WorksheetsESB - Certification Practice 1
Total questions: 20
Worksheet time: 20mins
Which statement defines entrepreneurship?
Setting up a business with the aim to make a profit
Investing in stocks for long-term growth
Working for a non-profit organization
Creating art for personal expression
What is an effective way to measure your teaching performance during an online course?
Form a focus group
Conduct on screen pop-up quizzes
Ask the sales team if demand increased
Email an evaluation a week after the course
What does the T in "SWOT Analysis" stand for?
Trends
Targets
Threats
Techniques
Which is the LAST step in the Design Thinking Process?
Define
Ideate
Test
Prototype
A Business Plan is used to get Investor's Attention
True
False
Sometimes
Only for startups
Which process does Product Quality Testing NOT involve?
Review the results of internal quality assurance testing
Establish the method to use for testing product quality
Determine what standards have to be met based on the product and industry
Review the results of a competitors quality assurance testing
What legal structure should you set up for your small business if you want benefits of a large corporation, avoid double taxation, have four partners as shareholders, and want protection from business liabilities?
C-Corporation
S-Corporation
Limited Liability Company (LLC)
Partnership
A toy company wants to create a product/market fit hypothesis for a new toy. Which element of the hypothesis involves writing a statement explaining what the new toy does and how it is different from the competition?
Value proposition
Market analysis
Customer segmentation
Competitive advantage
Which one of the following statement is NOT true about Equity Financing? No obligation to repay the money acquired through it, Requires selling a portion of the company
Places a large financial burden on the company
Equity financing does not require repayment
Equity financing involves selling a portion of the company
Equity financing can dilute ownership
Which is the greatest benefit of being an entreprenuer?
Financial security
Schedule control
Job stability
Limited responsibility
A DJ wants to analyze market reactions to the new music selections played at his dance last weekend. He advertises his weekly dances using social media and email. Which would be the most effective way to gather reactions from those who attended the dance?
Interviews
Surveys
Social media posts
Email newsletters
Which is the LAST stage in the five stages of the business life cycle?
Growth
Maturity
Decline
Startup
Which one of the business compensation structures is an example of an employee that would be most affected by minimum wage laws?
Piece Work
Salary
Hourly
Commission
A Business Plan is 10-100 Pages
True
False
It can be 1-10 pages
It can be 100-200 pages
An example of _____________ compensation is paying filed laborers for the amount of fruit they pick
Hourly Wage
Salary
Piece Work
Commission
You have an idea for a new product. Market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before creating a product prototype?
Identify materials
Conduct a marketing campaign
Set a retail price
Design a logo
An employee who is paid a percentage of a sale is paid by ________.
Salary
Commission
Bonus
Hourly Wage
Which Type of Sales Channel involves Selling Products directly to end customers for a profit, either in-store, online, mail-order, or by phone?
Wholesale
Retail
Distributor
Broker
You operate a small insurance office with a partner, which expense is a fixed cost?
Cost of supplies
Property lease for the office
Water bill for an office
Paycheck for an hourly administrative assistant
Which element of a marketing plan provides a synopsis of details to be outlined later in the plan?
Executive Summary/Business Description
Marketing Mix
Situation Analysis
Delivery Plan
