing

S Corporation

Partnership

Non-Profit

Sole Proprietorship

Limited Liability Corporation (LLC)

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Creates the company

Founder

Stakeholder

Chief Financial Officer (CFO)

Chief Executive Officer (CEO)

Chief Operating Officer (COO)

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DAY#151 "ESB-V2" PREP EXAM

No ownership, no US Federal taxes

Best for international business, even with being double-taxed

Easy to create, but comes with unlimited liability

Lower tax rate that prevents the company from being double-taxed

Ideal for a single owner seeking limited liability protection

Shared financial backing

Creates the company

Oversees company finances

This business is Easy to create, but comes with unlimited liability

This business is best for international business owners.

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