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DAY#98 ESB REVIEW EXAM#1

Total questions: 109

Worksheet time: 55mins

Name
Class
Date
1.

What is entrepreneurship?

a)

Marketing and selling products.

b)

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

c)

Acquiring leadership and managerial skills.

d)

Quickly advancing in positions within a corporation.

2.

You need to create a legal structure for your small business. You would like some of the benefits enjoyed by larger 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?

a)

Sole Proprietorship

b)

Limited Liability Company

c)

C-Corporation

d)

S-Corporation

3.

What is the correct order of the stages of the business life cycle?

a)

Existence, Success, Takeoff, Maturity, Survival of the Fittest

b)

Success, Existence, Takeoff, Maturity, Survival of the Fittest

c)

Takeoff, Existence, Success, Survival of the Fittest, Maturity

d)

Existence, Survival of the Fittest, Success, Takeoff, Maturity

4.

Which of the following are elements of the Design Thinking process?

a)

Empathize

b)

Ideate

c)

Prototype

d)

Test

5.

Which three elements are required to have a Trade Secret? (Choose 3)

a)

Subject to reasonable efforts to maintain its secrecy

b)

Others cannot legitimately obtain the information

c)

Information has economic value not generally known

d)

must be a service

6.

Which two documents summarize the business plan of a company?

a)

Pitch Deck

b)

Marketing Plan

c)

Lean Canvas

d)

Business Plan

7.

Which types of sales channels sell primarily to businesses? (Choose 2)

a)

Direct-to-consumer

b)

B2B

c)

Wholesale

d)

Retail

8.

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?

a)

An increase in land value

b)

A decrease in local home sales

c)

An increase in cattle sales

d)

A decrease in land value

9.

In general, which two characteristics define a small business? (Choose 2)

a)

No more than $200,000 in sales

b)

Less than $35.5 million revenue

c)

Non-profit

d)

Fewer than 1,500 employees

10.

What is the role of a CFO?

a)

The highest-ranking employee in the company; reports to the board of directors.

b)

Creates budgets, analyzes financial data, and forecasts company profits.

c)

Develops policies and structures to protect company data.

d)

Oversees the day-to-day administrative functions of a business; second in command.

11.

What is entrepreneurship?

a)

Marketing and selling products.

b)

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

c)

Acquiring leadership and managerial skills.

d)

Quickly advancing in positions within a corporation.

12.

You need to create a legal structure for your small business. You would like some of the benefits enjoyed by larger 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?

a)

Sole Proprietorship

b)

Limited Liability Company

c)

C-Corporation

d)

S-Corporation

13.

What is the correct order of the stages of the business life cycle?

a)

Existence, Success, Takeoff, Maturity, Survival of the Fittest

b)

Success, Existence, Takeoff, Maturity, Survival of the Fittest

c)

Takeoff, Existence, Success, Survival of the Fittest, Maturity

d)

Existence, Survival of the Fittest, Success, Takeoff, Maturity

14.

Which of the following are elements of the Design Thinking process?

a)

Empathize

b)

Ideate

c)

Prototype

d)

Test

15.

Which three elements are required to have a Trade Secret? (Choose 3)

a)

Subject to reasonable efforts to maintain its secrecy

b)

Others cannot legitimately obtain the information

c)

Information has economic value not generally known

d)

must be a service

16.

Which two documents summarize the business plan of a company?

a)

Pitch Deck

b)

Marketing Plan

c)

Lean Canvas

d)

Business Plan

17.

Which types of sales channels sell primarily to businesses? (Choose 2)

a)

Direct-to-consumer

b)

B2B

c)

Wholesale

d)

Retail

18.

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?

a)

An increase in land value

b)

A decrease in local home sales

c)

An increase in cattle sales

d)

A decrease in land value

19.

In general, which two characteristics define a small business? (Choose 2)

a)

No more than $200,000 in sales

b)

Less than $35.5 million revenue

c)

Non-profit

d)

Fewer than 1,500 employees

20.

What is the role of a CFO?

a)

The highest-ranking employee in the company; reports to the board of directors.

b)

Creates budgets, analyzes financial data, and forecasts company profits.

c)

Develops policies and structures to protect company data.

d)

Oversees the day-to-day administrative functions of a business; second in command.

21.

The key objective of a small business owner is to generate (a)   .

22.

(a)   are for-profit corporations with limited liability.

23.

Businesses can offer ____ in addition to a lower salary.

a)

salary

b)

empathy

c)

equity

d)

profits

24.

____ are ideal for international businesses.

a)

S Corporations

b)

C Corporations

c)

LLC

d)

Partnerships

25.

____ employees are paid a fixed amount each pay period.

a)

stock option

b)

business partners

c)

full time

d)

salary

26.

_____ allows one to see and experience a customer's perspective.

a)

Sympathy

b)

Empathy

c)

Emotions

27.

One of the five elements of the design thinking process includes:

a)

prototype

b)

new customers

c)

stock options

d)

viable products

28.

Check all of the items that are services

a)

drum lessons

b)

couch

c)

web design

d)

Cuban link necklace

e)

AC repairs

29.

Check all of the items that are products

a)

muffins

b)

couch

c)

web design

d)

Cuban link necklace

e)

AC repairs

30.

One characteristic of a legal structure for a single owner seeking low risk would be

a)

C Corporation

b)

S Corporation

c)

LLC

d)

Partnership

31.

What is the first stage of the business life cycle

a)

success

b)

take-off

c)

exit plan

d)

existence

e)

survival

32.

What is the fourth stage of the business life cycle?

a)

success

b)

take-off

c)

exit plan

d)

existence

e)

survival

33.

What is the seventh stage of the business life cycle?

a)

success

b)

take-off

c)

exit plan

d)

existence

e)

survival

34.

What is the third stage of the business life cycle?

a)

success

b)

take-off

c)

exit plan

d)

existence

e)

survival

35.

What is the fifth stage of the business life cycle?

a)

success

b)

take-off

c)

resource maturity

d)

existence

e)

survival

36.

What is the second stage of the business life cycle?

a)

success

b)

take-off

c)

resource maturity

d)

existence

e)

survival

37.

What is the sixth stage of the business life cycle?

a)

success

b)

pivot or persist

c)

resource maturity

d)

existence

e)

survival

38.

Person that creates the company is known as the ___

a)

CEO

b)

Stockholder

c)

Founder

d)

COO

e)

CFO

39.

Person that oversees the finances of the company is known as the ___

a)

CEO

b)

Stockholder

c)

Founder

d)

COO

e)

CFO

40.

Person that reports to the board of directors is known as the ___

a)

CEO

b)

Stockholder

c)

Founder

d)

COO

e)

CFO

41.

What is the length of a business plan?

a)

10-100 pages

b)

10-20 slides

c)

1 single page

d)

1-5 pages

42.

Which of the following is meant to be highly visual?

a)

Business Plan

b)

Pitch Deck

c)

Lean Canvas

d)

Appendix

43.

What is the length of a lean canvas?

a)

10-100 pages

b)

10-20 slides

c)

1 page

d)

100 pages

44.

Which of the following is used to get the investor's attention?

a)

Business Plan

b)

Pitch Deck

c)

Lean Canvas

d)

Billboards

45.

What type of intellectual property protection would be used for the following?

a)

Copyright

b)

Patent

c)

Trademark

d)

Trade Secret

46.

What type of intellectual property protection would be used for the following?

a)

Copyright

b)

Patent

c)

Trademark

d)

Trade Secret

47.

What type of intellectual property protection would be used for the following?

a)

Copyright

b)

Patent

c)

Trademark

d)

Trade Secret

48.

What type of intellectual property protection would be used for the following?

a)

Copyright

b)

Patent

c)

Trademark

d)

Trade Secret

49.

What type of intellectual property protection would be used for the following?

a)

Copyright

b)

Patent

c)

Trademark

d)

Trade Secret

50.

What type of intellectual property protection would be used for the following?

a)

Copyright

b)

Patent

c)

Trademark

d)

Trade Secret

51.

Which of the following abbreviations shows that credit must be given to the creator?

a)

CC

b)

BY

c)

SA

d)

ND

52.

Which of the following abbreviations shows that only non-commercial uses are permitted?

a)

CC

b)

BY

c)

SA

d)

NC

53.

Data collected from a survey you shared online with friends is called...

a)

Primary Data

b)

Secondary

54.

Data you view from a research journal you found online is an example of

a)

Primary Data

b)

Secondary Data

55.

B2B stands for

a)

Business to Business

b)

Bought to Bury

c)

Built to Buy

d)

Business to Buy

56.

Target is an example of what type of sales channel

a)

B2B

b)

Direct-to-Consumer (DTC)

c)

Retail

d)

Wholesale

57.

BarkBox (sends dog toys straight to your door) is an example of what type of sales channel

a)

B2B

b)

Direct-to-Consumer

c)

Retail

d)

Wholesale

58.

Rent is an example of what kind of cost?

a)

Fixed Cost

b)

Variable Cost

59.

Product materials costs are an example of what kind of cost

a)

Fixed Cost

b)

Variable Cost

60.

Your internet bill is an example of what kind of cost?

a)

Fixed Cost

b)

Variable Cost

61.

Employee hourly wages are an example of what kind of cost?

a)

Fixed Cost

b)

Variable Cost

62.

James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance?

a)

$23,000

b)

$35,000

c)

$12,000

d)

$16,500

63.

Shelly owns a car dealership. She just received a shipment of Teslas and paid $70,000 for each one and wants to make 25%. What should her selling price be?

a)

$87,500

b)

$70,000

c)

$119,000

d)

$85,000

64.

TRUE OR FALSE: Mortgage Payments are Long Term Liabilities

a)

TRUE

b)

FALSE

65.

ROI is calculated by ...

a)

Net Profit / Cost of Investment X 100

b)

Current Revenue X 12

c)

Assets-Liabilities

d)

Gross Profit X Tax Rate

66.

Run Rate is calculated by ...

a)

Current Revenue for one month X 12

b)

Starting Balance-Ending Balance

c)

Total Cash-Total Costs

d)

Total Cost/Selling Price

67.

Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run rate?

a)

$72,000

b)

$6,000

c)

$24,000

d)

$67,000

68.

Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00. How many bikes does he have to sell to break even?

a)

10

b)

12

c)

8

d)

20

69.

How does an entrepreneur determine his / her selling price?

a)

selling price = cost X desired profit margin + cost

b)

Current Revenue X 12

c)

Income-Cost of Goods

d)

Assets-Liabilities

70.

TRUE OF FALSE: Equity = Assets + Liabilities

a)

FALSE

b)

TRUE

71.

________ is the owner's remaining value after all liabilities have been deducted.

a)

Equity

b)

Assets

c)

Selling Price

d)

Long term loan

72.

Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00 per hair cut. How many hair cuts must his shop perform to break-even?

a)

234

b)

118

c)

205

d)

250

73.

TRUE OR FALSE: Fixed Costs change depending on the volume of production.

a)

FALSE

b)

TRUE

74.

Which 2 types of information may be found on a profit and loss statement?

a)

Revenue and Expenses

b)

Assets and Liabilities

c)

Run Rate

d)

Return on Investment

75.

TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who remain customers after a given period. Your customer retention rate can help you better understand what keeps customers with your company.

a)

TRUE

b)

FALSE

76.

TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer service

a)

TRUE

b)

FALSE

77.

TRUE OR FALSE: Customer Acquisition refers to bringing in new customers or convincing people to buy your products

a)

TRUE

b)

FALSE

78.

In which step of the sales process would you address customer concerns?

a)

Objection

b)

Presentation

c)

Approach

d)

Closing

79.

In which step of the sales process would a customer decide to make a purchase

a)

Closing

b)

Objection

c)

Prospecting

d)

Approach

80.

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

a)

Prospecting

b)

Approach

c)

Presentation

d)

Preparation

81.

What is a disadvantage of being a sole proprietor?

a)

Unlimited Liability

b)

Be your own boss

c)

All income is yours

d)

Control over entire business

82.

During which phase might an owner decide to sell their ownership in a company?

a)

Exit

b)

Presentation

c)

Pitch Deck

d)

Ideate

83.

Which of the following are for-profit with limited liability?

a)

S Corporation

b)

C Corporation

c)

Sole Proprietorship

d)

Limited Liability Corporation

84.

Which of the following vote on the management of the company?

a)

Stockholders

b)

Stakeholders

c)

CEO

d)

Employees

85.

The 5 elements of the design thinking process are empathize, define, ideate, ______ and ______

a)

Prototype and Test

b)

Sink and Swim

c)

Survival and Growth

d)

Profit and Loss

86.

The type of business that is best for international business even with being double taxed is a ______

a)

C Corporation

b)

S Corporation

c)

Partnership

d)

Sole Proprietorship

87.

What type of business is best for a single owner seeking low risk?

a)

Limited Liability Corporation

b)

S Corporation

c)

C Corporation

d)

Partnership

88.

What type of business is best for a company that seeks a lower tax rate and prevents the company from being double-taxed?

a)

S Corporation

b)

C Corporation

c)

LLC

d)

Partnership

89.

What type of agreements are signed by employees, agreeing not to share trade secrets?

a)

Non Disclosure Agreement

b)

Contract

c)

Patent

d)

Copyright

90.

Which protects an invention from being copied?

a)

Patent

b)

Copyright

c)

Trade Secret

d)

Trademark

91.

Gillian works for a tech company and designed a new type of mousepad to use with a gaming console. Which intellectual property law would best protect Gillian's design?

a)

Patent

b)

Trademark

c)

Copyright

d)

Trade Secret

92.

Michelle sells banana bread in her bakery. Which of the following would best protect Michelle's banana bread recipe?

a)

Trade Secret

b)

Copyright

c)

Patent

d)

Trademark

93.

A competitor with a business that sells different products or services but is similar enough to be competitive is a / an ...

a)

Indirect Competitor

b)

Direct Competitor

c)

Corporation

d)

Business

94.

A focus group was formed to provide opinions for a target market. What type of data is being collected from the focus group?

a)

Primary Data

b)

Secondary Data

c)

Survey

d)

Useless

95.

What do investors use to determine the cost of getting new customers?

a)

Customer Acquisition Costs

b)

Customer Retention Rate

c)

Balance Sheet

d)

Income Statement

96.

Which is more cost effective: getting new customers or keeping existing customers

a)

Keeping Existing Customers

b)

Getting New Customers

c)

Lowering Prices

d)

Expanding Your Brand

97.

What marketing methods is the most cost effective?

a)

Social Media

b)

Radio

c)

Television

d)

Newspaper

98.

What marketing method is the most expensive?

a)

Television

b)

Radio

c)

Social Media

d)

Newspaper

99.

What market segment anticipates a customer's needs?

a)

Behavioral

b)

Demographic

c)

Psychographic

d)

Geographic

100.

What market segment shows how a customer views the world?

a)

Psychographic

b)

Demographic

c)

Behavioral

d)

Geographic

101.

David's company acquired 1,000 new customers last year. He spent $500 in marketing and $400 in sales costs. What was David's CAC?

a)

.90 cents

b)

$1.22

c)

.45 cents

d)

.99 cents

102.

A business selling products or services directly to consumers is a ...

a)

B2C

b)

B2B

c)

Direct Distribution

d)

Indirect Distribution

103.

Distribution and fulfillment centers are both ________ distribution channels

a)

indirect

b)

direct

c)

business

d)

customer

104.

TRUE OR FALSE: A distribution channel is a method used to get a product from the manufacturer to the end-use

a)

TRUE

b)

FALSE

105.

A wholesaler purchases products, commonly in bulk, from the manufacturer and then turns around and sells the products to retailers who then sell the products to the end-users. Which indirect distribution level is this?

a)

2 LEVEL

b)

3 LEVEL

c)

1 LEVEL

d)

4 LEVEL

106.

The ______ is the amount of revenue required to cover expenses

a)

Break Even Point

b)

Profit

c)

Income

d)

Debt

107.

Alan just started a technology business. he is advertising online and trying to gain customers. He just finished working with his first client. In which business life cycle stage is Alan in?

a)

existence

b)

growth

c)

idea

d)

prototype

108.

The owner of a housecleaning business wants to target customers for its services. Which method would target homeowners with busy lifestyles that don't have time to clean it themselves?

a)

psychographic

b)

behavioral

c)

demographic

d)

geographical

109.

A home remodeling business wants to identify customer segments to target its services .What method would target homeowners who respond to promotional discounts?

a)

behavioral

b)

demographic

c)

geographic

d)

psychographic

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