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ESB Review (RUSSEL)

Total questions: 109

Worksheet time: 58mins

Name
Class
Date
1.

it is becoming more and more common to sell products and services ______?

a)

through storefronts

b)

online

c)

through wholesaling

d)

at markets

2.

you recently started a small affiliate marketing service. Last month, you spent $1,000 on a Pay-Per-Click (PPC) online advertising campaign that resulted in $1,200 in sales.

What was last month's Return on Investment (ROI) for your affiliate marketing service?

a)

80%

b)

20%

c)

120%

d)

.2%

3.

A hair salon acquired 100 new customers last year.

Costs in the marketing and sales areas were the following:

*Marketing costs = $1,000

*Sales costs = $10,000

*Salaries = $96,000

What was the customer acquisition cost?

a)

$11,000

b)

$107,000

c)

$110

d)

$1,070

4.

Which are two characteristics of direct distribution that differ from fulfillment centers? (choose two)

a)

direct distribution is also known as a zero level channel

b)

warehousing is outsourced.

c)

packaging and shipping is done by a third - party

d)

inventory is stored for long periods of time.

e)

the manufacturer controls all aspects of distribution

5.

which of these are characters of a successful entrepreneur mindset? (choose two)

a)

can tolerate risks

b)

likes to argue

c)

resilient

d)

passive decision maker

6.

Jane is an investor in a full-detail carwash that opened several years ago. She has been very pleased with the company's management after helping select a new CEO two months ago. Which best describes the role Jane plays in the full-details carwash?

a)

stakeholder

b)

Human resource manager

c)

chief operating officer (COO)

d)

stockholder

7.

Which two ways can customer service and support affect sales ? ( choose two)

a)

coordinating shipping

b)

distributing marketing information

c)

closing the deal with rapid engagement

d)

increased sales through responsiveness and personalization

e)

more sales through customer evangelists

8.

Which ones describes "Chief Financial Officer (CFO)" ?

a)

1

b)

2

c)

3

d)

4

e)

5

9.

Which ones describes "Founder" ?

a)

1

b)

2

c)

3

d)

4

e)

5

10.

Which ones describes "Chief Operating Officer (COO)" ?

a)

1

b)

2

c)

3

d)

4

e)

5

11.

Which ones describes "Stakeholder" ?

a)

1

b)

2

c)

3

d)

4

e)

5

12.

Which ones describes "Chief Executive Officer (CEO)" ?

a)

1

b)

2

c)

3

d)

4

e)

5

13.

Which describes "Employee" ?

a)

1

b)

2

c)

3

14.

Which describes "Partnership" ?

a)

1

b)

2

c)

3

15.

Which describes "Stockholder" ?

a)

1

b)

2

c)

3

16.

Which expense is a variable cost ?

a)

insurance payments

b)

weekly advertisement picture in a journal

c)

hourly wages for an office employee

d)

monthly rent on a store

17.

Korryn works at an convenience store. When she was hired, she was told that she would be working 40 hours per week and receive $15 per hour of work. In addition to this, In the company gives all employee partial ownership of the company in the form of shares. Which two forms of compensation does Korryn receive for her work?

a)

hourly

b)

salary

c)

Piece work

d)

Equity

18.

What might the design team need to do during the design thinking process ?

a)

conduct surveys to ensure that customers believe the finished product will solve the outlined problem.

b)

discuss other problems that need to be solved

c)

revisit previous pages

d)

create less viable prototype ideas to ensure that they will not solve the outlined problem

19.

which corporation uses a double layer of taxation ?

a)

Sole proprietorship

b)

C corporation

c)

S corporation

d)

limited liability company

20.

which three elements are required to have a trade secret ? (choose THREE)

a)

subject to reasonable efforts to maintain its secrecy

b)

others cannot legitimately obtain the information

c)

a unique logo or brand names

d)

original work must be in a tangible form

e)

information has economic value not generally known

21.

you downloaded several of your favorite songs and use them in an ad to promote your product on social media sites. The ad was rejected because of the songs you chose. you are told that you violated Fair Use copyright.

which three are factors used to evaluate Fair Use copyright ? (choose three)

a)

purpose of your use

b)

obtain from a subscription website

c)

Effect of your use on the potential market of your work copied

d)

if it is use by a teacher or student

e)

amount of the work copied

22.

a nail salon pays $2,500 in rent per month and each nail technicians get paid $20 per client visit. Supplies cost $500 per month. At 150 clients per visits per month, how much does the salon have to mark up each visit, percentage-wise, for to break even at the end of the month.

a)

100%

b)

200%

c)

25%

d)

50%

23.

which is a disadvantage of S corporations ?

a)

they have high taxation rates

b)

there is a limited number of allowed S corporations

c)

they are subject to double-taxation.

d)

there are very strict qualification requirements for becoming an S corporation

24.

Dylan owns a small grocery store. The store has not been receiving a lot of business during the last few months and has been making a low profit. Dylan has a meeting scheduled to discuss three issues with other employees of the grocery store. in which business life cycle stage is Dylan ?

a)

survival

b)

exit plan

c)

pivot or persist

d)

resource maturity

25.

a cooking company wants to identify a target market for a new, AI-enabled toaster oven. Which types of behaviors are analyzed when defining a target market? (choose two)

a)

demographic

b)

marketing

c)

organizational

d)

geographic

26.

successful entrepreneurs have mindsets that typically possess which three characteristics ? (choose three)

a)

creativity

b)

nervous

c)

collaboration

d)

status quo

e)

self-reliance

27.

Kelly has decided to purchase a new rug for her home. She visits a local home decor store and purchases a rug there. What type of transaction is this ?

a)

digital

b)

business-to-business (B2B)

c)

business-to-consumer(b2c)

d)

physical

28.

Which stage of a business life cycle is first ?

a)

Survival

b)

success

c)

take-off

d)

existence

e)

exit plan

29.

Which stage of a business life cycle is second ?

a)

Survival

b)

success

c)

take-off

d)

pivot-persist

e)

exit plan

30.

Which stage of a business life cycle is third ?

a)

Survival

b)

success

c)

take-off

d)

pivot-persist

e)

exit plan

31.

Which stage of a business life cycle is fourth?

a)

resource maturity

b)

success

c)

take-off

d)

pivot-persist

e)

exit plan

32.

Which stage of a business life cycle is fifth?

a)

resource maturity

b)

success

c)

take-off

d)

pivot-persist

e)

exit plan

33.

Which stage of a business life cycle is sixth?

a)

resource maturity

b)

success

c)

take-off

d)

pivot-persist

e)

exit plan

34.

Which stage of a business life cycle is seventh?

a)

resource maturity

b)

success

c)

take-off

d)

pivot-persist

e)

exit plan

35.

you need to create a legal structure for your small business. you have plans for it to grow and hope in the future to sell shares to the public . you startup partners are citizens of Mexico and Japan. you do not want to be personally responsible for your business liabilities.

which legal structure should you set up for your business?

a)

s-corporation

b)

limited liability company

c)

c-corporation

d)

sole proprietorship

36.

which sales channel has been opened to manufacturers because of digital tools?

a)

B2B

b)

Direct-to-Consumer

c)

wholesale

d)

distribution

37.

mike is the owner of a doggy daycare and grooming business. the business is economically healthy, and he is looking for ways to finance future growth. in which business life cycle stage is mike?

a)

existence

b)

survival

c)

success

d)

take-off

38.

which three characteristics help identify a business opportunity ? (choose three)

a)

price

b)

size

c)

service

d)

branding

e)

quality

39.

which elements of a sales process is first ?

a)

follow-up

b)

preparation

c)

closing

d)

prospecting

e)

handling objections

40.

which elements of a sales process is second ?

a)

follow-up

b)

preparation

c)

closing

d)

approach

e)

handling objections

41.

which elements of a sales process is third ?

a)

follow-up

b)

presentation

c)

closing

d)

approach

e)

handling objections

42.

which elements of a sales process is fourth ?

a)

follow-up

b)

presentation

c)

closing

d)

approach

e)

handling objections

43.

which elements of a sales process is fifth ?

a)

follow-up

b)

presentation

c)

closing

d)

approach

e)

handling objections

44.

what is the main drawback of a sole proprietorship ?

a)

they required a partner

b)

they are responsible to shareholders

c)

they have unlimited personal liability

d)

they are easy to create

45.

which statement defines entrepreneurship?

a)

marketing and selling products

b)

setting up a business with the aim to make a profit

c)

acquiring leadership and managerial skills

d)

quickly advancing in positions within a corporation

46.

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 ?

a)

identify underserved customer needs

b)

ux

c)

value proposition

d)

determine the target customer

47.

you run a small service and are deciding whether to build your own website or have a website design company build the site. what type of analysis is needed to make the best decision possible ? (choose three)

a)

buy or build

b)

burn rate

c)

creating an effective demonstrating of your service for potential customers

d)

value engineering

e)

training employee with the knowledge to consistently deliver the service

48.

a new product tester at a company reads that all testing must be done in adherence with OSHA regulations? which two aspects of business operations fall under OSHA ? (choose two)

a)

government regulations

b)

technical requirements

c)

functional requirements

d)

safety requirements

49.

in the context of interpreting market research, which of the following is an example of Primary data ?

a)

similar business scenarios on Youtube

b)

a list of your business competitors complied by the chamber of commerce

c)

an series of industry reports

d)

interviews with SMEs

50.

a computer training business needs to hire a consultant for a project revamp the training courseware. Once the courseware is revamped, the consultant's services are complete. which business compensation structure will pay the consultant and lead to the smallest payroll tax liability for the business ?

a)

commission

b)

contract

c)

hourly

d)

salary

51.

which two types of sales channels sell primarily to other businesses ? (choose two)

a)

B2B

b)

online

c)

Direct-to-Consumer

d)

retail

e)

wholesales

52.

which describes a "entrepreneur" ?

a)

1

b)

2

c)

3

53.

which describes a "Franchise" ?

a)

1

b)

2

c)

3

54.

which describes a "small business" ?

a)

1

b)

2

c)

3

55.

which tool is most useful in helping customer service support sales strategies ?

a)

contact list

b)

CRM

c)

website

d)

remote desktop

56.

which describes a "Account receivable" ?

a)

1

b)

2

c)

3

d)

4

57.

which describes a "revenue" ?

a)

1

b)

2

c)

3

d)

4

58.

which describes a "Accounts payable" ?

a)

1

b)

2

c)

3

d)

4

59.

which describes a "Expenses" ?

a)

1

b)

2

c)

3

d)

4

60.

a barber charges $20.00 per haircut. the total cost for running his home-based business is $4,000 per month, which includes his salary of $3,000 per month. The minimum number of haircuts he must do to cover all of these expenses and his salary is 200 per month.

the barber wants to increase his salary to $4,000 per month, making his total monthly expenses $5,000. what is the minimum price he must charge for each of the 200 haircuts so he can cover this increased salary?

a)

$25

b)

$30

c)

$15

d)

$20

61.

which describes "bundle pricing'' ?

a)

1

b)

2

c)

3

d)

4

e)

5

62.

which describes "Economic pricing'' ?

a)

1

b)

2

c)

3

d)

4

e)

5

63.

which describes "premium pricing'' ?

a)

1

b)

2

c)

3

d)

4

e)

5

64.

which describes "market penetration'' ?

a)

1

b)

2

c)

3

d)

4

e)

5

65.

which describes "price skimming'' ?

a)

1

b)

2

c)

3

d)

4

e)

5

66.

which element of a marketing plan provides a synopsis of details to be outlined later in the plan ?

a)

delivery plan

b)

marketing mix

c)

executive summary/business description

d)

situation analysis

67.

you have an idea for a new product. market research suggest 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 ?

a)

pre-sale the product for funding

b)

launch a marketing campaign

c)

identify materials

d)

create a social media following

68.

which describes "survival"?

a)

6

b)

2

c)

3

d)

4

e)

5

69.

which describes "take-off"?

a)

6

b)

7

c)

3

d)

4

e)

5

70.

which describes "existence"?

a)

1

b)

2

c)

3

d)

4

e)

5

71.

which describes "exit plan"?

a)

6

b)

7

c)

3

d)

4

e)

5

72.

which describes "success"?

a)

6

b)

7

c)

3

d)

4

e)

5

73.

which describes "resource maturity"?

a)

6

b)

7

c)

3

d)

4

e)

5

74.

which describes "pivot or persist"?

a)

6

b)

7

c)

3

d)

4

e)

5

75.

which is one of the greatest benefits of being an entrepreneur ?

a)

meeting new people

b)

paying less taxes

c)

schedule control

d)

quick return on investment

76.

what are the two advantages of selling digital products?

a)

not needing physical storage, inventory, or additional employees

b)

digital products are not taxed

c)

delivery is instantaneous and inexpensive

d)

digital products tend to have a higher value

77.

what is the third stage of a business life cycle ?

a)

existence

b)

survival of the fittest

c)

success

d)

take-off

e)

maturity

78.

what is the second stage of a business life cycle ?

a)

existence

b)

survival of the fittest

c)

success

d)

take-off

e)

maturity

79.

what is the four stage of a business life cycle ?

a)

existence

b)

survival of the fittest

c)

success

d)

take-off

e)

maturity

80.

what is the five stage of a business life cycle ?

a)

existence

b)

survival of the fittest

c)

success

d)

take-off

e)

maturity

81.

what is the first stage of a business life cycle ?

a)

existence

b)

survival of the fittest

c)

success

d)

take-off

e)

maturity

82.

a bakery has developed a new artisan bread. the staff are giving away taste samples to customers as they enter the store .

what are two criteria the bakery can use to determine the quality of their new product ?

a)

observe how customers respond to the packaging

b)

observe customer reactions while they taste the product

c)

ensure the ingredients are all organic

d)

measure sales of the new bread after customers have sampled it

e)

test the ingredients for freshness

83.

what are the three disadvantages of selling physical products ?

a)

needing employees to track the supply

b)

physical products tend to have a lower value

c)

shipping and packaging costs

d)

having more competitors than digital products

e)

needing storage space

84.

when an employee is hired, they sign a contract that outlines the employee's and the employer's ________ and the term's of employment.

a)

desired salary

b)

obligations

c)

job descriptions

d)

union rights

85.

rose ordered a package of macaroons from an out-of-state bakery. she received the cookies the following week. what type of e-commerce product did rose order ?

a)

physical

b)

market

c)

digital

d)

wholesale

86.

the owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in the garden they create. the landscaper wants to determine the viability of this business opportunity.

what should this entrepreneur do FIRST before offering to design and build water features as part of his landscaping business ?

a)

determine if there is a supply chain available

b)

contact the water department to see if they can support the extra demand for water

c)

perform a financial audit to determine if there is enough money available to add the new service

d)

ask the customers in the area if they are interested in adding water feature to their gardens

87.

which is the primary characteristics of all physical and digital sales channels ?

a)

closing sales

b)

branding

c)

B2B

d)

market dominance

88.

which describes "wholesaling"?

a)

1

b)

2

c)

3

d)

4

89.

which describes "retail"?

a)

1

b)

2

c)

3

d)

4

90.

which describes "B2B"?

a)

1

b)

2

c)

3

d)

4

91.

which describes "direct-to-consumers"?

a)

1

b)

2

c)

3

d)

4

92.

which describes "threats "?

a)

large gallery of stock photos

b)

working alone, no skilled help

c)

increase in weddings expected as COVID restrictions ease

d)

COVID pandemic restrictions disallow large family gatherings

93.

which describes "weaknesses"?

a)

large gallery of stock photos

b)

working alone, no skilled help

c)

increase in weddings expected as COVID restrictions ease

d)

COVID pandemic restrictions disallow large family gatherings

94.

which describes "opportunities"?

a)

large gallery of stock photos

b)

working alone, no skilled help

c)

increase in weddings expected as COVID restrictions ease

d)

COVID pandemic restrictions disallow large family gatherings

95.

which describes "strengths"?

a)

large gallery of stock photos

b)

working alone, no skilled help

c)

increase in weddings expected as COVID restrictions ease

d)

COVID pandemic restrictions disallow large family gatherings

96.

sarah works at an auto shop. She performs car repairs and maintenance while abiding by the safety guidelines at the shop. sarah also ensures that all work she performs adheres to company policies. she is paid an hourly wage. which best describes the role sarah plays in the auto shop ?

a)

chief operating officer (COO)

b)

stakeholder

c)

employee

d)

chief financial officer (CFO)

97.

which describes "ideate" ?

a)

1

b)

2

c)

3

d)

4

e)

5

98.

which describes "define" ?

a)

1

b)

2

c)

3

d)

4

e)

5

99.

which describes "prototype" ?

a)

1

b)

2

c)

3

d)

4

e)

5

100.

which describes "test" ?

a)

1

b)

2

c)

3

d)

4

e)

5

101.

which describes "emphasize" ?

a)

1

b)

2

c)

3

d)

4

e)

5

102.

your company manufacturers 72hr. emergency kits and sells them for a low profit margin. you want to expand your customer base to increase your sales volume, but you have limited budget.

what marketing method would be the best choice ?

a)

social media

b)

email

c)

local television ad

d)

distribute flyers

103.

a company releasing new software is constructing its marketing mix. which of these elements comprise the mix ? (choose four)

a)

product

b)

place

c)

presentation

d)

promotion

e)

price

104.

Tommy was hired to help boost a startup company's sales and marketing strategies. the startup company does not have enough cash to continue paying tommy his full salary. Tommy is passionate about the company's vision and has agreed to receive some of his pay in company stocks. which two forms of compensation is Tommy receiving for his work ?

(choose TWO)

a)

hourly

b)

equity

c)

piece work

d)

salary

105.

what comes FIRST in the design thinking process ?

a)

ideate

b)

prototype

c)

empathize

d)

define

e)

test

106.

what comes SECOND in the design thinking process ?

a)

ideate

b)

prototype

c)

empathize

d)

define

e)

test

107.

what comes THIRD in the design thinking process ?

a)

ideate

b)

prototype

c)

empathize

d)

define

e)

test

108.

what comes FOURTH in the design thinking process ?

a)

ideate

b)

prototype

c)

empathize

d)

define

e)

test

109.

what comes FIFTH in the design thinking process ?

a)

ideate

b)

prototype

c)

empathize

d)

define

e)

test

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