ESB(Answers for ESB Practice Test Entrepreneurship & Small Business v.2 - U.S. Practice Exam 1 Training)Questions And Answers 2023/2024.What is entrepreneurship? - Correct Answer Setting up a business with the aim to make a profit.For each business, select B2B or B2C. - Correct Answer B2B Purchases requiring a tax exemption certificate.Wholesale flooring distributor.B2C Motorcycle repair shop.Chain of local grocery stores.Which legal structure should you set up for your business? - Correct Answer S-Corporation For each statement about owners of equity in a business, select true or false. - Correct Answer True Founders own equity.partner owns equity.False All stakeholder owns equity.Contractors own equity.Complete the sentence about company roles and responsibilities by selecting the correct option from each drop-down list. - Correct Answer 1. Piece work
- Salary
- Hourly
- Commission 1 / 2
Place the stages of the business life cycle in the correct order. - Correct Answer Stage 1. Existence Stage 2. Survival of the fittest Stage 3. Success Stage 4. Take-off Stage 5. Maturity Match each element of the Design Thinking Process to its corresponding description. - Correct Answer 1.Empathize
- Define
- Ideate
- Prototype
- Test
- / 2
Successful entrepreneurs have mindsets that typically possess which three characteristics? - Correct Answer Responsible Adaptable Tenacious 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 Service Price Quality 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 business plans of a company? - Correct Answer Lean Canvas Pitch Deck