WorksheetsESB Full Practice Exam
Total questions: 95
Worksheet time: 48mins
Cost incurred by a business.
Primary Data
Profit
CFO
Acquisition Costs
The point where a business's revenue matches its expenses over a given period.
Break-Even Point
Problem Solving
Brand Recognition
Contract
An investor who provides funding to a business for a stake in the business in return.
Royalty Fees
Angel Investor
Investor
Intellectual Property
A level of familiarity one has with a brand.
Brand Recognition
Small Business
Bootstrapping
Familiarity
A tangible item a business owns.
Asset
Variable Cost
Owner
Sales Pitch
A business owner that uses their own money to fund their business.
Bootstrapping
Angel Investor
MVP
Forward-Thinking Mentality
A business-to-own commercial transaction between businesses.
B2B
Patent
B2C
Risk Tolerance
A document that compares assets to liabilities plus owner's equity.
Balance Sheet
Risk Tolerance
Self-Reliance
COO
A business-to-consumer transaction.
B2C
Sales Channel
Liability
B2B
The action of working with one or more people toward a common goal.
Collaboration
Trademark
Operating Costs
Primary Data
The amount of money a business plans on spending during a given period.
Partners
Balance Sheet
Break-Even Point
Budget
The Chief Financial Officer holds a leadership role within a business. This person oversees a company's finances.
CEO
Grit
Salary
CFO
A calculation used to measure a business's monthly cash flow.
Inventory
Burn Rate
Customer Retention
Stockholder
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.
CEO
CFO
COO
CGO
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable profitable business is feasible.
CEO
Business Opportunity
Trademark
Analysis
A business structure that allows the company to pass its income, losses, deductions, and credits through its shareholders to decrease their taxation.
S Corporation
C Corporation
Partnership
Sole Proprietorship
A document that addresses that concept, customers, and capital for a business.
Business Plan
Plan
Document
Strategy
The method of sharing a start-up business online to pre-sell products.
Asset
Crowdfunding
Funding
Equity
A fee paid to an employee for completing a task.
Hourly Pay
Commission
Bonus
Salary
Using one's mind to solve a problem in the best way by considering various potential solutions to the problem.
CEO
Critical Thinking
Inventory
Profit
A monetary amount given to employess in return for their work.
Fixed Costs
Acquisition Costs
Compensation
Problem-Solving
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.
Copyright
Trademark
Patent
Trade Secret
A signed agreement stating that an entity will not disclose information agreed upon by all parties in an arrangement.
Trade Secret
Self-Reliance
Confidentiality Agreement
Opportunity Recognition
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.
CEO
CFO
COO
ROI
An agreement between an employee and a company outlining obligations and terms of employment.
MVP
Contract
Policy
Agreement
An individual who aspires to start and run a successful business.
Prototype
Compensation
Partner
Entrepreneur
An individual hired by a company and compensated for their work.
Liability
Employee
Sole Proprietor
Risk
An individual or business that purchases goods and services from a business.
Demographics
Customer
Contract
Equity
A method used to get a product from the manufacturer to the end-user.
Angel Investor
Partners
Distribution Channel
Pitch Deck
The total cost of acquiring a new customer.
Copyright
Commission
Value Proposition
Customer Acquisition Cost
Activities or strategies employed by a business to retain existing customers.
Secondary Data
Equity
Risk
Customer Retention
Statistical data that refers to particular groups within a population.
Demographics
Operating Costs
Patent
Franchise
A local agency with information on participating local businesses.
Commission
LLC
Chamber of Commerce
Patent
A payment amount provided to employees for the number of hours they worked.
Hourly Pay
Commission
Piece Work
Salary
Non-cash compensations offered to employees in place of or in addition to a lower salary.
Operating Costs
Equity
Commission
B2B
Believing that one can accomplish anything with hard work.
Opportunity Recognition
Mindset
Resiliency
Growth Mindset
Standard of professional conduct professionals should uphold.
Lean Canvas
LLC
Ethical Practices
Canvas
The characteristics of being able to tackle goals with courage and perseverance.
Grit
Opportunity Recognition
Growth Mindset
Sales Channel
Cost a business has that remains the same no matter the volume of production.
Variable Costs
Fixed Costs
Costs
Angel Investor
A business that takes its name and characteristics from an existing business chain.
Sole Proprietorship
Corporation
Franchise
Partnership
Thinking about and planning for the future.
Innovation
Forward-Thinking Mentality
S Corporation
Mentality
The person that developed or created a company or organization.
Marketing Plan
Founder
Sales Channel
Partner
The amount of money owed to an entity.
Liability
Asset
Salary
Money
A financial statement that details a business's revenue and expenses for a given period.
Intellectual Property
Income Statement
Bank Statement
Statement
A one-page document discussing key information commonly seen in a business plan.
Lean Canvas
Canvas
Compensation
Plan
A characteristic in which an individual acts to turn ideas into action.
Innovation
Initiative
Characteristic
Risk Tolerance
A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money.
CEO
Investor
Forward Thinking Mentality
CFO
A new idea, product, or method.
Distribution Channel
Collaboration
Innovation
Bootstrapping
Goods a business owns with the purpose of selling.
Inventory
Initiative
CEO
LLC
A creative work or invention to which an individual has been given rights.
Break-Even Point
Distribution Channel
Marketing Plan
Intellectual Property
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.
LLC
Partnership
Sole Proprietorship
Franchise
Two or more individuals that share a business's financial responsibility.
Personal Agency
B2B
Partners
Sole Proprietor
A form of communication between businesses and customers which relays a message promoting services and/or goods.
Target Market
Marketing
Stockholder
Founder
The individual that owns the business.
Confidentiality Agreement
Sales Pitch
Owner
Brand Recognition
A written plan that outlines a company's marketing strategies.
Grit
Inventory
Marketing Plan
Marketing
The way one approaches new ideas and ventures in their life.
Opportunity
Salary
Opportunity Recognition
Marketing Plan
A minimum viable product is an inexpensive preliminary product to test the product idea.
Variable Costs
Personal Agency
MVP
Product/Market Fit
The expenses incurred for running day-to-day tasks in a business.
Expenses
Operating Costs
Sales Channel
Salary
A type of business that has no owner and does not pay federal U.S. taxes.
Nonprofit
B2C
Stockholder
Bootstrapping
A legal method used to protect an invention for a limited time
copyright
trademark
license
patent
One's ability to act to work toward achieving a goal
growth mindset
secondary data
intellectual property
personal agency
a type of compensation provided for the amount of work produced.
Piece work
commission
salary
equity
A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.
Forward thinking mentality
pitch deck
presentation
crowdfunding
The amount of money charged for goods or services
price
chamber of commerce
salary
nonprofit
First-hand research like surveys, interviews, and statistical data
primary data
secondary data
data
contract
the process of coming up with solutions to solve problems
critical thinking
problem-solving
COO
fixed costs
a tangible item
B2B
vairable costs
Product
inventory
Return on investment is a calculation used to determine how much an investment is making.
COO
ROI
investment
franchise
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.
Product/market fit
Success stage
Take-off stage
Stage
The level of willingness to lose time and money when starting a business.
nonprofit
risk
risk tolerance
resiliency
The possibility of something negative happening. In the context of a small business, the possibility of a loss of time and money.
Personal agency
patent
risk
risk tolerance
The number of sales and other income in a business for a given period.
revenue
sales
commission
brand recognition
One's ability to adapt to change, loss, and disappointment.
run rate
lean canvas
founder
resiliency
A preliminary product, commonly a product with a minimum viability, from which to test and develop.
prototype
product
value proposition
crowdfunding
the amount of personal gain from a business
funding
profit
crowdfunding
lean canvas
Trusting oneself, goals, and progress
selling price
investor
self-reliance
sales pitch
Fees paid for the use of a brand name or image.
license
commission
trademark
royalty fees
Data that may contain personal bias like company newsletters and academic journals.
budget
secondary data
primary data
pitch deck
A calculation used to make projections about a company's future performance.
rate
calculation
run rate
ROI
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.
S Corp
C Corp
Corporation
Franchise
A fixed payment amount provided to a full-time employee.
commission
equity
salary
pay
How a business sells its products and services to the end customer.
chamber of commerce
sales channel
channel
self-reliance
A persuasive speech prepared to entice a potential customer to purchase a service or good
break-even point
revenue
sales pitch
business plan
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.
selling price
price
patent
B2C
an intangible item or skill that is performed
good
service
secondary data
profit
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.
corporation
sales pitch
partnership
small business
The Small Business Administratoin is an independent government agency specializing in providing small businesses with assistance to get their business up and running.
SBA
Lean canvas
run rate
administration
The type of business structure with a single owner. The business is not shielded from any amount of liability.
franchise
partnership
sole proprietorship
corporation
An individual that owns at least one share in a corporation's stock
stockholder
entrepreneur
sole proprietor
SWOT
A planning tool used to document a company's strength, weaknesses, opportunities, and threats.
target market
problem-solving
SWOT analysis
ROI
The group of customers a company chooses to market its products and services.
small business administration
contract
target market
focus group
A practice used by businesses to protect practices, process, or formula from being shared with other competitors
trade secret
ethical practices
patent
investor
A practice used to protect brand names, logos, and business names
copyright
trademark
investor
patent
A promise of value that a company makes about their product or service that makes it attractive to customers.
B2B
COO
Value proposition
Value
Fluctuating costs that a business has depending on production
fixed costs
profit
variable costs
equity
