NEW
Font size
WorksheetsESB Cert Practice
Total questions: 52
Worksheet time: 26mins
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?
$23,000
$25,000
$20,000
$22,000
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?
$87,500
$90,000
$85,000
$88,000
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities.
True
False
Equipment is considered ...:
a long term asset
a short term asset
a liability
an expense
ROI is calculated by ...:
Net Profit / Cost of Investment X 100
Net Profit / Total Revenue X 100
Total Revenue / Cost of Investment X 100
Net Profit / Total Expenses X 100
Run Rate is calculated by ...:
Current Revenue for one month X 12
Total Revenue for one month X 12
Current Revenue for one month X 10
Total Revenue for one month X 10
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is Michelle's run rate?
$72,000
$70,000
$68,000
$74,000
Which of the following is a variable expense?
commission payments
rent
insurance
salaries
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?
10
15
12
8
How does an entrepreneur determine his / her selling price?
selling price = cost X desired profit margin + cost
selling price = cost + desired profit margin
selling price = cost X desired profit margin
selling price = cost + cost X desired profit margin
TRUE OR FALSE: Equity = Assets + Liabilities.
False
True
________ is the owner's remaining value after all liabilities have been deducted.
Equity
Assets
Revenue
Profit
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?
234
250
200
300
TRUE OR FALSE: Fixed Costs change depending on the volume of production.
False
True
Which 2 types of information may be found on a profit and loss statement?
Revenue / Expenses
Assets / Liabilities
Equity / Revenue
Profit / Assets
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who remain customers after a given period.
True
False
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer service.
True
False
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers - or convincing people to buy your products.
True
False
In which step of the sales process would you address customer concerns?
Objection
Closing
Presentation
Prospecting
In which step of the sales process would a customer decide to make a purchase?
Closing
Objection
Presentation
Prospecting
In which step of the sales process would a potential customer be identified?
Closing
Prospecting
Negotiation
Follow-up
What is a disadvantage of being a sole proprietor?
Limited Liability
Unlimited Liability
Double Taxation
Shared Control
During which phase might an owner decide to sell their ownership in a company?
Growth
Exit
Launch
Expansion
Which of the following are for-profit with limited liability?
Partnership
Sole Proprietorship
S Corp
Non-Profit
Which of the following vote on the management of the company?
Employees
Customers
Stockholders
Suppliers
The 5 elements of the design thinking process are empathize, define, ideate, ______ and ______.
Prototype and Test
Analyze and Implement
Design and Develop
Plan and Execute
The type of business that is best for international business even with being double taxed is a ______.
S Corp
LLC
C Corp
Partnership
What type of business is best for a single owner seeking low risk?
Partnership
LLC
C Corp
S Corp
What type of business is best for a company that seeks a lower tax rate and prevents the company from being double-taxed?
C Corp
Partnership
S Corp
Sole Proprietorship
What type of agreements are signed by employees, agreeing not to share trade secrets?
Employment Contract
Non Disclosure Agreement
Partnership Agreement
Licensing Agreement
Which protects an invention from being copied?
Trademark
Copyright
Patent
Trade Secret
Which intellectual property would best protect a new type of mousepad design?
Trademark
Copyright
Patent
Trade Secret
Which of the following would best protect a banana bread recipe?
Trademark
Copyright
Patent
Trade Secret
Which are internal in a SWOT analysis?
Opportunities / Threats
Strengths / Weaknesses
Risks / Rewards
Costs / Benefits
A competitor with a business that sells different products or services but is similar enough to be competitive is a / an ______.
Direct competitor
Indirect competitor
Substitute competitor
Complementary competitor
What type of data is being collected from a focus group?
Secondary data
Tertiary data
Primary data
Quantitative data
What do investors use to determine the cost of getting new customers?
Marketing Budget
Customer Acquisition Costs
Sales Revenue
Profit Margin
Which is more cost effective: getting new customers or keeping existing customers?
Getting new customers
Keeping existing customers
Both are equal
Neither
What marketing method is the most cost effective?
Television
Radio
Social Media
What marketing method is the most expensive?
Social Media
Radio
Television
What market segment anticipates a customer's needs?
Demographic
Geographic
Behavioral
Psychographic
What market segment shows how a customer views the world?
Demographic
Geographic
Behavioral
Psychographic
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?
1.5
0.9
2.0
1.0
A business selling products or services directly to consumers is a ...?
B2B
B2C
C2C
B2G
What type of organization stores and ships products for businesses?
Retail centers
Distribution and fulfillment centers
Manufacturing plants
Customer service centers
Distribution and fulfillment centers are both ________ distribution channels.
Direct
Indirect
Hybrid
Exclusive
TRUE OR FALSE: A distribution channel is a method used to get a product from the manufacturer to the end-use.
True
False
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?
One level
Two level
Three level
Four level
The ________ is the amount of revenue required to cover expenses.
Profit margin
Break-even point
Gross income
Net income
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?
Growth
Maturity
Decline
Existence
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?
Demographic
Geographic
Behavioral
Psychographic
A home remodeling business wants to identify customer segments to target its services. What method would target homeowners who respond to promotional discounts?
Demographic
Geographic
Behavioral
Psychographic
