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Worksheets

ESB Domain 1

Total questions: 32

Worksheet time: 48mins

Name
Class
Date
1.

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

a)

profits

b)

customer retention

c)

cash

d)

none of these

2.

Entrepreneurs are willing to take on new opportunities and unknown risks to grow their businesses rapidly

a)

FALSE

b)

TRUE

3.

When a ______purchases an item from a business, it is a business-to-consumer transaction

a)

business

b)

vendor

c)

customer

d)

all of these

4.

______ are for-profit corporations with limited liability and are NOT the most ideal for overseas or international operations.

a)

C corp

b)

S corp

c)

LLC (Limited Lability Company)

5.

are ideal for international businesses.

a)

International Company

b)

Over Sea Corp

c)

none of these

d)

C corp

6.

The (COO) Chief Operating Officer duty is

a)

handles the finances of a company

b)

oversees daily operational and administrative functions

c)

oversees the marketing team

d)

oversees the daily transactions for a company

7.

A ______votes on the management of a company.

a)

stockholder

b)

Customer

c)

Board of Directors

d)

All of these

8.

Salary is

a)

paid by the amount of work produced

b)

paid by the amount of hours worked

c)

paid a fixed amount each pay period

d)

paid every two weeks

9.

Businesses can compensate employees for work they produce when being paid by ______

a)

percent pay

b)

hours worked

c)

salary

d)

piece work

10.

Businesses can offer _______in addition to a lower salary

a)

benefits

b)

equity

c)

none of these

d)

both of these

11.

During the _____stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income.

a)

opening

b)

start-off

c)

run-off

d)

survival

12.

The owner may decide to sell their ownership in the company during the ______stage

a)

exit plan

b)

ending

c)

gateway

d)

retire

13.

The five elements of the design thinking process are: empathize, define, ideate, prototype , and _____

a)

observe

b)

exam

c)

test

d)

experiment

14.

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

a)

Empathy

b)

Kindness

c)

Entrepreneurial skills

d)

Understanding

15.

The design team creates multiple inexpensive versions of a product, known as_______ .

a)

Experimental Viable Products

b)

Minimum Viable Products

c)

Maximum Viable Products

d)

Experimental Product

16.

________ is the amount of loss one is willing to take when making an investment decision

a)

Willingness

b)

Will power

c)

Risk tolerance

d)

Strength

17.

Having a growth mindset means ?

a)

you want to grow your business skills

b)

believing that one can grow by experiencing life

c)

having a set of beliefs that means you easily give up

d)

believing that one can accomplish anything through hard work

18.

An example of an environmental risk is

a)

tornado

b)

car crash

c)

appliances breaking

d)

Someone slipping on ice

19.

A _____ needs to be obtained to use a brand name on products

a)

license

b)

certificate

c)

legal document

d)

none of these

20.

The five factors that determine the viability of a business opportunity are

a)

all are correct

b)

market size, relationships, cash flow management, management skillsets, and passion.

c)

market size, relationships, cash flow management, business skillsets, and passion.

d)

customer retention, will power, technology, money, investments

21.

A lean canvas should only be one _____long.

a)

slide

b)

sentence

c)

paragraph

d)

none of these

22.

The ______ creates the first impression of a business plan.

a)

lean canvas

b)

business plan

c)

executive summary

d)

all of these

23.

A pitch deck is most commonly presented in the form of a ______ presentation

a)

slide

b)

Powerpoint

c)

all of these are wrong

d)

both of these are correct

24.

A _____ and value proposition provides a brief overview of a business where one talks about the company's mission and the value provided to customers

a)

vision

b)

mindset

c)

sighting

d)

all of these are right

25.

Trade secrets protect a company's formulas from being shared with _____

a)

customers

b)

other businesses

c)

compeititors

d)

employees

26.

To license a product, one must obtain ______from the author or creator

a)

authorization

b)

approval

c)

none of these

d)

consent

27.

Confidentiality or disclosure agreements are signed by employees, agreeing not to share trade secrets.

a)

False

b)

true

28.

A patent protects a/an _____from being copied

a)

music

b)

designs

c)

inventions

d)

ideas

29.

Michelle owns a charter school. She has recently begun earning more money and the schools' finances are doing well. In which business life cycle stage is Michelle?

a)

Take Off

b)

Success

c)

Survivial

d)

Existence

30.

When considering the reliability of the management for a business opportunity, what else should one consider at this time?

a)

the cost of management

b)

one's own skillset

c)

the cost of the product

d)

the employee's skillset

31.

Peter has decided to purchase a new carpet for his townhouse, He visits a local store to purchase the carpet there. Why type of transaction is this?

a)

Business to consumer (B2C)

b)

Physical

c)

Digital

d)

Business to Business (B2B)

32.

Franchises will generally have higher _______________________, but they offer ongoing support and training

a)

training costs

b)

start-up costs

c)

bankruptcy rates

d)

taxes