ESB Domain 1 (BMF course)

(Obj. 1) When considering the reliability of the management for a business opportunity, what else should one consider at this time?

• The cost of the product
• The cost of management
• The employees' skillset
• One's own skillset

(Obj. 1) Which is one of the greatest benefits of being an entrepreneur?

• Meeting new people
• Paying less taxes
• Schedule control
• Quick return on investment

(Obj. 1) A common financial risk that entrepreneurs encounter is ____________

• Bankruptcy
• High Insurance Cost
• High Taxes
• High Maintenance Cost

(Obj. 1) Sharon owns a law firm. She has recently begun earning more money, and the firm's finances are doing well. In which business life cycle stage is Sharon?

• Success
• Survival
• Existence
• Take-off

(Obj. 1) What are the three disadvantages of selling physical products?

• Having more competitors than digital products
• Shipping and product costs
• Needing storage space
• Physical products tend to have a lower value
• Needing employees to track the supply

(Obj. 1) Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the band's song from being stolen or reproduced by others?

• Patent
• Copyright
• Trademark
• Trade Secret

(Obj. 1) Which is an example of a business opportunity?

• The buyer has a guaranteed profit of at least 10% of the seller's original price for the product
• The initial buyer fee is at least $1000
• The buyer only pays the buyer fee after 5,000 products have been sold
• The seller is required to help the buyer find an ideal location for the business

(Obj. 1) Which 3 components are characteristics of a pitch deck?

• 10-20 slides
• Used to Get Investors' Attention
• Highly Visual
• Highly Text-Based
• Used to Get Investor Buy-In

(Obj. 1) A lean canvas should only be ___ page long, discussing key information, without all the details one would see in a business plan.

• two
• one
• four
• three

(Obj. 1) What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business?

• Less record keeping.
• You can apply your own experience
• Developing your own rules
• lower financial risk