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ESB Full Practice Exam

Total questions: 95

Worksheet time: 48mins

Name
Class
Date
1.

Cost incurred by a business.

a)

Primary Data

b)

Profit

c)

CFO

d)

Acquisition Costs

2.

The point where a business's revenue matches its expenses over a given period.

a)

Break-Even Point

b)

Problem Solving

c)

Brand Recognition

d)

Contract

3.

An investor who provides funding to a business for a stake in the business in return.

a)

Royalty Fees

b)

Angel Investor

c)

Investor

d)

Intellectual Property

4.

A level of familiarity one has with a brand.

a)

Brand Recognition

b)

Small Business

c)

Bootstrapping

d)

Familiarity

5.

A tangible item a business owns.

a)

Asset

b)

Variable Cost

c)

Owner

d)

Sales Pitch

6.

A business owner that uses their own money to fund their business.

a)

Bootstrapping

b)

Angel Investor

c)

MVP

d)

Forward-Thinking Mentality

7.

A business-to-own commercial transaction between businesses.

a)

B2B

b)

Patent

c)

B2C

d)

Risk Tolerance

8.

A document that compares assets to liabilities plus owner's equity.

a)

Balance Sheet

b)

Risk Tolerance

c)

Self-Reliance

d)

COO

9.

A business-to-consumer transaction.

a)

B2C

b)

Sales Channel

c)

Liability

d)

B2B

10.

The action of working with one or more people toward a common goal.

a)

Collaboration

b)

Trademark

c)

Operating Costs

d)

Primary Data

11.

The amount of money a business plans on spending during a given period.

a)

Partners

b)

Balance Sheet

c)

Break-Even Point

d)

Budget

12.

The Chief Financial Officer holds a leadership role within a business. This person oversees a company's finances.

a)

CEO

b)

Grit

c)

Salary

d)

CFO

13.

A calculation used to measure a business's monthly cash flow.

a)

Inventory

b)

Burn Rate

c)

Customer Retention

d)

Stockholder

14.

The Chief Executive Office holds a leadership role within a business. This individual oversees a business's operations and resources and makes the majority decisions for the company.

a)

CEO

b)

CFO

c)

COO

d)

CGO

15.

A situation an entrepreneur analyzes and evaluates to see if starting a sustainable profitable business is feasible.

a)

CEO

b)

Business Opportunity

c)

Trademark

d)

Analysis

16.

A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.

a)

S Corporation

b)

C Corporation

c)

Partnership

d)

Sole Proprietorship

17.

A document that addresses that concept, customers, and capital for a business.

a)

Business Plan

b)

Plan

c)

Document

d)

Strategy

18.

The method of sharing a start-up business online to pre-sell products.

a)

Asset

b)

Crowdfunding

c)

Funding

d)

Equity

19.

A fee paid to an employee for completing a task.

a)

Hourly Pay

b)

Commission

c)

Bonus

d)

Salary

20.

Using one's mind to solve a problem in the best way by considering various potential solutions to the problem.

a)

CEO

b)

Critical Thinking

c)

Inventory

d)

Profit

21.

A monetary amount given to employess in return for their work.

a)

Fixed Costs

b)

Acquisition Costs

c)

Compensation

d)

Problem-Solving

22.

A form of protection individuals can implement to protect their intellectual property. This is designated specifically for print, music, film, and various other forms of creative licenses.

a)

Copyright

b)

Trademark

c)

Patent

d)

Trade Secret

23.

A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement.

a)

Trade Secret

b)

Self-Reliance

c)

Confidentiality Agreement

d)

Opportunity Recognition

24.

The Chief Operating Officer holds a leadership role within business. This individual is responsible for overseeing the day-to-day administrative and operational functions of a business.

a)

CEO

b)

CFO

c)

COO

d)

ROI

25.

An agreement between an employee and a company outlining obligations and terms of employment.

a)

MVP

b)

Contract

c)

Policy

d)

Agreement

26.

An individual who aspires to start and run a successful business.

a)

Prototype

b)

Compensation

c)

Partner

d)

Entrepreneur

27.

An individual hired by a company and compensated for their work.

a)

Liability

b)

Employee

c)

Sole Proprietor

d)

Risk

28.

An individual or business that purchases goods and services from a business.

a)

Demographics

b)

Customer

c)

Contract

d)

Equity

29.

A method used to get a product from the manufacturer to the end-user.

a)

Angel Investor

b)

Partners

c)

Distribution Channel

d)

Pitch Deck

30.

The total cost of acquiring a new customer.

a)

Copyright

b)

Commission

c)

Value Proposition

d)

Customer Acquisition Cost

31.

Activities or strategies employed by a business to retain existing customers.

a)

Secondary Data

b)

Equity

c)

Risk

d)

Customer Retention

32.

Statistical data that refers to particular groups within a population.

a)

Demographics

b)

Operating Costs

c)

Patent

d)

Franchise

33.

A local agency with information on participating local businesses.

a)

Commission

b)

LLC

c)

Chamber of Commerce

d)

Patent

34.

A payment amount provided to employees for the number of hours they worked.

a)

Hourly Pay

b)

Commission

c)

Piece Work

d)

Salary

35.

Non-cash compensations offered to employees in place of or in addition to a lower salary.

a)

Operating Costs

b)

Equity

c)

Commission

d)

B2B

36.

Believing that one can accomplish anything with hard work.

a)

Opportunity Recognition

b)

Mindset

c)

Resiliency

d)

Growth Mindset

37.

Standard of professional conduct professionals should uphold.

a)

Lean Canvas

b)

LLC

c)

Ethical Practices

d)

Canvas

38.

The characteristics of being able to tackle goals with courage and perseverance.

a)

Grit

b)

Opportunity Recognition

c)

Growth Mindset

d)

Sales Channel

39.

Cost a business has that remains the same no matter the volume of production.

a)

Variable Costs

b)

Fixed Costs

c)

Costs

d)

Angel Investor

40.

A business that takes its name and characteristics from an existing business chain.

a)

Sole Proprietorship

b)

Corporation

c)

Franchise

d)

Partnership

41.

Thinking about and planning for the future.

a)

Innovation

b)

Forward-Thinking Mentality

c)

S Corporation

d)

Mentality

42.

The person that developed or created a company or organization.

a)

Marketing Plan

b)

Founder

c)

Sales Channel

d)

Partner

43.

The amount of money owed to an entity.

a)

Liability

b)

Asset

c)

Salary

d)

Money

44.

A financial statement that details a business's revenue and expenses for a given period.

a)

Intellectual Property

b)

Income Statement

c)

Bank Statement

d)

Statement

45.

A one-page document discussing key information commonly seen in a business plan.

a)

Lean Canvas

b)

Canvas

c)

Compensation

d)

Plan

46.

A characteristic in which an individual acts to turn ideas into action.

a)

Innovation

b)

Initiative

c)

Characteristic

d)

Risk Tolerance

47.

A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money.

a)

CEO

b)

Investor

c)

Forward Thinking Mentality

d)

CFO

48.

A new idea, product, or method.

a)

Distribution Channel

b)

Collaboration

c)

Innovation

d)

Bootstrapping

49.

Goods a business owns with the purpose of selling.

a)

Inventory

b)

Initiative

c)

CEO

d)

LLC

50.

A creative work or invention to which an individual has been given rights.

a)

Break-Even Point

b)

Distribution Channel

c)

Marketing Plan

d)

Intellectual Property

51.

A limited liability company is a business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes.

a)

LLC

b)

Partnership

c)

Sole Proprietorship

d)

Franchise

52.

Two or more individuals that share a business's financial responsibility.

a)

Personal Agency

b)

B2B

c)

Partners

d)

Sole Proprietor

53.

A form of communication between businesses and customers which relays a message promoting services and/or goods.

a)

Target Market

b)

Marketing

c)

Stockholder

d)

Founder

54.

The individual that owns the business.

a)

Confidentiality Agreement

b)

Sales Pitch

c)

Owner

d)

Brand Recognition

55.

A written plan that outlines a company's marketing strategies.

a)

Grit

b)

Inventory

c)

Marketing Plan

d)

Marketing

56.

The way one approaches new ideas and ventures in their life.

a)

Opportunity

b)

Salary

c)

Opportunity Recognition

d)

Marketing Plan

57.

A minimum viable product is an inexpensive preliminary product to test the product idea.

a)

Variable Costs

b)

Personal Agency

c)

MVP

d)

Product/Market Fit

58.

The expenses incurred for running day-to-day tasks in a business.

a)

Expenses

b)

Operating Costs

c)

Sales Channel

d)

Salary

59.

A type of business that has no owner and does not pay federal U.S. taxes.

a)

Nonprofit

b)

B2C

c)

Stockholder

d)

Bootstrapping

60.

A legal method used to protect an invention for a limited time

a)

copyright

b)

trademark

c)

license

d)

patent

61.

One's ability to act to work toward achieving a goal

a)

growth mindset

b)

secondary data

c)

intellectual property

d)

personal agency

62.

a type of compensation provided for the amount of work produced.

a)

Piece work

b)

commission

c)

salary

d)

equity

63.

A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.

a)

Forward thinking mentality

b)

pitch deck

c)

presentation

d)

crowdfunding

64.

The amount of money charged for goods or services

a)

price

b)

chamber of commerce

c)

salary

d)

nonprofit

65.

First-hand research like surveys, interviews, and statistical data

a)

primary data

b)

secondary data

c)

data

d)

contract

66.

the process of coming up with solutions to solve problems

a)

critical thinking

b)

problem-solving

c)

COO

d)

fixed costs

67.

a tangible item

a)

B2B

b)

vairable costs

c)

Product

d)

inventory

68.

Return on investment is a calculation used to determine how much an investment is making.

a)

COO

b)

ROI

c)

investment

d)

franchise

69.

The stage where a business's sales are high and continue to grow because their product or service is something customers want to continue to purchase.

a)

Product/market fit

b)

Success stage

c)

Take-off stage

d)

Stage

70.

The level of willingness to lose time and money when starting a business.

a)

nonprofit

b)

risk

c)

risk tolerance

d)

resiliency

71.

The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money.

a)

Personal agency

b)

patent

c)

risk

d)

risk tolerance

72.

The number of sales and other income in a business for a given period.

a)

revenue

b)

sales

c)

commission

d)

brand recognition

73.

One's ability to adapt to change, loss, and disappointment.

a)

run rate

b)

lean canvas

c)

founder

d)

resiliency

74.

A preliminary product, commonly a product with a minimum viability, from which to test and develop.

a)

prototype

b)

product

c)

value proposition

d)

crowdfunding

75.

the amount of personal gain from a business

a)

funding

b)

profit

c)

crowdfunding

d)

lean canvas

76.

Trusting oneself, goals, and progress

a)

selling price

b)

investor

c)

self-reliance

d)

sales pitch

77.

Fees paid for the use of a brand name or image.

a)

license

b)

commission

c)

trademark

d)

royalty fees

78.

Data that may contain personal bias like company newsletters and academic journals.

a)

budget

b)

secondary data

c)

primary data

d)

pitch deck

79.

A calculation used to make projections about a company's future performance.

a)

rate

b)

calculation

c)

run rate

d)

ROI

80.

A type of business structure wiht a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.

a)

S Corp

b)

C Corp

c)

Corporation

d)

Franchise

81.

A fixed payment amount provided to a full-time employee.

a)

commission

b)

equity

c)

salary

d)

pay

82.

How a business sells its products and services to the end customer.

a)

chamber of commerce

b)

sales channel

c)

channel

d)

self-reliance

83.

A persuasive speech prepared to entice a potential customer to purchase a service or good

a)

break-even point

b)

revenue

c)

sales pitch

d)

business plan

84.

The price a company charges for its product or service. This is determined by adding the cost price and the profit margin that company wants to earn.

a)

selling price

b)

price

c)

patent

d)

B2C

85.

an intangible item or skill that is performed

a)

good

b)

service

c)

secondary data

d)

profit

86.

A corporation, partnership, or sole proprietorship that is privately owned by one individual or a small group of people. They commonly have fewer employees and revenue than larger-sized businesses.

a)

corporation

b)

sales pitch

c)

partnership

d)

small business

87.

The Small Business Administratoin is an independent government agency specializing in providing small businesses with assistance to get their business up and running.

a)

SBA

b)

Lean canvas

c)

run rate

d)

administration

88.

The type of business structure with a single owner. The business is not shielded from any amount of liability.

a)

franchise

b)

partnership

c)

sole proprietorship

d)

corporation

89.

An individual that owns at least one share in a corporation's stock

a)

stockholder

b)

entrepreneur

c)

sole proprietor

d)

SWOT

90.

A planning tool used to document a company's strength, weaknesses, opportunities, and threats.

a)

target market

b)

problem-solving

c)

SWOT analysis

d)

ROI

91.

The group of customers a company chooses to market its products and services.

a)

small business administration

b)

contract

c)

target market

d)

focus group

92.

A practice used by businesses to protect practices, process, or formula from being shared with other competitors

a)

trade secret

b)

ethical practices

c)

patent

d)

investor

93.

A practice used to protect brand names, logos, and business names

a)

copyright

b)

trademark

c)

investor

d)

patent

94.

A promise of value that a company makes about their product or service that makes it attractive to customers.

a)

B2B

b)

COO

c)

Value proposition

d)

Value

95.

Fluctuating costs that a business has depending on production

a)

fixed costs

b)

profit

c)

variable costs

d)

equity