Entrepreneurship and Small Business (ESB) Pre-test
Questions With 100% correct Solutions.
Service
A head chef conducts a survey of other restaurants in the area. The chef notices that
most customer complaints primarily come from takeout order being delayed. The chef
believes that having a short-order cook dedicated to primarily come from takeout orders
being delayed. The chef believes that having a short-order cook dedicated to primarily
come from takeout orders being delayed. The chef believes that having a short-order
cook dedicated to preparing carryout orders will make his restaurant the fastest and
most dependable place for takeout customers.
By spending scare resources on hiring a short-order cook, what competitive advantage
factor is the chef trying to achieve at his/her restaurant?
Personal Financial Insecurity
What is considered to be primary risk for an entrepreneur who is launching a start-up
company?
Easier to finance a business purchase than a business start-up
What is a key benefit of buying an existing small business versus launching a start-up?
Hotels
A travel agent wants to start-up a new travel company. He pays a market research
company to survey 100 frequent affluent vacation travelers about luxury travel options.
The market research responses:
Which luxury travel service would contribute the most to the profitability of the start-up
business?
A) Sending discount coupons to car owner who lives within 5 miles of the shop
B) Giving current customers a loyalty discount
A new auto mechanic business wants to grow revenues. What are marketing methods
that promise to create new customers?
Pick the two best answer.
Providing 24 hour member access
A fitness trainer is presenting a business plan for a new studio to investors. The trainer
envisions a studio with equipment and features that will meet the needs of customers
with a variety of personal and work schedules.
What studio feature would appeal to customers with demanding schedules?
Investors do not earn a return (dividends or increased stock price) if the business
does not make a profit
When entrepreneur convinces outside investors to contribute equity to the new venture,
which is true?
Probable loss of current and future clients
Questions With 100% correct Solutions.
Service
A head chef conducts a survey of other restaurants in the area. The chef notices that
most customer complaints primarily come from takeout order being delayed. The chef
believes that having a short-order cook dedicated to primarily come from takeout orders
being delayed. The chef believes that having a short-order cook dedicated to primarily
come from takeout orders being delayed. The chef believes that having a short-order
cook dedicated to preparing carryout orders will make his restaurant the fastest and
most dependable place for takeout customers.
By spending scare resources on hiring a short-order cook, what competitive advantage
factor is the chef trying to achieve at his/her restaurant?
Personal Financial Insecurity
What is considered to be primary risk for an entrepreneur who is launching a start-up
company?
Easier to finance a business purchase than a business start-up
What is a key benefit of buying an existing small business versus launching a start-up?
Hotels
A travel agent wants to start-up a new travel company. He pays a market research
company to survey 100 frequent affluent vacation travelers about luxury travel options.
The market research responses:
Which luxury travel service would contribute the most to the profitability of the start-up
business?
A) Sending discount coupons to car owner who lives within 5 miles of the shop
B) Giving current customers a loyalty discount
A new auto mechanic business wants to grow revenues. What are marketing methods
that promise to create new customers?
Pick the two best answer.
Providing 24 hour member access
A fitness trainer is presenting a business plan for a new studio to investors. The trainer
envisions a studio with equipment and features that will meet the needs of customers
with a variety of personal and work schedules.
What studio feature would appeal to customers with demanding schedules?
Investors do not earn a return (dividends or increased stock price) if the business
does not make a profit
When entrepreneur convinces outside investors to contribute equity to the new venture,
which is true?
Probable loss of current and future clients
