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WorksheetsESB Practice Test
Total questions: 50
Worksheet time: 30mins
What 3 Statements help define a Product Market Fit?
Product/market fit exists when you have the right solution to a problem worth solving
When you receive a posititve response to a huge marketing campaign that includes giving away free product.
A fit exists when people need your product rather than just seeing a potential benefit of using it.
A rapid growth hypothesis ensures market/fit.
When users love your product so much they tell other people to use it.
Form a focus group
Ask the sales team if demand increased
Email an evaluation a week after the course
Conduct onscreen pop-up quizzes
Launch a marketing campaign
Identify materials
Pre-sale the product for funding
Create a social media following
Developing the product website and social media compaign.
Finding a manufacturer.
Sourcing materials needed for the components of the products.
Establishing quality control measures and accountability.
Creating your prototype to demonstrate the product's function to potential customers.
True or False - Prodfuct Price affects the length of the distribution channel
True
False
Warehousing is outsourced.
Direct distribution is also known as a zero level channel.
Packing and shipping is done by a third-party.
Inventory is stored for longer periods of time.
The manufacturer controls all aspects of distribution.
How much it will cost to compensate employees
How much money investors are willing to invest in the product
The number of products that will need to be produced
What is required to make the product
Digital
Direct
Physical
Indirect
Temporarily store products for retail stores
Strategically store a company's products so that the product can be quickly picked up and sent out
Strategically store a company's products so that the product can be picked up by the customer
Store products indefinitely but have slow shipping times
Pick all that apply
A company's department head
Local health and safety inspectors
Industry leaders
CEOs
A government regulatory agency
E-commerce sales
Retail sales
Door-to-door sales
Wholesaler sales
Non-profit
No more than $200,000 in sales
Less than $35.5 million revenue
Fewer than 1,500 employees
Between 500 and 2,500 employees
C-Corp
LLC
S-Corp
Sole Partner
Damage to reputation
Financial instability
No control over schedule
Loss of experience
__________is a multi-page document describing and detailing a business.
Lean canvas
Business plan
Pitch Deck
Marketing plan
Used to Get Investor Buy-In
Used to Get Investors Attention
10-20 slides
Highly Text-Based
Highly Visual
A list of your business competitors compiled by the Chamber of Commerce
An series of Industry reports
Information collected from a poll of your company Facebook followers
The United States Census
TV ads
Google ads
Social Media
Flyers and Pamphlets
Local Television Ad
Distribute Flyers
Social Media
Calculate Mary's customer retention rate. Mary had 75 customers at the end of the period. She got 50 new customers during that time. She charged $28 dollars for each dinner. She had 100 customers at the start of the period. What is Mary's CRR?
$26
$100
$10
$25
wholesaler
retailer
B2B
On-line
Direct to consumer
$14
$25
$30
$20
$500
($80)
$80
$4000
16%
20%
120%
83%
Can be used to raise working capital.
Loan payments can be set up so they match seasonal sales of the business
Loan payments are predictable; they do not change with the fortunes of the business.
Investors have no say in the management or direction of the business.
Investors do not get paid if the business does not make a profit.
If a company spends $50,000 on marketing and $5,000 on sales and they gain 500 customers. what is their Customer Acquisition Cost?
300
110
500
700
Behavioral Data is collected by:
watching the behaviors of people on the street
analyzing the behavior of executives in the company
observing customers' behaviors to understand their buying habits
all of these
Which two choices are considered secondary data?
company newsletter
focus group
statistical data
internet articiles
Which features are drawbacks of digital sales channels? Choose two answers.
Some products will have shipping costs to have the product delivered
Customers must rely on images, reviews, and product descriptions to determine whether or not they will purchase a product
Smaller selling range for businesses
Higher costs of products
An internet article about fashion trends seen in Europe was used to select inventory for a small boutique. What type of data is used in this scenario?
primary data
research data
secondary data
dIrect data
Which market segment shows how a customer views the world?
Demographic
Psychographic
Geographical
Behavioral
Which two aspects of a company’s customers could a high customer acquisition cost (CAC) indicate?
The customers are unreliable in terms of purchases
The marketing is ineffective
The demographic has shifted
The marketing is effective
Which channels are examples of digital sales channels? Choose two answers.
Wholesalers
General marketplaces
Retail stores
Auction marketplaces
What is the correct order of the stages of the business life cycle?
Success, Existence, Takeoff, Maturity, Survival of the Fittest
Existence, Survival of the Fittest, Success, Takeoff, Maturity
Existence, Success, Takeoff, Maturity, Survival of the Fittest
Takeoff, Existence, Success, Survival of the Fittest, Maturity
What is the correct order of the stages of the business life cycle?
Success, Existence, Takeoff, Maturity, Survival of the Fittest
Existence, Survival of the Fittest, Success, Takeoff, Maturity
Existence, Success, Takeoff, Maturity, Survival of the Fittest
Takeoff, Existence, Success, Survival of the Fittest, Maturity
What is the correct order of the
design thinking process?
empathize, define, ideate, prototype, test
equity, define, ideate, prototype, exit
empathize, define, MVP, prototype, exit
Which three types of information can be found an a balance sheet?
Stock Options
Liabilities
Assets
Equity
Profit and Loss
Which two types of information can be found on a profit and loss statement?
Assets
Expenses
Revenues
Liabilities
Lucy owns a shoe store. Her starting balance last month was $17,300. Her ending balance was $14,700. What is Lucy's burn rate?
-$4,200
-$2,600
$4,200
$2,600
Based on this Income statement, What is the Gross Profit?
178,451,324
$11,700,000
117,000
78,451
Which of the following financial statement tells the net worth of a company at a given point in time?
Cash flow budget
Balance sheet
Income statement
Profit & loss statement
The Income Statement lists a businesses:
Assets and Expenses
Revenue, cost of goods and Expenses
Owner's Equity and Revenue
Expenses and Net Assets
Gross profit is calculated by...
Revenue - Total Costs
Revenue + Variable Costs
Revenue - Cost of Sales
Revenue - Fixed Costs
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
700
800
500
300
Businesses can compensate employees for work they produce when being paid by ______
hourly
salary
commission
piece work
_____ allows one to see and experience a customer's perspective
Empathy
kindness
caring
understanding
Having a growth mindset means ?
you want to grow your business skills
having a set of beliefs that means you easily give up
believing that one can accomplish anything through hard work
believing that one can grow by experiencing life
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?
Take Off
Survivial
Existence
Success
Choose the correct Business Life Cycle Stages in order from beginning
Existence, Survival of the Fittest, Success, Takeoff, Maturity
Existence, Success, Takeoff, Survival of the Fittest, Maturity
Takeoff, Existence, Maturity, Success, Survival of the Fittest
Takeoff, Maturity, Survival of the Fittest, Existence
Successful entrepreneurs have mindsets that typically possess what characteristics? Select all that apply
tenacious
responsible
nervous
college grad
adaptable
