ESB Study Guide

Front

What is Entrepreneurship?

Back

Setting up a business with the aim to make a profit.

Front

What legal structure should you set up for your small business if you want benefits of large corporations, avoid double taxation, have four partners as shareholders, and seek protection from business liabilities?

Back

S-Corporation

Front

Which is one of the greatest benefit of being an entrepreneur?

Back

Schedule control

Front

What should the owner of a landscaping business do FIRST before offering to design and build water features as part of his landscaping business?

Back

Ask the customers in the area if they are interested in adding a water feature to their gardens.

Front

What is a Target Market?

Back

Customers to whom a company wants to sell its products and services.

Front

What was the customer acquisition cost for a hair salon that acquired 100 new customers last year with marketing costs of $1,000, sales costs of $10,000, and salaries of $96,000?

Back

$110

Front

Which Sales Channel has been opened to manufacturers because of digital tools?

Back

Direct-to-Consumer

Front

What is an effective way to measure your teaching performance during an online course? Options: Form a focus group, Conduct onscreen pop-up quizzes, Ask the sales team if demand increased, Email an evaluation a week after the course

Back

Conduct onscreen pop-up quizzes

Front

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?

Back

Identify materials

Front

You operate a small insurance office with a partner. Which expense is a fixed cost? Options: Cost of paper supplies, Property lease for the office, Water bill for an office, Paycheck for an hourly administrative assistant.

Back

Property lease for the office