ESB v2 Pretest

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?

• Sole proprietorship

• Limited Liability Company

• C-Corporation

• S-Corporation

You own a lawn care business. You have employees who work long hours laboring in good weather, often exceeding 40 hours per week. They also work short hours when the weather is bad, sometimes they can't work at all. You do all of the sales for your business.

Which two types of compensation would be appropriate for these landscape employees?

• Salary & Hourly

• Hourly & Commission

• Salary & Commission

• None of the above

Assumptions are challenged and ideas are created in the Ideate phase of the business life cycle.

• True

• False

Building Prototypes is the final phase of the Design Thinking Process.

• True

• False

In which stage do sales gain momentum?

• Monetization

• Growth

• Idea

• Traction

• Launch

What do fulfillment centers do?

• Strategically store a company's

  products so that the product can be

  quickly picked up and sent out

• Strategically store a company's

  products so that the product can be

  picked up by the customer

• Temporarily store products for retail

  stores

• Store products indefinitely but have

  slow shipping times

A one page document covering problems, solutions, and key details of a business plan, costs and revenue.

• 
  Business Plan

• Executive Summary

• Pitch Deck

• Lean Canvas

Which viability factor can help an entrepreneur make up for a lack of skills?

• 
  Passion

• Management skillset

• Relationships

• Network marketing

Mary works for a tech company and is designing a new style of headphones. Which intellectual property law would best protect Mary’s design?

• Trade secret

• Patent

• Copyright

• Trademark

In which step of the sales process would potential customers be identified?

• Approach

• Closing

• Presentation

• Prospecting

• Objection