ESB Certification Test with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
Define Entrepreneurship ✔Correct Answer-Setting up a business with the aim to make a
profit.
Categorize B2B (business to business) vs B2C (business to consumer) ✔Correct Answer-B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"
B2C:
"Chain of local grocery stores" and "motorcycle repair shop"
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do want
to be protected from business liabilities.
Which legal structure should you set up for your business? ✔Correct Answer-S-Corporation
Identify the foundational concepts of entrepreneurship and small business ownership.
For each statement about owners of equity in a business, select true of false. ✔Correct
Answer-True:
"A partner owns equity" and "founders own equity."
False:
"All stakeholder owns equity" and "contractors own equity."
Identify the foundational concepts of entrepreneurship and small business ownership.
Complete the sentence about company roles and responsibilities by selection the correct option
from each drop-down list. ✔Correct Answer-An example of "Piece Work" compensation is
paying field laborers for the amount of fruit they pick.
A "Salary" employee receives a set amount of pay each month without overtime compensation
for extra hours worked.
Employees most affected by minimum wage laws are compensated "Hourly."
An employee who is paid a percentage of a sale is paid by a "Commission."
, Place that stages of the business life cycle in the correct order. ✔Correct Answer-Stage 1:
Existence
Stages 2: Survival of the Fittest
Stage 3: Success
Stage 4: Take-off
Stage 5: Maturity
Identify the foundational concepts of entrepreneurship and small business ownership.
Match each Element of the Design Thinking Process to its corresponding description.
✔Correct Answer-Research your users' needs: "Empathize"
State Your Users' Needs and Problems: "Define"
Challenge Assumptions and Create Ideas: "Ideate"
Create Solutions: "Prototype"
Try Your Solutions: "Test"
Successful entrepreneurs have mindsets that typically possess which three characteristics?
✔Correct Answer-"Tenacious", "adaptable," and "responsible."
Which is one of the greatest benefits of being an entrepreneur? ✔Correct Answer-Schedule
Control
Which three characteristics help identify a business opportunity? ✔Correct Answer-"Price,"
"Quality," and "Service."
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens 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? ✔Correct Answer-"Ask the customers in the area if they are
interested in adding a water feature to their gardens."
Which two documents summarize the business plan of a company? ✔Correct Answer-"Lean
Canvas" and "Pitch Deck"
Answers |Latest Version |Already Graded A+
Define Entrepreneurship ✔Correct Answer-Setting up a business with the aim to make a
profit.
Categorize B2B (business to business) vs B2C (business to consumer) ✔Correct Answer-B2B:
"Wholesale flooring distributor" and "purchases requiring a tax exemption"
B2C:
"Chain of local grocery stores" and "motorcycle repair shop"
You need to create a legal structure for your small business. You would like some of the benefits
enjoyed by large corporations, but do not want to be taxed twice. You have four partners who
will be shareholders. None of you plan to sell your ownership shares to the public, but do want
to be protected from business liabilities.
Which legal structure should you set up for your business? ✔Correct Answer-S-Corporation
Identify the foundational concepts of entrepreneurship and small business ownership.
For each statement about owners of equity in a business, select true of false. ✔Correct
Answer-True:
"A partner owns equity" and "founders own equity."
False:
"All stakeholder owns equity" and "contractors own equity."
Identify the foundational concepts of entrepreneurship and small business ownership.
Complete the sentence about company roles and responsibilities by selection the correct option
from each drop-down list. ✔Correct Answer-An example of "Piece Work" compensation is
paying field laborers for the amount of fruit they pick.
A "Salary" employee receives a set amount of pay each month without overtime compensation
for extra hours worked.
Employees most affected by minimum wage laws are compensated "Hourly."
An employee who is paid a percentage of a sale is paid by a "Commission."
, Place that stages of the business life cycle in the correct order. ✔Correct Answer-Stage 1:
Existence
Stages 2: Survival of the Fittest
Stage 3: Success
Stage 4: Take-off
Stage 5: Maturity
Identify the foundational concepts of entrepreneurship and small business ownership.
Match each Element of the Design Thinking Process to its corresponding description.
✔Correct Answer-Research your users' needs: "Empathize"
State Your Users' Needs and Problems: "Define"
Challenge Assumptions and Create Ideas: "Ideate"
Create Solutions: "Prototype"
Try Your Solutions: "Test"
Successful entrepreneurs have mindsets that typically possess which three characteristics?
✔Correct Answer-"Tenacious", "adaptable," and "responsible."
Which is one of the greatest benefits of being an entrepreneur? ✔Correct Answer-Schedule
Control
Which three characteristics help identify a business opportunity? ✔Correct Answer-"Price,"
"Quality," and "Service."
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens 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? ✔Correct Answer-"Ask the customers in the area if they are
interested in adding a water feature to their gardens."
Which two documents summarize the business plan of a company? ✔Correct Answer-"Lean
Canvas" and "Pitch Deck"
