Font size
WorksheetsESB V.2 Practice Tests
Total questions: 57
Worksheet time: 35mins
In general, which two characteristics define a "small" business? (choose two)
No more than $200,000 in sales
Fewer than 1,500 employees
Between 500 and 2,500 employees
Less than $35.5 million revenue
What are physical products? (choose two)
Bakery in your community is a physical business because you must visit it to purchase goods.
Hair salon that makes appointments online is a physical business because you must visit onsite to receive the services.
Online store that dropships camping gear. Although the camping gear is physical, the store is online, so the business is digital.
Bookstore on Amazon that sells eBooks. The store is online, so the business is digital. The format of the goods is irrevelant.
What are digital products? (choose two)
Bakery in your community is a physical business because you must visit it to purchase goods.
Online store that dropships camping gear.
Hair salon that makes appointments online is a physical business because you must visit onsite to receive the services.
Bookstore on Amazon that sells eBooks.
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.
Limited Liability Company
S-Corporation
C-Corporation
Sole Proprietorship
You own a lawn care business. You have employees who work long hours laboring in good weather, often exceeding 40 hours a 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
Equity
Piece Work
Which of these is a characteristics of a successful entrepreneur mindset?
Likes to argue
Lives in a dreamworld
Makes friends quickly
Doesn't give easily
Which is one of the greatest risks of being an entrepreneur?
Damage to reputation
Financial instability
No control over schedule
Loss of experience
What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?
Less record keeping
Developing your own rules
Lower financial risk
You can apply your own experience
What is Entrepreneurship?
Marketing and selling products
Setting up a business with the aim to make a profit
Acquiring leadership and managerial skills
Quickly advancing in positions within a corporation.
You need to create a legal structure for your small business. You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public, but do want to be protected from business liabilities. Which legal structure should you set up for your business?
Sole Proprietorship
C-Corporation
Limited Liability Company
S- Corporation
An example of ________ compensation is paying field laborers for the amount of fruit they pick.
Piece Work
Salary
Commission
Hourly
A ________ employee receives a set amount of pay each month without overtime compensation for extra hours worked.
Piece work
Salary
Hourly
Commission
Employees most affected by minimum wage laws are compensated ________.
Piece work
Hourly
Commission
Salary
An employee who is paid a percentage of a sale is paid by ________.
Piece work
Salary
Hourly
Commission
Successful entrepreneurs have mindsets that typically possess which three characteristics? (Choose three)
Nervous
Responsible
Adaptable
Tenacious
Which is one of the greatest benefits of being an entrepreneur?
Schedule control
Quick return on investment
Meeting new people
Paying less taxes
Which three characteristics help identify a business opportunity? (Choose three)
Service
Price
Size
Quality
The owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in the gardens they create. The landscaper wants to determine the viability of this business opportunity. What should this entrepreneur do FIRST before offering to design and build water features as part of his landscaping business?
Contact the water department to see if they can support the extra demand for water.
Ask the customers in the area if they are interested in adding a water feature to their gardens.
Determine if there is a supply chain available.
Perform a financial audit to determine if there is enough money available to add the new service.
What two documents summarize the business plan of a company? (Choose two)
Lean Canvas
Marketing Plan
Balance Sheet
Pitch Deck
Which three elements are required to have a Trade Secret? (Choose three)
Subject to reasonable efforts to maintain its secrecy
Others cannot legitimately obtain the information
A unique logo or brand names
Information has economic value not generally known
What is a target market?
Marketing with a bullseye goal.
Sales to customers who use archery products.
Customers to whom a company wants to sell its products and services.
Advertising based on bullet points.
What is primary data? (Choose two)
A marketing survey you posted on Facebook
Information collected from your company focus group.
Demographic data you obtained from the government.
Facts you collected from professional journal articles.
What is secondary data? (Choose two)
A marketing survey you posted on Facebook
Information collected from your company focus group.
Demographic data you obtained from the government.
Facts you collected from professional journal articles.
Which two are offline marketing platforms? (Choose two)
Flyers and pamphlets
Google ads
Tv ads
Your company manufactures 72 hr. emergency kits and sells them for a low profit margin. You want to expand your customer base to increase your sales volume, but you have a limited budget. What marketing method would be the choice?
Distribute flyers
Social media
Local television ad
A DJ wants to analyze market reactions to the new music selections played at his dance last weekend. He advertises his weekly dances using social media and email. Which would be the most effective way to gather reactions from those who attended the dance?
Personal Interviews
Surveys
Observation
Focus groups
Which three are segments in a Marketing Plan? (Choose three)
Demographic
Behavioral
Geographic
Income
Which sales channel has been opened to manufacturers because of digital tools?
B2B
Direct-to-consumer
Wholesale
Distribution
Which two ways can customer service and support affect sales? (Choose two)
More sales through Customer Evangelists
Closing the deal with rapid engagement
Increased sales through Responsiveness and Personalization
Distributing marketing information
Which three statement help define a Market/Fit hypothesis? (Choose three)
A fit exists when people need your product rather than just seeing a potential benefit of using it.
Product/Market fit exists when you have the right solution to a problem worth solving.
When users love your product so much they tell other people to use it.
A rapid growth hypothesis ensures market/fit.
You are a technical trainer. You teach online courses to help workers more efficiently use Microsoft Office applications. What is an effective way to measure your teaching performance during an online course?
Form a focus group.
Conduct onscreen pop-up quizzes
Ask the sales team if demand increased
Email an evaluation a week after the course.
You have an idea for a new product. Market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before creating product prototype?
Identify materials
Create a social media following
Pre-sale the product for funding
Launch a marketing campaign
You create a new type of electric shaver that is light-weight, portable, and holds a longer charge. What three things will you need to consider regarding the mass production of your electric shaver? (Choose three)
Creating your prototype to demonstrate the product's function to potential customers.
Finding a manufacturer.
Sourcing materials needed for the components of the products.
Setting up your test marketing strategy.
Which are two characteristics of direct distribution that differ from fulfillment centers? (Choose two)
The manufacturer controls all aspects of distribution.
Warehousing is outsourced.
Inventory is stored for longer periods of time.
Direct distribution is also known as a zero-level channel.
A law passed increasing the minimum wage by 30%. The owner of a small landscaping business must now pay all of her laborers 30% wages. What is the minimum amount the owner must now charge customers for labor to balance her increased operational expenses?
60%
30%
No increase is needed
15%
You operate a small insurance office with a partner.Which expense is a fixed cost?
Cost of paper supplies
Property lease for the office
Water bill for an office
Paycheck for an hourly administrative assistant
You recently started a small affiliate marketing service. Last month, you spend $1,000 on a Pay-Per-Click(PPC) online advertising campaign that resulted in $1,200 in sales. What was last month's Return on Investment (ROI) for your affiliate marketing service?
16%
120%
20%
83%
Which two should be included when calculating start-up costs for a business? (Choose two)
Rent
Utilities
Permits, licenses, and incorporation fees
Business cards
Which two benefits of equity funding? (Choose two)
Can be used to raise working capital
Investors do not get paid if the business does not make a profit.
Loan payments can be set up so they match seasonal sales of the business.
Investors have no say in the management or direction of the business.
A rancher is preparing to retire. He is considering selling half of his land and giving the other half to his children. He hears that development for a ski resort was just approved on land adjacent to his property. Which viable business opportunity does the retiring rancher foresee?
An increase in land value
A decrease in local home sales
A decrease in land value
An increase in catle sales
A __________is a multi-page document describing and detailing a business
Business plan
Pitch deck
Lean canvas
Marketing plan
A slide presentation for potential investors that summarizes of the key items of a business is called a __________.
Business plan
Lean Canvas
Pitch Deck
A __________ is a single-page business summary template that was created by Ash Maurya.
Lean Canvas
Business Plan
Pitch Deck
Which three components are characteristics of a Pitch Deck? (Choose Three)
Used to get investors attention
10-100 pages
10-20 slides
Highly visual
You downloaded several of your favorite songs and used them in an ad to promote your product on social media sites. The ad was rejected because of the songs you chose. You are told that you violated Fair Use copyright. Which three are factors used to evaluate Fair Use copyright? (Choose three)
Purpose of your use
Obtained from a subscription website
Effect of your use on the potential market of the work copied
Amount of the work copied.
Which of the following is an example of primary data?
A list of your business competitors compiled by the Chamber of Commerce
Information collected from a poll of your company Facebook followers
An series of industry reports
The United States Census
Which three are online marketing platforms? (Choose three)
Social media
Google ads
TV ads
You have opened a for-profit adult technical school and you want to advertise it to potential students throughout your state. Which marketing method would be most appropriate?
Social Media
Local TV Ad
Distribute flyers
Which two are segments in a Marketing plan? (Choose two)
Psychographic
Demographic
Income
Loyalty
Which is the primary characteristic of all physical and digital sales channels?
Branding
Closing sales
Market dominance
B2B
Which two types of Sales Channels sell primarily to other businesses? (Choose two)
Wholesale
B2B
Online
Retail
Which tool is most useful in helping Customer Service support sales strategies?
Contact list
Remote desktop
CRM
Website
A bakery has developed a new artisan bread. The staff are giving away taste samples to customers as they enter the store. What are two criteria the bakery can use to determine the quality of their new product? (Choose two)
Test the ingredients for freshness.
Measure sales of the new bread after customers have sampled it.
Observe how customers respond to the packaging
Ensure the ingredients are all organic.
You have an idea for a new service. Market research suggests the service is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before offering a new service?
Launch a marketing campaign
Pre-sale the service for funding
Create a social media following
Identify knowledge required
You create a new strategy for lawncare services that involves assessing lawn health, applying the correct herbicides and pesticides and other necessary solutions to quickly bring a lawn back to health. What are three things you will need to consider regarding the mass delivery of your service? (Choose three)
Setting up your test marketing strategy.
Finding a source of materials support your service.
Training employees with the knowledge to consistently deliver the service.
Creating an effective demonstration of your service for potential customers.
Your company is manufacturing a new product. You need to establish a Product Quality Control Process. What are three things you must do to create establish your Product Quality Control Process? (Choose three)
Review the results of internal quality assurance testing
Determine what standards have to be met based on the product and industry.
Establish the method to use for testing product quality.
Publish your test results in a popular professional journal.
Which are two characteristics of fulfillment centers differ from direct distribution? (Choose two)
Warehousing is a primary role.
Fulfilment centers pack and ship for a manufacturer.
Inventory is created on-demand rather than stored.
The manufacturer controls all aspects of distribution.
