ESB REVIEW

What is entrepreneurship fundamentally about?

• Managing existing businesses

• The act of taking on financial risk in the pursuit of creating a new business venture

• Avoiding risk in business

• Working for large corporations

Which characteristic is most critical for entrepreneurs when facing obstacles?

• Creativity

• Financial acumen

• Persistence through challenges and setbacks

• Networking skills

What is a comprehensive document that outlines a company's mission, vision, objectives, strategies, market analysis, and financial projections?

• Articles of incorporation

• Business plan

• P&L statement

• Operating agreement

What is specifically conducted to determine if there is demand for a product or service and to understand customer needs, preferences, and behaviors?

• SWOT analysis

• Market research

• Financial analysis

• Internal evaluation

Which type of business entity provides personal liability protection while avoiding double taxation that occurs with C Corporations?

• Sole proprietorship

• General partnership

• Limited Liability Company (LLC)

• S Corporation

What is a Unique Selling Proposition (USP)?

• The price of a product

• The distinct benefit or feature that sets a product apart from competitors

• The location of a business

• The marketing strategy used

Which of the following is NOT one of the traditional 4Ps of marketing?

• Product

• Price

• People

• Promotion

Which financial statement shows a company's revenues and expenses over a specific period?

• Balance sheet

• Cash flow statement

• Income statement

• Statement of retained earnings

What is the break-even point in business?

• The point where total revenue is less than total expenses

• The point where total revenue equals total expenses, resulting in neither profit nor loss

• The point where total expenses are higher than total revenue

Which of the following is an example of a variable cost in manufacturing?

• Rent

• Insurance

• Raw materials for manufacturing