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ESB Domain 1 Pre Assessment Flashcards | StudBud
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ESB Domain 1 Pre Assessment
ESB Domain 1 Pre Assessment
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1
What are two benefits of entrepreneurship?
Getting to work with like-minded people
Lower income tax
Having a set pay
Setting one's own hours
2
See question below:
take-off
success
existence
survival
3
What might the design team need to do during the design thinking process?
Conduct surveys to ensure that the finished product will solve the problem
Discuss other problems that need to be solved
Create less prototype ideas to ensure they will not solve outlined problem
Revisit previous stages
4
One value of using ........material is that they are usually well-recognized, which may help boost sales.
copyrighted
trademarked
patented
trade secret
5
Anytime someone wants to use a .... on their products, they must obtain a license to use them.
design
logo
generic name
brand name
6
See question below:
salary
equity
hourly
piece work
7
A lean canvas should only be ... page long, discussing key information, without details one would see in a business plan
three
one
two
four
8
What is the main drawback of a sole proprietership?
They are easy to create
They have unlimited personal liability
They are responsible to shareholders
They require a partner
9
Companies run the risk of employees sharing trade secrets. Which two documents do companies have their employees sign?
Non-disclosure agreement (NDA)
Trade secret contract
Confidentiality agreement
Employee handbook
10
What are the three disadvantages of selling physical products?
Shipping and packaging costs
Physical products tend to have a lower value
Needing storage space
Needing employees to track the supply
11
See question below:
Network marketing
Licensing
Franchise
Dealership
12
What is the difference between small businesses and entrepreneurs?
Entrepreneurs are focused on generating profits
Entrepreneurs are not interested in taking on new business opportunities
Small businesses are not interested in taking on new business opportunities
Small business owners are more willing to take on unknown risks
13
One should know if there is ..... for a product before taking on a business opportunity.
buyer fees
high taxes
high demand
high production cost
14
Ronda owns a food truck where she is known for her hot sauce. Which intellectual property law best protects Ronda's
trade secret
patent
copyright
trademark
15
An executive summary should briefly explain everything in a business plan in ...... pages.
two
four
one
three
16
When an employee is hired, they sign a contract that outlines the employee's and the employer's ...... and the terms of
desired salary
union rights
obligations
job descriptions
17
A common financial risk that entrepreneurs encounter is .......
bankruptcy
high insurance costs
high taxes
high maintenance costs
18
See image below:
Commission
Piece work
Hourly
Equity
19
See question below:
Stockholder
Human resource manager
Chief Operating Officer (COO)
Stakeholder
20
Which corporation uses a double layer of taxation?
Sole proprietership
S corporation
C corporation
Limited Liability Company
21
Appliance World is an appliance manufacturer. Super Steel supplies metal to Appliance World. What type of transaction is
Digital
Physical
Business-to-consumer (B2C)
Business-to-business (B2B)
22
Tim bought a movie from a streaming service. He got immediate access to the movie. Which e-commerce did Tim purchase?
Wholesale
Market
Digital
Physical