ESB Practice Test – Version 1
Quiz
•
Professional Development
•
12th Grade
•
Practice Problem
•
Medium
Guy Hensley)
Used 16+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best defines entrepreneurship?
Managing an established business
Starting and operating a business to pursue opportunities
Working as an employee in a corporation
Expanding a government organization
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A sole proprietorship has which disadvantage?
Limited liability protection
Profits are shared
Owner has unlimited personal liability
Requires a board of directors
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A limited liability company (LLC) provides:
Complete immunity from taxes
Liability protection with flexible tax treatment
No reporting requirements
Unlimited liability for members
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a stage in the business life cycle?
Invention, Decline, Retirement
Startup, Growth, Maturity, Decline
Entry, Employment, Expansion
Recruitment, Planning, Exit
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A commission-based compensation structure is most likely used for:
Customer service representatives
Salespeople
Manufacturing workers
Administrative staff
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which is NOT part of the design thinking process?
Empathize
Define
Prototype
Budgeting
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which characteristic is most associated with an entrepreneurial mindset?
Preference for stability
Risk tolerance and innovation
Avoiding decision-making
Dependence on supervision
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