ESB V2 Quiz 1

What is the primary goal of an entrepreneur?

• To secure a job in a large corporation

• To solve a problem or fulfill a need in the market

• To invest in the stock market

• To become famous

Which of the following is NOT a key component of business management?

• Planning

• Leading

• Budgeting

• Ignoring customer feedback

What is the first step in starting a business?

• Hiring employees

• Developing a business plan

• Renting office space

• Selling products

Which of the following is crucial for effective business operations?

• Constantly changing the business focus

• Ignoring market research

• Efficient workflow and processes

• Avoiding technology

What is the primary goal of marketing?

• To increase product prices

• To communicate the value of a product or service to customers

• To reduce the quality of products

• To ignore customer needs

What is a key element of financial management in a business?

• Spending all profits immediately

• Ignoring tax obligations

• Maintaining accurate records

• Avoiding budgeting

Which of the following best describes entrepreneurship?

• Avoiding risks at all costs

• Following the status quo

• Creating and managing a new business to achieve profit

• Working as an employee in an established company

In business management, what does SWOT analysis stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Work, Operations, Technology

• Solutions, Wins, Objectives, Tactics

• Systems, Wages, Outputs, Time

What is a unique value proposition (UVP)?

• A detailed description of a company's expenses

• A statement that explains how a product or service solves/improves problems

• A legal document that outlines the ownership structure of a company

• A financial statement showing the company's revenue and losses

Which of the following is NOT a common reason for startup failure?

• Too much funding

• Lack of market need

• Poor product

• Not the right team